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IREIT Global
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Lobster
Elite |
22-Jun-2021 00:47
Yells: "Even Adam Khoo believes in the Black Market!" |
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Rights again!! Vested.Issue Price |
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Joelton
Supreme |
19-Jun-2021 12:45
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KGI positive on IReit' s Decathlon acquisition in France, initiates with ' outperform'
KGI Securities has initiated " outperform" on IReit Global with a target price of S$0.69, saying that the proposed Decathlon acquisition will likely provide the real estate investment trust (Reit) with further reduction of its tenant and geographical concentration risk, while potentially achieving both distribution per unit and yield accretion.
In its report on Friday, the brokerage said the acquisition will expose the Reit to the resilient French economy and its sporting goods industry, which they expect will rebound strongly with forecasted turnover growth of 13 per cent for 2021, although KGI excluded the acquisition from its valuation as impact on capital structure remains undecided.
IReit' s " fairly aggressive expansion strategy" will likely also gain from lower interest rates in Europe, KGI said, as it expects the European economy to recover on EU funding, monetary and fiscal policy stances and strengthening external demand.
KGI further added that above-average inflation rates in Europe could benefit IReit as it can lock in earlier-than-expected rent increases with tenants, since most of its properties depend on the country' s consumer price index as the guideline for rental step-up.
It also noted that IReit' s vacancy rate in its key markets in Berlin, Munich, Madrid and Barcelona remained lower than its rates in 2015 despite the weak office market environment, while its headline rents have largely remained stable.
Additionally, while the Covid-19 pandemic has pushed investors to demand for higher dividend yield premiums from foreign office and commercial Reits than its local counterparts, stabilising foreign office markets will likely compress yield premiums and benefit IReit, the brokerage said.
In May, DBS Group Research also initiated coverage on IReit with a " buy" call as enlarged and more diversified portfolio would allow the Reit to reap gains.
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PhillipTan
Supreme |
18-Jun-2021 16:55
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KGI positive on IReit' s Decathlon acquisition in France, initiates with ' outperform'KGI Securities has initiated " outperform" on IReit Global with a target price of S$0.69, saying that the proposed Decathlon acquisition will likely provide the real estate investment trust (Reit) with further reduction of its tenant and geographical concentration risk, while potentially achieving both distribution per unit and yield accretion.In its report on Friday, the brokerage said the acquisition will expose the Reit to the resilient French economy and its sporting goods industry, which they expect will rebound strongly with forecasted turnover growth of 13 per cent for 2021, although KGI excluded the acquisition from its valuation as impact on capital structure remains undecided. IReit' s " fairly aggressive expansion strategy" will likely also gain from lower interest rates in Europe, KGI said, as it expects the European economy to recover on EU funding, monetary and fiscal policy stances and strengthening external demand. KGI further added that above-average inflation rates in Europe could benefit IReit as it can lock in earlier-than-expected rent increases with tenants, since most of its properties depend on the country' s consumer price index as the guideline for rental step-up. It also noted that IReit' s vacancy rate in its key markets in Berlin, Munich, Madrid and Barcelona remained lower than its rates in 2015 despite the weak office market environment, while its headline rents have largely remained stable. Additionally, while the Covid-19 pandemic has pushed investors to demand for higher dividend yield premiums from foreign office and commercial Reits than its local counterparts, stabilising foreign office markets will likely compress yield premiums and benefit IReit, the brokerage said. In May, DBS Group Research also initiated coverage on IReit with a " buy" call as enlarged and more diversified portfolio would allow the Reit to reap gains. |
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Joelton
Supreme |
15-Jun-2021 09:12
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Flexibility is key in helping IReit Global scale up: CEO
CAPITALISATION rates of properties in Europe - particularly those in the logistics sector - are being pushed ever lower, making it hard for real estate investors to find attractively priced assets.
" It' s mainly related to the fact you' ve still got significant amount of money flowing (into) these markets," said Louis d' Estienne d' Orves, chief executive of IReit Global' s manager.
Yet, there are still good opportunities for those who know where to look.
" We' re not saying that we' re smarter than the others," said Mr d' Estienne d' Orves. But the Reit' s manager is constantly " thinking out of the box" and trying to anticipate how the market will evolve.
" (We are) always trying to find &hellip opportunities or mismatch in terms of pricing versus the returns versus the risk you' re seeing," he added.
