SINGAPORE (March 31): GMG Generalmietgesellschaft mbH (GMG), the real estate leasing subsidiary of Germany-based Deutsche Telekom, will be renewing its lease extension option with IREIT Global.

GMG currently occupies five of the six floors in the Münster South office building, located in the Münster central business district of Germany. The real estate is part of IREIT’s portfolio in Europe.

The building has approximately 12,218 sqm of net lettable office space, of which 1,796 sqm will be available for lease to other parties from April 1, 2017 onwards.

IREIT says GMG will exercise its lease extension option based on the existing rental rate.

According to IREIT, GMG’s initial lease term for the Münster South building will end on March 31, 2017, with five tenant extension options of 2.5 years each.

Following the exercise of the option by GMG, on a pro forma basis, the weighted average lease expiry of the Münster Campus as at Dec 31, 2015 will increase to 4.9 years from 3.8 years.

Shares in IREIT ended flat at 69 cents.