IReit Global declares maiden DPU of 2.57 Singapore cents

IREIT Global, which has office properties in Germany, expects competition for commercial properties there to be "intense", due to the massive liquidity from the European Central Bank's quantitative easing stimulus as well as the weakened euro and low interest rates in Europe.

The newly listed real estate investment trust (Reit) on Friday posted a distributable income of 6.42 million euros (S$9.8 million) for the period from listing date Aug 13, 2014 to Dec 31, 2014, marginally beating its forecast by 0.6 per cent.

Its gross revenue of 8.33 million euros was, however, short of the forecast by 1.8 per cent due to a lower service charge which it says was a result of the lower recoverable expenses incurred.

Overall, net property income (NPI) for the period was in line with the forecast at 7.53 million euros.

This brings its first distribution, for the period ended Dec 31, to 2.57 Singapore cents per unit - to be paid out on March 27.