The key to succeeding in the current market is to be flexible. " The market is evolving quickly, so therefore you need to adapt yourself as well to ensure you are in line with what you see on the market," said Mr d' Estienne d' Orves.
While IReit is on the hunt for assets that fit into its main sectors of logistics, retail and office properties, it is not hewing to " specific targets in terms of what would be the percentage of offices, percentage of this country or that country" .
IReit' s main goal is to diversify its portfolio by investing in new sectors and new markets. Countries currently on its radar are mainly in Western Europe, where it has local expertise through its sponsor Tikehau Capital. These would include Italy, Belgium, the Netherlands, and Luxembourg.
" We are investing where there is liquidity for the assets," noted Mr d' Estienne d' Orves.
Meanwhile, the long-term impact of work-from-home arrangements on the occupancy rates of the Reit' s office properties is still unclear. Mr d' Estienne d' Orves is optimistic though.
" We consider our properties pretty attractive. The buildings are well-maintained, quite recent, and with competitive rents," he said.
IReit recently proposed the acquisition of Decathlon' s 27 retail properties in France for 110.5 million euros (S$176.8 million). The deal is pending unitholders' approval at its upcoming extraordinary general meeting on June 17.
Mr d' Estienne d' Orves believes the income visibility of the Decathlon portfolio will help the Reit deliver an attractive distribution per unit (DPU) going forward. The assets also offer exposure to the growth potential of the sports goods retail sector, which had remained resilient amid the Covid-19 pandemic.
More acquisitions are now in the works, though the Reit' s manager declined to provide details. " We are looking at things but that' s the only thing I can tell you," said Mr d' Estienne d' Orves.
IReit has two sponsors, Tikehau Capital and City Developments, on which to rely for deals and financial support as it scales up.
In October last year, IReit completed the purchase of the remaining 60 per cent interest in a Spanish office portfolio from Tikehau Capital.
Added Mr d' Estienne d' Orves: " We' ve got a really great setup to continue growing the Reit, and having two sponsors which are also substantial shareholders of the Reit, for me, is the best alignment of interests you can afford to unitholders."
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furyhawk
Member |
03-Jun-2021 18:40
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No news is good news?
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prophetjul
Master |
03-Jun-2021 17:54
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Any news apart from the Decathlon deal? | ||
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furyhawk
Member |
03-Jun-2021 17:09
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Closed at new high today. 0.66 | ||
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Joelton
Supreme |
13-May-2021 11:49
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IReit Global reports 95.9% portfolio occupancy for Q1, but expects this to fall
IREIT Global on Wednesday announced a portfolio occupancy of 95.9 per cent for the first quarter ended March 31, noting that it is expecting a significant reduction in commercial real-estate letting and investment activity due to the Covid-19 pandemic.
The weighted average lease expiry of the real estate investment trust (Reit) for the latest quarter stands at 3.4 years. Its weighted average debt maturity was 5.1 years, against 5.3 years in the previous quarter.
The full economic impact may be apparent only later, as business operations adjust their workforce arrangements, said the Reit in its Q1 business update. IReit' s current portfolio comprises office properties in Germany and Spain.
The take-up in key German office markets dipped 5.9 per cent from over the same period last year. Despite healthy investor demand, German office market investment volume declined 62.2 per cent year on year to 3.2 billion euros (S$5.15 billion) due to supply shortage and pandemic restrictions.
In Spain, office-letting volume in Madrid and Barcelona fell 21.4 per cent and 24 per cent respectively. Office investment volume in Spain dropped 10 per cent quarter on quarter to 362 million euros in the first quarter.
Still, IReit said that its portfolio performance remains stable due to leases with a blue-chip tenant base and good-quality assets located in established office areas. These tenants include Europe' s largest statutory pension insurance company, Deutsche Rentenversicherung Bund, and semiconductor company ST Microelectronics, among others.
While there are a few major leases in German properties due next year, the manager is now actively engaging tenants to protect IReit' s future occupancy and rental income. Meanwhile, the Spanish properties keep IReit' s portfolio diversified.
In the near-term, IReit is expected to complete the acquisition of the Decathlon portfolio in the third quarter this year. It had, through its wholly-owned subsidiary Fit 2, entered into a conditional sale agreement to acquire Decathlon' s properties in France for 110.5 million euros. The portfolio comprises 27 retail properties with a gross lettable area of 95,477 square metres.
