The redevelopment is “making good progress”, says Natarajan, and construction works have begun. The manager is currently in “active advanced negotiations” with two prospective AAA-rated tenants looking at taking up a substantial portion of the office space on a long lease of more than 15 years, he adds.
A turnaround is in sight for IREIT Global, says RHB Bank Singapore analyst Vijay Natarajan, as the manager is in advanced discussions with tenants to lease out “substantial” office space at its repositioned Berlin Campus.
If this materialises, it will remove a key share price overhang, writes Natarajan in a Sept 3 note, keeping his “buy” call with a higher target price of 35 cents from 34 cents previously. The target price includes a 2% ESG premium based on RHB’s proprietary methodology.
