Project RE(O: IREIT Global receives building permit

IREIT Global (“IREIT”), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd. (the “Manager”), is pleased to announce that it has secured the official building permit for the comprehensive redevelopment of an office campus, a landmark commercial property located at Ostkreuz Station in Berlin-Lichtenberg. This milestone is part of the “Project RE(O” initiative, which aims to transform the Berlin campus into a dynamic mixed-use asset featuring office, retail and hospitality components.

With this permit now granted, IREIT Global’s joint sponsors — Tikehau Capital, the global alternative asset manager and City Developments Limited (CDL), a leading global real estate company listed in Singapore — are set to commence the transformation of the property, initiating the next phase of construction and revitalisation to unlock the site’s full potential as a dynamic, mixed-use destination.

The redevelopment of the commercial property located close to Ostkreuz Station in the Berlin-Lichtenberg area will transform the existing 76,000 sqm site into a modern, flexible business campus featuring two hotels, curated restaurants and a variety of leisure and service amenities. Previously occupied by Deutsche Rentenversicherung (DRV) until the end of last year, the property is now being reimagined in partnership with Kintyre, who will serve as the operational partner for IREIT Global.

As part of the redevelopment, IREIT Global has secured two major lease agreements that will anchor the hospitality offering at the Berlin campus. In November 2024, IREIT signed a 20-year lease with Premier Inn, the UK’s largest hotel chain, for a 270-room hotel spanning approximately 10,348 sqm, or 12% of the campus’ net lettable space.

This was followed shortly by a lease with long-stay operator BD Apartment GmbH (Stayery) for around 10,600 sqm to operate 255 guest rooms, also accounting for 12% of net lettable space.

Peter Viens, Chief Executive Officer of the IREIT Global, said: “This redevelopment reflects our commitment to unlocking the full potential of well-located assets across Europe. We’re creating a future-ready campus that brings together high-quality workspaces, hospitality and lifestyle offerings to meet the evolving needs of tenants and communities.”

Initial construction preparations started earlier this year, following the departure of the previous tenant. With planning consent now in place, official construction is scheduled to begin in summer 2025.

The first phase of construction will convert the southern corner of the existing building, at the junction of Schreiberhauer Street and Am Bremsenwerk, for hotel use, including Premier Inn and Stayery, and will relocate the main entrance hall to a new centralised position. Completion of this phase is expected in early 2027.

Discussions with potential tenants for the revitalised office campus are ongoing, as IREIT prepares to deliver a next-generation workplace and hospitality hub in one of Berlin’s most vibrant districts.