Latest news with #DRV
Business Times
21 hours ago
- Business
- Business Times
IReit Global sees risk of losing potential lawsuit as ‘remote', takes no action for now
[SINGAPORE] The manager of IReit Global does not plan to take any steps to mitigate the impact of a potential lawsuit from its main tenant for now, citing the 'remote' chance of the case succeeding. If the dispute proceeds, however, it could take 'several years' to resolve. The manager of the Europe-focused real estate investment trust (Reit) was commenting on the possible litigation involving Deutsche Rentenversicherung Bund (DRV), the main tenant of its Berlin Campus asset, during the briefing on Friday (Aug 8) of the Reit's financial results for the first half of the year. DRV is seeking a partial repayment of dilapidation costs amounting to 8.4 million euros (S$12.6 million), out of a contractually agreed 15.5 million euros, for what it claims are 'unjustified' charges. The claim represents about 1.6 per cent of IReit's net asset value and 11.1 per cent of gross revenue for FY2024. 'We have yet to even receive a payment order from the court, so there's nothing much to talk about,' said Kevin Tan, the manager's chief financial officer. DRV had sent a legal letter to IReit's subsidiaries on Jun 12, to which a formal response rejecting the claim was sent on Jun 25. The Berlin Campus is being repositioned from a single-use property to a mixed-use, multi-let asset. The manager is in talks with two potential office tenants and aims to secure a long-term lease of at least 20 years without a break option from one of them by the first quarter of 2026. The manager's chief executive officer Peter Viens said that once a tenant is secured, the Reit plans to divest at least half the asset to fund the remaining capital expenditure without issuing new securities. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The planned divestment is also in line with IReit Global's strategy to reduce its exposure to the office sub-sector from more than 80 per cent currently to around 50 per cent of its portfolio. Viens noted that the office sub-sector in Europe has 'suffered' in performance since the Covid-19 pandemic. He added that the manager is exploring the sale of its remaining office assets in Germany, as well as some in Spain, as part of its rebalancing plans. At the same time, IReit Global will increase its exposure to the retail sub-sector, which Viens described as providing 'one of the best combinations of diversification and performance'. He noted that brick-and-mortar retail properties have remained resilient despite the growth of online shopping during the pandemic. On Thursday, IReit Global posted a 26 per cent fall year on year in distribution per unit (DPU) to 0.71 euro cent for the half-year of FY2025 ended June mainly due to the absence of rental income from the Berlin Campus under repositioning. Revenue decreased by 27.5 per cent to 26.6 million euros, and net property income slid 33.3 per cent to 18 million euros. IReit Global units were unchanged at S$0.295 on Friday.
Local Germany
24-07-2025
- Local Germany
The complete guide to taking your holiday like a German
Around July each year millions of people around Germany start getting ready for their annual holiday. According to the German Tourism Association (DRV), a record-breaking 56 million Germans took at least one holiday of five days or longer in 2024. The average German took about 13 days for their main holiday in 2024, just edging past the previous year's figures – and the spending is as impressive as the logistics: German holidaymakers shelled out €90 billion on travel last year, with the average longer holiday costing around €1,319 per person. Despite growing flexibility, the most popular time to travel continues to be the traditional summer months of July, August and September, according to travel analysis by the Holiday and Travel Research Association (FUR). Now that we've established when to go, how many millions of other people will be going at the same time, and how long to go for – it's time to jump straight into our first lesson on how to holiday like a German. Lesson one: Where to go For domestic holidaymakers, Bavarian folk festivals provide a chance to revel in Germany's rich beer culture. Photo: picture alliance/dpa | Bernd Weißbrod Where does the average German go in search of holiday bliss? For 36 percent of Germans, the answer is that there's no place