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IREIT Global SGD
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Mussel
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08-Nov-2021 19:20
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@Lobster: Not to worry, lah. IREIT is sitting on a gold mine with their Berlin property, which is by far the biggest asset in their portfolio. About 1 month ago the neighbouring property was sold for &euro 425 million or about &euro 6,200 per square meter. IREIT' s Berlin property is currently valued at below 3,000!! If they sold it for the same price as their neighbour, this stock should be worth around $1.10 as per my calculations. Do the math! I' m long IREIT!! 🚀 🚀 🚀 | ||||
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Joelton
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08-Nov-2021 10:08
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IReit Global
Between Oct 28 and Nov 1, IReit Global Group IREIT Global SGD: UD1U 0% non-executive director Bruno de Pampelonne acquired 200,000 units of IReit Global at 65.0 cents per unit.
With a consideration of S$130,000, this increased his direct interest in IReit Global from 0.03 per cent to 0.05 per cent.
He has approximately 35 years of experience in various segments of the financial markets, from debt and real estate to equity, and from banking to asset management.
He is currently a senior partner of Tikehau Capital and chairman of Tikehau Investment Management in Paris, and chief executive officer of Tikehau Investment Management Asia in Singapore.
Tikehau Capital is a global alternative asset management group with 30.9 billion euros of assets under management as at Jun 30.
Tikehau Capital and City Developments jointly own IReit Global Group.
IReit Global' s current portfolio comprises five freehold office properties in Germany, five freehold office properties in Spain and 27 freehold retail properties in France.
This includes the acquisition announced on Sep 24 which saw Sadena Real Estate, a wholly-owned subsidiary of IReit Global, enter into a public deed of sale with Inmobiliaria Colonial, SOCIMI, on Sep 23 to acquire an office building known as " Parc Cugat" located in Sant Cugat del Valles, Barcelona, Spain.
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Lobster
Elite |
06-Nov-2021 11:31
Yells: "Even Adam Khoo believes in the Black Market!" |
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Some not so good news..... vested
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Joelton
Supreme |
25-Sep-2021 10:28
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IReit Global acquires Grade A office building in Barcelona for 27.2m euros
IREIT Global' s wholly-owned subsidiary has acquired a Grade A freehold office building in Barcelona, Spain, for 27.2 million euros (S$43.1 million).
The move brings the number of Spain properties in the Europe-focused real estate investment trust' s (Reit) portfolio to five - three in Barcelona and two in Madrid.
The subsidiary had entered into a public deed of sale on Sept 23 with seller Inmobiliaria Colonial, SOCIMI, S.A, and completed the acquisition on the same day, IReit Global' s manager said in a bourse filing on Friday.
Assuming the acquisition was completed on Jan 1 and IReit held and operated the building through to June 30, H1 2021 distribution per unit (DPU) would be 1.49 euro cents, representing a DPU accretion of 3.3 per cent, according to pro forma estimates.
The building, Parc Cugat, is located within a business park in Sant Cugat del Vallè s, which is 20 minutes from the financial district of Barcelona. Sant Cugat del Vallè s is also considered to be one of the most sought-after areas in the metropolitan area of Barcelona, IReit Global' s manager said.
The property has a gross lettable area of 15,510 square metres (sq m), which comprises 12,000 sq m of office space, 293 sq m of canteen space, 2,509 sq m of storage space and a 708 sq m auditorium.
It has a committed occupancy of 64 per cent and a weighted average lease expiry by gross rental income (GRI) of about 6.8 years. It also has an annual GRI of about 1.5 million euros as at Sept 23.
The office building is leased to five tenants, including blue-chip companies such as Kyndryl (a spin-off from IBM), operational consulting firm KLB Group and fashion marketing company Grupo Escada.
The seller is a Spain-based Reit operator listed on the Madrid Stock Exchange since 1999. As part of the deal, it will provide a rental guarantee of about 400,000 euros, equivalent to around 15 months of market rental income. This is for the vacant ground floor of Parc Cugat, together with common expenses of the rental guarantee area of about 200,000 euros.
With the rental guarantee, the purchase consideration of 27.2 million euros represents a discount of about 4.5 per cent to Parc Cugat' s independent valuation.
The total acquisition cost is estimated to be 29.1 million euros, comprising the purchase consideration, acquisition fee, as well as projected debt financing costs and other fees and expenses.
The manager will finance the transaction through a combination of external bank borrowings and internal cash resources.
