On June 12, the REIT’s German subsidiaries received a legal letter from DRV claiming EUR8.4 million for partial repayment of the dilapidation cost.
IREIT’s wholly-owned subsidiaries holding its Berlin Campus has been served with a payment order by Deutsche Rentenversicherung Bund (DRV), in the local court. DRV was the former main tenant of Berlin Campus.
The order, which was served on Sept 10, comes after DRV had agreed to pay IREIT a lump sum of EUR15.5 million ($23.3 million) to the REIT for the dilapidation costs to reinstate Berlin Campus back to its original state in July 2023.