quite like home. Among domestic holiday destinations, Bavaria is the most popular with German holidaymakers, followed by Mecklenburg-Vorpommern and Niedersachsen, according to Statista. READ ALSO: Five of Germany's busiest tourist attractions and where to go instead For holidaymakers willing to leave the comforts of home (and car) behind, however, the top short-haul foreign destinations are Spain (hello Mallorca), Italy, and Turkey. Advertisement Spain remains unchallenged as the number one international destination, with German visitors making up the largest foreign tourist group on the Balearic Islands, according to the Mallorca Tourism Board. A significant minority of German travellers (16.4 percent) felt the need to escape Europe altogether in 2024, with Southeast Asia being a particularly popular destination for long-haul trips. LISTED: The new direct flights from Germany this summer Shouldn't I try to avoid very popular destinations? It's certainly worth thinking about. Studies show a so-called 'Green Shift' is taking place in the German travel mind – on paper, anyway. An ADAC survey from December 2024 found that 72 percent of Germans see overtourism as a real problem, and a majority express at least some concern over the impact of tourism on climate change. Almost 61 percent claim they have intentionally avoided destinations suffering from overtourism. READ ALSO: F ive cooler holiday destinations you can get to from Germany by train It may be necessary to treat these findings with a pinch of salt, however. According to a recent QTA travel advisor poll , when it comes to actually booking their holiday, the vast majority of holidaymakers still make their decision based on the weather, the price, and reliable Wi-Fi. Only eight percent of travel agents noted clients who had actually decided to change their travel plans on the basis of overtourism. In order to holiday like a German, it doesn't hurt to be self-aware and feel slightly guilty, but it's still important to put practical considerations above principals when it comes to the crunch. Lesson Two: Where to Stay? A tourist couple sunbathes on Palma Beach in Palma de Mallorca. Photo: JAIME REINA/AFP. Germans are renowned for their ability to plan ahead – maps printed, wet weather gear safely stowed, and emergency snacks on hand – and the idea of leaving things to the last minute is becoming harder and harder to bear. According to the ADAC , 44 percent of people in the country booked their main vacation for 2024 at least four months in advance, compared to only 39 percent in 2022 and 35 percent in 2020. Advertisement Resort hotels remain popular, especially in traditional holiday hotspots (think Turkey's Riviera or Mallorca's Playa de Palma). About half of the total travel market turnover in 2024 came from package tours and holidays offered by tour operators, with the other half made up of individually arranged trips, according to the German Travel Association . Campsites and Airbnb-style options also saw increased demand in last year, especially among families and younger travellers. READ ALSO: How to save money on a camping holiday in Germany Lesson three: How to blend in You might think that holidaying like a German should involve wearing socks with sandals and eagerly claiming a sun-lounger before dawn. But in reality this couldn't be further from the truth. Advertisement In fact, generally speaking Germans practice the art of blending into their surroundings on holiday. According to the YouGov / Airbnb study, only 11 percent of Germans are willing to admit to ever wearing socks with their sandals , and only 16 percent own up to rising early to place their towel on a sun-lounger. What's more, over 50 percent of Germans are eager to sample regional dishes when they travel, with just 11 percent admitting they still want to eat Schnitzel and potato salad wherever they find themselves. Sixty-four percent of German travellers say they make some effort to speak the local language, and 58 percent are 'keen to see their destination through the eyes of locals.' Perhaps most tellingly of all, 76 percent describe themselves as open to new experiences and cultures. And yet strangely, despite all these efforts in the direction of cosmopolitanism, nearly three-quarters of respondents to the survey say they can still spot their compatriots on the beach with just a glance. Follow our simple guide, and this year, maybe that could include you!