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Rokawa
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24-Sep-2021 14:31
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20210924_073025_UD1U_V8MGZTF3MERG1AVL.1.pdf (listedcompany.com) DPU accretive ACQUISITION OF AN OFFICE BUILDING LOCATED IN BARCELONA, SPAIN Unless otherwise indicated, certain Euro amounts in this announcement have been translated into Singapore dollars based on the exchange rate of &euro 1.00 = S$1.583 for illustrative purpose only. 1. INTRODUCTION IREIT Global Group Pte. Ltd., in its capacity as the manager of IREIT Global (&ldquo IREIT&rdquo , and as manager of IREIT, the &ldquo Manager&rdquo ) is pleased to announce that Sadena Real Estate, S.L.U., a wholly-owned subsidiary of IREIT (the &ldquo Buyer&rdquo ), has on 23 September 2021 entered into a public deed of sale (the &ldquo Deed of Sale&rdquo ) with Inmobiliaria Colonial, SOCIMI, S.A. (the &ldquo Seller&rdquo ) to acquire an office building located in Sant Cugat del Vallè s, Barcelona, Spain at Avenida Can Fatjó dels Aurons, 9 (the &ldquo Property&rdquo and the acquisition of the Property, the &ldquo Acquisition&rdquo ) and completed the Acquisition on the same day. 2. INFORMATION ON THE ACQUISITION 2.1 Description of the Property The Property is a modern Grade A freehold office building known as &ldquo Parc Cugat&rdquo located within a business park in Sant Cugat del Vallè s. The Property has a gross lettable area of 15,510 square metres (&ldquo sqm&rdquo ), comprising 12,000 sqm of office space, 293 sqm of canteen space, 2,509 sqm of storage space and a 708-sqm auditorium. The committed occupancy of the Property is 64.0% (76.5% for office space only) with a weighted average lease expiry (&ldquo WALE&rdquo ) by gross rental income (&ldquo GRI&rdquo ) of approximately 6.8 years and an annual GRI of approximately &euro 1.5 million as at 23 September 2021. The Property is currently leased to five tenants, including blue-chip companies such as Kyndryl (spin-off from IBM), KLB Group, and Grupo Escada. The Property is located in the first developed office area of the Sant Cugat del Vallè s market, which offers various amenities, such as restaurants and hotels, as well as excellent transportation links (both public and private transport) to the city of Barcelona. In addition, it is located within five minutes walking distance away from the Sant Joan regional railway station. 2.2 Purchase Consideration and Valuation Pursuant to the terms of the Deed of Sale, the purchase consideration (the &ldquo Purchase Consideration&rdquo ) payable for the Property is &euro 27.2 million (approximately S$43.1 million) which was negotiated on a willing-buyer and willing-seller basis, taking into account the independent valuation of the Property with the Rental Guarantee (as defined herein). The valuation of the Property as at 13 August 2021 is &euro 28.5 million (approximately S$45.1 million) with the Rental Guarantee and &euro 27.4 million (approximately S$43.4 million) without 2 the Rental Guarantee, as stated by BNP Paribas Real Estate Spain S.A.U. (the &ldquo Independent Valuer&rdquo ) in its valuation report which was commissioned by the Manager and DBS Trustee Limited, in its capacity as trustee of IREIT. The Property has been valued based on the income capitalisation approach, discounted cash flow approach and direct sales comparison approach. The Purchase Price represents a discount of approximately 4.5% to the independent valuation of the Property with the Rental Guarantee. 2.3 Principal Terms of the Deed of Sale The Acquisition shall be governed by the terms and conditions of the Deed of Sale entered into between the Buyer and the Seller. The Deed of Sale contains customary provisions relating to the Acquisition, including representations and warranties, indemnities and other commercial terms. Pursuant to the Deed of Sale, the Seller will undertake to provide to the Buyer the Rental Guarantee in accordance with the provisions set out in the Deed of Sale. 2.4 Rental Guarantee for the Property 2.4.1 Terms of the Rental Guarantee Pursuant to the Deed of Sale, the Seller will provide rental guarantee (the &ldquo Rental Guarantee&rdquo ) from the date of execution of the Deed of Sale until 31 December 2022 (the &ldquo Rental Guarantee Period&rdquo ) whereby the Seller guarantees rental income up to an amount of approximately &euro 0.4 million equivalent to approximately 15 months of market rental income, in relation to the vacant ground floor of the Property (the &ldquo Rental Guarantee Area&rdquo ), together with the common expenses of the Rental Guarantee Area up to an amount of approximately &euro 0.2 million (together, the &ldquo Rental Guarantee Amount&rdquo ). The Seller shall pay the Purchaser the Rental Guarantee Amount equivalent to the monthly rental amount, or the shortfall between the Rental Guarantee Amount and the monthly rent payable under the lease agreements entered into by the Buyer in relation to the Rental Guarantee Area, including any rent-free periods agreed. The amount payable by the Seller shall be calculated on a monthly basis and shall be paid by the Seller within 10 days following such date of calculation. 