Post-acquisition, its enlarged property portfolio will have an occupancy rate of 96.9 per cent, and a total valuation of 833.5 million euros - an increase of 15.8 per cent since Dec 31, 2020.
The manager is also exploring the possibility of implementing dual currency (euro and Sing dollar) trading for the Reit and changing its s distribution currency from Singapore dollars to euros.
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Joelton
Supreme |
29-Apr-2021 20:12
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IReit Global to acquire Decathlon retail properties in France for $176.8 million
The portfolio comprises 27 retail properties with a gross lettable area of 95,477 square metres.
ThIReit Global has, through its wholly owned subsidiary Fit 2, entered into a conditional sale agreement to acquire Decathlon' s properties in France for &euro 110.5 million (S$176.8 million).
The portfolio comprises 27 retail properties with a gross lettable area of 95,477 sq m.
Upon completion, all properties will be leased back to the sporting goods retailer. The deal comprises a committed occupancy of 100 per cent with weighted average lease expiry by gross rental income of 10 years, said the manager on Wednesday.
According to a bourse filing, the acquisition will be partially financed through equity fund-raising, which may comprise a private placement of new units to investors and/or a non-renounceable preferential offering to existing unit holders. The final funding structure will be ascertained " at the appropriate time" , said the manager.
The manager also said that key investors have provided an undertaking to subscribe in full to their allotment in a preferential offering, which including excess units, sums up to about $59 million.
Making its first foray into France, the trust expects the acquisition to strengthen its portfolio and reduce its reliance on any single geographical location or trade sector. IReit' s current portfolio comprises office properties in Germany and Spain.
It also hopes to leverage Decathlon' s large footprint in the " resilient" sporting goods industry as well as France' s gross domestic product growth, which the trust expects to outpace that of the rest of Europe.
The acquisition is expected to be completed by the third quarter of 2021, subject to unit holders' approval.
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Plantoretire
Member |
29-Apr-2021 14:01
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I think this deal is generally positive with dividend accretive on long term lease from Decathlon, unless Decathlong go bankkrupt else if it is just not as good business in certain area, only a few of the 27 properties will be affected. Short term pressure will be on the share price for fund rasing, " non-renounceable preferential offering of New Units to the existing unitholders" means certain discount on the share price, and if investors don' t want to park more money in this stock, they would sell.
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marketuncle
Veteran |
28-Apr-2021 17:11
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Won' t this expose them to key tenant risk? Not just one but so 27 ppties?! If for whatever reason Decathlon go under, how to find so many tenants quickly to take them up? | ||
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Starship
Supreme |
28-Apr-2021 16:45
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IReit Global to acquire Decathlon properties in France for 110.5m euros WED, APR 28, 2021 - 10:18 AM IREIT Global has, through its wholly-owned subsidiary Fit 2, entered into a conditional sale agreement to acquire Decathlon' s properties in France for 110.5 million euros (S$176.8 million). The portfolio comprises 27 retail properties with a gross lettable area of 95,477 square metres. Upon completion, all properties will be leased-back to the sporting goods retailer. The deal comprises a committed occupancy of 100 per cent with weighted average lease expiry by gross rental income of 10 years, said the manager on Wednesday. According to a bourse filing, the acquisition will be partially financed through an equity fundraise, which may comprise a private placement of new units to investors and/or a non-renounceable preferential offering to existing unitholders. The final funding structure will be ascertained " at the appropriate time" , said the manager. The manager also said that key investors have provided an undertaking to subscribe in full to their allotment in a preferential offering, which including excess units, sums up to about S$59 million. Making its first foray into France, the trust expects the acquisition to strengthen its portfolio and reduce its reliance on any single geographical location or trade sector. IReit' s current portfolio comprises office properties in Germany and Spain. It also hopes to leverage Decathlon' s large footprint in the " resilient" sporting goods industry as well as France' s gross domestic product growth, which the trust expects to outpace that of the rest of Europe. The acquisition is expected to be completed by Q3 2021, subject to unitholders' approval. https://www.businesstimes.com.sg/companies-markets/ireit-global-to-acquire-decathlon-properties-in-france-for-1105m-euros |
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sure.can.work
Senior |
06-Apr-2021 21:50
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It' s time to sell in April and go away  
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laksaman57
Supreme |
06-Apr-2021 18:32
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https://www.reitsweek.com/2021/04/ireit-global-loses-gmgs-lease-at-munster-south-building.html
"IREIT Global has lost the future lease of its key tenant at Münster South building, which is now anchored by GMG Generalmietgesellschaft mbH (GMG), a wholly owned subsidiary of Deutsche Telekom." |
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Joelton
Supreme |
03-Mar-2021 10:07
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' Accumulate' iREIT Global on strong portfolio occupancy and rental collection: PhillipCapital
PhillipCapital analyst Tan Jie Hui has retained her &ldquo accumulate&rdquo rating for iREIT Global with a higher target price of 70 cents from 68 cents previously following the REIT&rsquo s announcement of its FY2020 results.