Travel Daily News
06-06-2025
- Business
- Travel Daily News
German travel trends in 2025: Price beats sustainability
German travel demand surges for summer 2025 despite economic pressures, with affordability outweighing sustainability concerns and Mediterranean destinations remaining top choices. The German travel market is in great shape for the 2025 summer season, with demand for holiday travel bigger than ever. However, under the impact of a weak economy and rising prices, the consequences of climate change are increasingly being ignored. ITB Berlin puts the latest developments into perspective and focuses on the latest challenges and opportunities in the travel market. Trade wars, tariffs, sluggish growth: uncertainty and stagnation are the dominant themes of the 2025 global economy. By contrast, German consumer confidence is proving to be surprisingly robust, at least where travel and relaxation are concerned. Despite the difficult economic climate in Germany, summer holidays remain a priority for its citizens. According to estimates by the German Travel Association (DRV), Germans plan to spend around 85 billion euros on pre-holiday travel services in 2025 – a significant six per cent increase over the previous year. The organised travel market with package and tailormade tours is growing particularly strongly. The industry expects that over the course of the year spending on tour company products will reach 40 billion euros, about seven per cent more than last year. Thus, organised tours are almost on a par with custom holiday services. An important growth driver in the German travel market is the demand for cruises. In 2024 it reached a new record, with 3.8 million people taking river and ocean cruise trips, a figure which this year is expected to rise again. Targets, prices and new dynamics When it comes to the holiday destinations that Germans are choosing for summer 2025 there are few surprises. Popular warm-weather destinations on the Mediterranean are experiencing high demand again, and early booking numbers are continuing to rise. Families in particular are ensuring that Turkey with its wide-ranging all-inclusive tours is doing even better business again. It remains this year's top-selling package holiday destination, followed by Spain, with Greece in third place. 'Travelling tops consumers' wish lists again this year – despite all the economic and geopolitical challenges. It seems travelling and holidays are the last thing Germans can do without', says DRV president Norbert Fiebig. The optimism within the German travel market is at odds with international trends, which compared with last year have deteriorated in many areas of the tourism value chain. 'The significant rise globally in flight and accommodation costs as well as a weak economy in many countries are increasingly impacting the market', says Zoritsa Urosevic, Executive Director of UN Tourism. Nonetheless, the German market's high booking volumes cannot hide the fact that the consequences of inflation are also being felt among a nation previously described as the 'world's travel champions'. Despite around a quarter of Germans planning to spend more money on their holidays this year, they are becoming increasingly sensitive to the cost when choosing their destinations. Countries traditionally offering cheaper holidays such as Bulgaria and Tunisia are gaining in popularity. Egypt, where price increases have so far been moderate, is also witnessing higher demand. Less established and comparatively inexpensive destinations in the Balkans such as Montenegro and Albania are also reporting slight increases in bookings. According to a survey by the ADAC Travel Monitor, for one in three Germans saving money has become a necessity for planning their summer holiday. At the same time, the proportion of consumers keen on taking a holiday but barely able to finance it is growing. In 2025 around 32 per cent of Germans will not be going on a major holiday trip. In 2022 this figure was only 17 per cent. 'Price rises are damping consumer confidence and putting a strain on the disposable income of private households. Nevertheless, we see the travel industry's figures pointing upwards. Should the negative economic trends continue however, this will also impact travel behaviour', cautions DRV president Fiebig. Sustainability versus reality In a situation where prices are increasingly determining consumers' holiday choices, quality aspects are becoming less important. Sustainability criteria, such as considering a trip's carbon footprint or the transport options at one's destination, continue to be a low booking priority. According to the ADAC Travel Monitor, only around 20 per cent of people are willing to pay a premium for extra sustainability options such as local products. At the same time and more than ever, people want a perfect local environment. 18 per cent of all respondents said they take the risk of possible natural disasters such as forest fires, floods or other weather extremes into account when planning their holidays. In 2022 this figure was only 14 per cent. Such concerns are likely to grow in future under the impact of climate change. 'In addition to current geopolitical tensions, it is the increase in weather extremes that is above all significantly impacting the development of global tourism', says Executive Director of UN Tourism Zoritsa Urosevic. However, climate-related flooding events such as in the Valencia region, or unusual heatwaves in parts of the Mediterranean in the summer of last year have so far only had a marginal impact on booking behaviour. There is little evidence of travellers avoiding the Mediterranean due to the growing risk of extreme weather and switching to northern Europe for example, although this is probably also due to the considerable difference in prices at Scandinavian and southern European holiday destinations. The industry has a responsibility Current booking behaviour confirms a trend that is likely to increase in the face of economic crises and stagnating purchasing power. A growing number of holidaymakers are torn between their conscience and reality. Despite many being increasingly aware of the need for sustainable action, this is barely reflected in real terms. For travellers, what is much more important than climate action is how attractive a destination is as well as the cost – a phenomenon that has been scientifically termed the 'attitude behaviour gap'. Against this backdrop, it is unlikely that pricing alone can persuade holidaymakers to choose more sustainable travel behaviour. Heinz-Dieter Quack, Professor of Tourism Management at Ostfalia Hochschule, is among the scientists who believe the responsibility for solving this problem lies with tourism industry. 'Sustainability is not driven by demand. Instead of holidaymakers, it is tour operators who must lead the way', says Quack. According to him, it is not just about creating sustainable concepts and incorporating them into tourism products, but also about making them visible as part of a corporate marketing strategy. In his view, tour operators must also address problems such as overtourism. Here, digital solutions for regulating tourist flows and in extreme cases banning undesirable tourist activities could help to protect the environment and the quality of people's stays at destinations.