2.4.2 Directors&rsquo Opinion The directors of the Manager (&ldquo Directors&rdquo ) are of the view that the Rental Guarantee is on normal commercial terms and is not prejudicial to the interests of IREIT and its unitholders, having taken into account the basis of the Independent Valuer&rsquo s opinion that the Rental Guarantee Amount is in line with market rates. 2.4.3 Safeguards The Seller is a Spain-based company engaged in the operation of a real estate investment trust and has been listed on the Madrid Stock Exchange (Bolsa de Madrid) since 1999. It has a gross asset value of &euro 12.0 billion as at 30 June 2021 and a market capitalisation of &euro 4.7 billion as at 22 September 2021. Accordingly, the Manager is of the view that the Seller will be able to fulfil the obligations undertaken in relation to the Rental Guarantee. 3 2.5 Total Acquisition Cost The total cost of the Acquisition (the &ldquo Total Acquisition Cost&rdquo ) is estimated to be approximately &euro 29.1 million (approximately S$46.1 million) comprising: (i) the Purchase Consideration of approximately &euro 27.2 million (approximately S$43.1 million) (ii) the acquisition fee of approximately &euro 0.3 million (approximately S$0.5 million) (the &ldquo Acquisition Fee&rdquo ) payable in cash to the Manager (being 1.0% of the Purchase Consideration pursuant to the Trust Deed (as defined herein)) and (iii) the estimated professional and other fees and expenses (including debt financing costs) of approximately &euro 1.6 million (approximately S$2.5 million) incurred or to be incurred by IREIT in connection with the Acquisition. 3. METHOD OF FINANCING The Manager intends to finance the Total Acquisition Cost through a combination of external bank borrowings and internal cash resources, including (i) part of the net proceeds raised from the rights issue launched on 18 September 2020 (the &ldquo Rights Issue&rdquo ) and (ii) part of the net proceeds raised from the equity fund raising launched on 21 June 2021 (the &ldquo Equity Fund Raising&rdquo ). 4. RATIONALE OF THE ACQUISITION The Manager believes that the Acquisition will bring the following key benefits to Unitholders: 4.1 Deepens IREIT&rsquo s presence in the attractive Spanish office market IREIT currently owns four freehold office properties in Spain, two of which are located in Madrid and the other two in Barcelona. Despite the COVID-19 pandemic, these quality properties have continued to remain resilient, with 100% of IREIT&rsquo s contractual rents collected in the first half year ended 30 June 2021 and over 99% collected in FY2020. The Acquisition will add another quality asset to IREIT&rsquo s portfolio and enhance its footprint in Spain. This is in line with IREIT&rsquo s focus to pursue assets located in well-established secondary areas of key western European cities such as Barcelona. The Property is located in Sant Cugat del Vallè s, which is 20 minutes from the financial district of Barcelona (Avenida Diagonal) and is considered to be one of the most sought-after areas in the metropolitan area of Barcelona. The area is also home to a large number of international blue-chip companies such as HP, Grifols, Roche, Sabadell Bank, Ricoh and Catalana Occidente. Notably, the Property is located near Sant Cugat Green, one of IREIT&rsquo s four existing properties in Spain, and is accessible within a seven-minute drive by car. 4 4.2 Modern Grade A office asset with strong attributes and sustainability certifications The Property was built in 2009 and has received good rating for BREEAM (Building Research Establishment Environmental Assessment Method), silver rating for LEED (Leadership in Energy and Environmental Design) and CEE (Certificado de Eficiencia Energé tica) certifications. Both its faç ade and interior have been well-maintained to the highest standards. In addition, the Property offers open floor plates with high capacity and natural light, complemented by a wide range of services for its tenants, including an auditorium (the only one in the area), a canteen, storage spaces, private terraces and parking spaces for cars and motorcycles. The surroundings of the Property also offer a variety of amenities, such as restaurants and hotels, as well as excellent transportation links (both public and private transport) to the city of Barcelona. Furthermore, it is located within five minutes walking distance away from the Sant Joan regional railway station. 