IREIT Global has secured two new leases in Spain spanning 5,200 square metres (sqm), bringing its overall occupancy rate in its Spanish portfolio to 83% from 77% previously.

The first lease is for a lettable area of 1,622 sqm from the continued expansion by the existing lead data centre operator within Sant Cugat Green. This will bring the tenant’s total footprint at Sant Cugat Green to over 7,500 sqm, making it the largest tenant in the building and IREIT’s Spanish portfolio.

The second lease is with a Spanish company that has signed a seven-year lease for about 3,550 sqm in Parc Cugat Green, covering the whole ground floor and part of the first floor.

Mr Peter Viens, Chief Executive Officer of the Manager, said, "We are heartened to share that Parc Cugat Green is now fully occupied for the first time since it was acquired in September 2021, and has also reached a WALB of over 4 years. This shows not only the general stabilisation and recovery of the European office market but also the proactive asset management initiatives to drive sustainable returns for our Unitholders."

These two new leases followed IREIT’s strong leasing performance in late 2024, which saw multiple contracts signed across the four properties in IREIT’s Spanish Portfolio. With this positive momentum, IREIT continues to demonstrate the resilience and appeal of its Spanish properties.

Looking ahead, the Manager will continue to work to further increase the occupancy of its Spanish properties, as part of its greater leasing efforts to improve the overall occupancy and yield of its portfolio. It is currently in negotiations with a few other potential tenants for spaces in the other properties within IREIT’s Spanish Portfolio.

IREIT Global is managed by IREIT Global Group Pte. Ltd., which is jointly owned by Tikehau Capital and City Developments Limited (CDL).