&ldquo Our target price implies yields of 7.3% and total prospective returns of 14.2%. FY2021 distribution per unit (DPU) has been raised by 7% for better operational performance,&rdquo she writes in a March 1 report.
iREIT Global&rsquo s overall performance for the FY2020 ended December was better than Tan expected, with revenue and net property income (NPI) growing 7.2% and 7.3% y-o-y to 37.8 million euros ($60.6 million) and 32.9 million euros respectively. The growth follows the consolidation of the REIT&rsquo s Spanish properties after acquiring them in October 2020, combined with high rental collection exceeding 99%.
Correspondingly, iREIT Global&rsquo s DPU for the full-year grew 5.5% y-o-y from 4.77 cents to 5.03 cents.
Tan also notes that despite Covid-19, iREIT Global&rsquo s portfolio valuation grew by 1.2% as a result of high occupancy, particularly in its German portfolio of properties which are anchored by blue-chip tenants.
Looking forward, Tan maintains a cautious outlook on European real estate.
&ldquo With lockdown extensions and strict social-distancing restrictions in several economies, a sustainable recovery in the European real estate remains largely uncertain. Though work-from-home is taking roots, it remains too early to predict the direction of office demand as work arrangements are still in a flux&rdquo , she writes.
She also cautions that iREIT Global has a sizeable portion of leases up for breaks or expiries in FY2022 (about 32.5% and 24.6% respectively), though to date 5% of that is likely de-risked.
&ldquo About 5% of the lease breaks are attributable to Deutsche Rentenversicherung Bund (DRB) for its lease at Berlin Campus due in June 2022. DRB is likely to keep its lease as rental rates are attractive&rdquo .
&ldquo Other properties up for lease breaks/expiries are IREIT&rsquo s Darmstadt and Munster Campus, leased by Deutsche Telekom (DT). iREIT Global has started to engage DT for early renewals,&rdquo she adds.
But Tan notes that iREIT Global is in a good position to pursue M& A growth opportunities given its improved debt position following its rights issue in 4Q2020, with the REIT currently looking at office, retail and logistics assets in Europe.
The REIT is also exploring other possibilities including dual-currency trading that will offer more options to unit-holders and changing its distribution currency from the SGD to Euro which Tan views as more efficient given that it bypasses the need to hedge future distributions.
Tan&rsquo s higher target price follows a 7% higher forecasted FY20201 DPU to reflect better operational performances.
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laksaman57
Supreme |
28-Feb-2021 11:40
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In a covid era, reit with too concentrated tenant isn't good. | ||
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prophetjul
Master |
28-Feb-2021 11:04
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Seems like No interest here. http://ireitglobal.listedcompany.com/news.html/id/821746 |
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laksaman57
Supreme |
19-Feb-2021 09:55
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https://www.google.com/amp/s/mobile.reuters.com/article/amp/idUSKBN2AG1G1
"(Reuters) - German Economy Minister Peter Altmaier on Tuesday dashed hopes of business lobby groups for a quick reopening of the economy, saying the country should not rush to ease coronavirus restrictions as this could risk another wave of infections." |
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laksaman57
Supreme |
19-Feb-2021 09:51
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https://www.google.com/amp/s/amp.dw.com/en/covid-uk-variant-spreading-rapidly-in-germany/a-56597463
"The proportion of cases resulting from the coronavirus mutation first detected in the UK is doubling every week, officials say." |
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laksaman57
Supreme |
19-Feb-2021 09:49
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https://www.aa.com.tr/en/europe/spain-s-covid-19-cases-increase-more-variants-found/2149857
"Spain?s COVID-19 cases increase, more variants found " |
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