4.3 Strong tenant profile with potential upside The Property is occupied by five large blue-chip companies, including Kyndryl (spin-off from IBM), KLB Group and Grupo Escada, over long lease durations. With the Acquisition, the Property will add these new large blue-chip companies to IREIT&rsquo s tenant base. The Property has also enjoyed high occupancy rates historically until the ground floor became vacant in May 2020. With active asset management initiatives, the Manager believes there is room for potential upside by filling up and optimising the use of the vacant spaces. Furthermore, there is opportunity for positive rental reversions by bringing some of 5 the under-rented contracts to market levels. Since the acquisition of the four existing office properties in Spain in December 2019, the Manager has demonstrated that it has been able to increase the office occupancy rate of the Spanish portfolio from 89.2% to 93.5%1 as at 30 June 2021 and secure several lease extensions to uphold the stability of the Spanish portfolio, notwithstanding the challenging economic backdrop. 5. PRO FORMA FINANCIAL EFFECTS OF THE ACQUISITION FOR ILLUSTRATIVE PURPOSES ONLY: The pro forma financial effects of the Acquisition (taking into account the Rental Guarantee Amount) on the distribution per unit (&ldquo DPU&rdquo ), the net asset value (&ldquo NAV&rdquo ) per unit (&ldquo Unit&rdquo ) and aggregate leverage of IREIT presented below are strictly for illustrative purposes and were prepared based on the audited financial statements of IREIT for the financial year ended 31 December 2020 (the &ldquo 2020 Audited Financial Statements&rdquo ) and the unaudited financial statements of IREIT for the financial period from 1 January 2021 to 30 June 2021 (the &ldquo 1H2021 Unaudited Financial Statements&rdquo ). IREIT had on 22 October 2020 completed the acquisition of the balance 60.0% interest in four freehold office buildings located in Spain (the &ldquo Spain Properties&rdquo and the acquisition of the Spain Properties, the &ldquo Spain Acquisition&rdquo ), such that IREIT owns 100.0% of the Spain Properties. The Spanish Acquisition was fully funded through the Rights Issue of 291,405,597 new Units. In addition, IREIT had on 28 July 2021 completed the acquisition of a portfolio of 27 retail properties located in France (the &ldquo France Properties&rdquo and the acquisition of the France Properties, the &ldquo France Acquisition&rdquo ). The France Acquisition was funded through a combination of the Equity Fund Raising and external bank borrowings. The Equity Fund Raising comprised a placement of 11,372,868 new Units and a pro rata non-renounceable preferential offering of 201,137,870 new Units to existing Unitholders. In order to provide a more meaningful overview of the impact of the Acquisition on the distribution of IREIT, the pro forma financial effects of the Acquisition on the DPU per Unit were adjusted as follows and presented strictly for illustrative purposes only: &bull for the full financial year ended 31 December 2020 (&ldquo FY2020&rdquo ), adjusted as though the Spain Acquisition and the France Acquisition were completed on 1 January 2020 and IREIT had held and operated the Spain Properties and the France Properties through to 31 December 2020, and &bull for the financial period from 1 January 2021 to 30 June 2021 (&ldquo 1H2021&rdquo ), adjusted as though the France Acquisition was completed on 1 January 2021 and IREIT had held and operated the France Properties through to 30 June 2021. In order to provide a more meaningful overview of the impact of the Acquisition on the financial position of IREIT, the pro forma financial effects of the Acquisition on the NAV per Unit and aggregate leverage as at 31 December 2020 and 30 June 2021 were adjusted as though the France Acquisition was completed on 31 December 2020 and 30 June 2021 respectively, and presented strictly for illustrative purposes only. 1 Overall occupancy rate of the Spanish portfolio increased from 80.7% to 85.2%. 