Hospitality Net
05-06-2025
- Business
- Hospitality Net
German Summer 2025 Travel Boom: Record Bookings Eclipse Climate Concerns
The German travel market is in great shape for the 2025 summer season, with demand for holiday travel bigger than ever. However, under the impact of a weak economy and rising prices, the consequences of climate change are increasingly being ignored. ITB Berlin, the World's Leading Travel Trade Show, puts the latest developments into perspective and focuses on the latest challenges and opportunities in the travel market. Trade wars, tariffs, sluggish growth: uncertainty and stagnation are the dominant themes of the 2025 global economy. By contrast, German consumer confidence is proving to be surprisingly robust, at least where travel and relaxation are concerned. Despite the difficult economic climate in Germany, summer holidays remain a priority for its citizens. According to estimates by the German Travel Association (DRV), Germans plan to spend around 85 billion euros on pre-holiday travel services in 2025 – a significant six per cent increase over the previous year. The organised travel market with package and tailormade tours is growing particularly strongly. The industry expects that over the course of the year spending on tour company products will reach 40 billion euros, about seven per cent more than last year. Thus, organised tours are almost on a par with custom holiday services. An important growth driver in the German travel market is the demand for cruises. In 2024 it reached a new record, with 3.8 million people taking river and ocean cruise trips, a figure which this year is expected to rise again. Targets, prices and new dynamics When it comes to the holiday destinations that Germans are choosing for summer 2025 there are few surprises. Popular warm-weather destinations on the Mediterranean are experiencing high demand again, and early booking numbers are continuing to rise. Families in particular are ensuring that Turkey with its wide-ranging all-inclusive tours is doing even better business again. It remains this year's top-selling package holiday destination, followed by Spain, with Greece in third place. 'Travelling tops consumers' wish lists again this year – despite all the economic and geopolitical challenges. It seems travelling and holidays are the last thing Germans can do without', says DRV president Norbert Fiebig. The optimism within the German travel market is at odds with international trends, which compared with last year have deteriorated in many areas of the tourism value chain. 'The significant rise globally in flight and accommodation costs as well as a weak economy in many countries are increasingly impacting the market', says Zoritsa Urosevic, Executive Director of UN Tourism. Nonetheless, the German market's high booking volumes cannot hide the fact that the consequences of inflation are also being felt among a nation previously described as the 'world's travel champions'. Despite around a quarter of Germans planning to spend more money on their holidays this year, they are becoming increasingly sensitive to the cost when choosing their destinations. Countries traditionally offering cheaper holidays such as Bulgaria and Tunisia are gaining in popularity. Egypt, where price increases have so far been moderate, is also witnessing higher demand. Less established and comparatively inexpensive destinations in the Balkans such as Montenegro and Albania are also reporting slight increases in bookings. According to a survey by the ADAC Travel Monitor, for one in three Germans saving money has become a necessity for planning their summer holiday. At the same time, the proportion of consumers keen on taking a holiday but barely able to finance it is growing. In 2025 around 32 per cent of Germans will not be going on a major holiday trip. In 2022 this figure was only 17 per cent. 'Price rises are damping consumer confidence and putting a strain on the disposable income of private households. Nevertheless, we see the travel industry's figures pointing upwards. Should the negative economic trends continue however, this will also impact travel behaviour', cautions DRV president Fiebig. Sustainability versus reality In a situation where prices are increasingly determining consumers' holiday choices, quality aspects are becoming less important. Sustainability criteria, such as considering a trip's carbon footprint or the transport options at one's destination, continue to be a low booking priority. According to the ADAC Travel Monitor, only around 20 per cent of people are willing to pay a premium for extra sustainability options such as local products. At the same time and more than ever, people want a perfect local environment. 18 per cent of all respondents said they take the risk of possible natural disasters such as forest fires, floods or other weather extremes into account when planning their holidays. In 2022 this figure was only 14 per cent. Such concerns are likely to grow in future under the impact of climate change. 