IREIT Global. announced it has secured a lease extension with the long-term main tenant at Berlin Campus (the "Property"). The main tenant of the Property, Deutsche Rentenversicherung Bund ("DRV"), has been occupying the Property for 28 years since 1995.

As at 31 March 2023, the lease with DRV at the Property constitutes approximately 24.0% of IREIT's total gross rental income. Ahead of DRV's lease expiry on 30 June 2024, the Manager has successfully negotiated and signed a lease addendum with DRV to extend its lease further by another six months until 31 December 2024. In addition, DRV will pay a revised rent that is approximately 45% higher than its current office rent from 1 July 2024 onwards.

DRV would also need to pay a lump-sum amount of EUR 15.5 million, equivalent to over 16 months of its total current rent, as compensation for the dilapidation costs to reinstate Berlin Campus back to its original state should DRV vacate the Property at the end of the extended lease term. Including the higher revised rent, DRV will pay a total additional amount equivalent to approximately 18.5 months of its total current rent.