'In addition to current geopolitical tensions, it is the increase in weather extremes that is above all significantly impacting the development of global tourism', says Executive Director of UN Tourism Urosevic. Click here for the video interview with Executive Director of UN Tourism Zoritsa Urosevic on the Risks and Opportunities in the International Travel Market. However, climate-related flooding events such as in the Valencia region, or unusual heatwaves in parts of the Mediterranean in the summer of last year have so far only had a marginal impact on booking behaviour. There is little evidence of travellers avoiding the Mediterranean due to the growing risk of extreme weather and switching to northern Europe for example, although this is probably also due to the considerable difference in prices at Scandinavian and southern European holiday destinations. The industry has a responsibility Current booking behaviour confirms a trend that is likely to increase in the face of economic crises and stagnating purchasing power. A growing number of holidaymakers are torn between their conscience and reality. Despite many being increasingly aware of the need for sustainable action, this is barely reflected in real terms. For travellers, what is much more important than climate action is how attractive a destination is as well as the cost – a phenomenon that has been scientifically termed the 'attitude behaviour gap'. Against this backdrop, it is unlikely that pricing alone can persuade holidaymakers to choose more sustainable travel behaviour. Heinz-Dieter Quack, Professor of Tourism Management at Ostfalia Hochschule, is among the scientists who believe the responsibility for solving this problem lies with tourism industry. 'Sustainability is not driven by demand. Instead of holidaymakers, it is tour operators who must lead the way', says Quack. According to him, it is not just about creating sustainable concepts and incorporating them into tourism products, but also about making them visible as part of a corporate marketing strategy. In his view, tour operators must also address problems such as overtourism. Here, digital solutions for regulating tourist flows and in extreme cases banning undesirable tourist activities could help to protect the environment and the quality of people's stays at destinations.
Local Germany
02-06-2025
- Local Germany
'The country I know no longer exists': Are German tourists shunning the US?
The German Travel Association (DRV) recently revealed that the number of Germans going to the United States dropped by 28 percent in March, but then bounced back by 14 percent in April. Torsten Schaefer, a spokesperson for the association, said that the figures might have been affected by Easter falling later this year than in 2024. 'We've had practically no requests in recent months to change or cancel reservations,' observed Schaefer, although he added that there has been 'a rise in queries about entry requirements into the United States'. At the end of March, Germany was one of several European countries which urged their citizens to review their travel documents for the United States, following several widely publicised cases of Europeans being held on arrival and then deported. Anecdotally, there are signs of Germans choosing not to visit Trump's America. 'The country I knew no longer exists,' said Raphael Gruber, a 60-year-old German doctor who has been taking his family to Cape Cod in Massachusetts every summer since 2018. 'Before, when you told the immigration officer you were there for whale-watching, that was a good reason to come. But now, they are afraid of everything that comes from outside,' he told AFP. Advertisement Referring to invasive electronic checks at the US borders, he added: 'I don't want to buy a 'burner' phone just to keep my privacy'. Muriel Wagner – currently planning a trip to visit a friend at Harvard – takes a different view. 'I've been asked if the political situation and trade war with the US has affected our trip,' said the 34-year-old PhD student said in Frankfurt. 'You can't let yourself be intimidated", she said, adding that she was keen to discuss the tensions with Americans on their home turf. Similar conversations are taking place in other countries around Europe. Advertisement In Britain, Matt Reay, a 35-year-old history teacher from Northamptonshire, said he had scratched the United States off his list, preferring to go to South America, where his "money would probably be better spent". Reay said he felt "insulted" by both Trump's tariffs on British exports to the United States and comments by Trump's vice president, JD Vance, about Britain as "a random country". Trump's public belittling of Ukrainian President Volodymyr Zelensky during a White House visit in February was also "outrageous", he said. According to the US tourism office, however, the number of British visitors to the United States in April rose 15 percent year-on-year, after a 14 percent drop in March. A body representing much of the French travel sector, Entreprises du Voyage, said the number of French visitors to America dropped eight percent in March, and a further 12 percent in April. It estimated that summer departures to the United States would drop by 11 percent. Didier Arino, head of the French travel consultancy Protourisme, estimated that the "Trump effect" would cut the number of French tourists going to the United States this year by a quarter. According to the World Travel and Tourism Council, covering major tourism operators, the US tourism sector – already reeling from Canadians and Mexicans staying away – could lose $12.5 billion in spending by foreign visitors this year.