6 For FY2020 Taking into account the Purchase Consideration of the Property, and assuming that: &bull the Total Acquisition Cost is partially financed with a bank loan of approximately &euro 13.6 million (approximately S$21.5 million) and the balance of approximately &euro 15.5 million (approximately S$24.6 million) is financed with internal cash resources. &bull approximately 221,802 new units are issued at an illustrative price of S$0.615 per new Unit for the management fee payable to the Manager in relation to the Property for FY2020. &bull 100.0% of the distributable income attributable to the Property is distributed to Unitholders. For the avoidance of doubt, the Manager will continue to maintain IREIT&rsquo s current distribution policy of distributing at least 90.0% of its annual distributable income for each financial year and &bull Acquisition Fee payable to the Manager will be paid 100% in cash. For 1H2021 Taking into account the Purchase Consideration of the Property, and assuming that: &bull the Total Acquisition Cost is partially financed with a bank loan of approximately &euro 13.6 million (approximately S$21.5 million) and the balance of approximately &euro 15.5 million (approximately S$24.6 million) is financed with internal cash resources. &bull approximately 36,876 new units are issued at an illustrative price of S$0.616 per new Unit for the management fee payable to the Manager in relation to the Property for 1H2021. &bull 100.0% of the distributable income attributable to the Property is distributed to Unitholders. For the avoidance of doubt, the Manager will continue to maintain IREIT&rsquo s current distribution policy of distributing at least 90.0% of its annual distributable income for each financial year and &bull Acquisition Fee payable to the Manager will be paid 100% in cash. 5.1 Pro Forma DPU FOR ILLUSTRATIVE PURPOSES ONLY: The pro forma financial effects of the Acquisition on IREIT&rsquo s DPU for FY2020, as if the Acquisition was completed on 1 January 2020, and IREIT had held and operated the Property through to 31 December 2020, are as follows: Before the Acquisition After the Acquisition Net Property Income (&euro &rsquo 000) 32,894 34,542 Adjusted Net Property Income (&euro &rsquo 000)(1) 47,216 48,864 Distributable Income (&euro &rsquo 000) 27,434 28,570 7 Adjusted Distributable Income (&euro &rsquo 000)(1) 36,621 37,757 Issued Units (&lsquo 000) 937,046(2) 937,268(3) Adjusted Issued Units (&lsquo 000)(1) 1,151,554 1,151,776(3) DPU (&euro cents) 3.21 3.36 DPU (S$ cents) 5.03 5.26 Adjusted DPU (&euro cents)(1) 2.92 3.01 Adjusted DPU (S$ cents)(1) 4.57 4.72 DPU Accretion (%) - 4.7% Adjusted DPU Accretion (%)(1) - 3.4% Notes: (1) Adjusted as though the Spain Acquisition and the France Acquisition were completed on 1 January 2020 and IREIT had held and operated the Spain Properties and the France Properties through to 31 December 2020. (2) Number of Units issued as at 31 December 2020. (3) The total number of Units in issue at the end of the year includes approximately 221,802 new Units issued as payment of the management fee payable to the Manager at an illustrative issue price of S$0.615 per new Unit for FY2020 in relation to the Property for FY2020. The pro forma financial effects of the Acquisition on IREIT&rsquo s DPU for 1H2021, as if the Acquisition was completed on 1 January 2021, and IREIT had held and operated the Property through to 30 June 2021, are as follows: Before the Acquisition(1) After the Acquisition Net Property Income (&euro &rsquo 000) 23,261 24,085 Distributable Income (&euro &rsquo 000) 18,144 18,698 Issued Units (&lsquo 000) 1,152,612 1,152,649(2) DPU (&euro cents) 1.44 1.49 DPU (S$ cents) 2.32 2.40 DPU Accretion (%) - 3.3% Notes: (1) Adjusted as though the France Acquisition was completed on 1 January 2021 and IREIT had held and operated the France Properties through to 30 June 2021. (2) The total number of Units in issue at the end of the period includes approximately 36,876 new Units issued as payment of the management fee payable to the Manager at an illustrative issue price of S$0.616 per new Unit for 1H2021 in relation to the Property for 1H2021. 5.2 Pro Forma NAV FOR ILLUSTRATIVE PURPOSES ONLY: The pro forma financial effects of the Acquisition on the NAV per Unit as at 31 December 2020, as if the Acquisition was completed on 31 December 2020, are as follows: Before the Acquisition After the Acquisition 8 NAV represented by Unitholders&rsquo funds (&euro &rsquo 000) 441,743 440,576 Adjusted NAV represented by Unitholders&rsquo funds (&euro &rsquo 000)(1) 509,422 508,255 Units in issue and to be issued at the end of the year (&lsquo 000) 938,963(2) 938,963 Adjusted Units in issue and to be issued at the end of the year (&lsquo 000)(1) 1,151,474 1,151,474 NAV represented by Unitholders&rsquo funds per Unit (&euro ) 0.47 0.47 Adjusted NAV represented by Unitholders&rsquo funds per Unit (&euro )(1) 0.44 0.44 Notes: (1) Adjusted as though the France Acquisition was completed on 31 December 2020. (2) Number of Units issued and to be issued as at 31 December 2020. The pro forma financial effects of the Acquisition on the NAV per Unit as at 30 June 2021, as if the Acquisition was completed on 30 June 2021, are as follows: Before the Acquisition(1) After the Acquisition NAV represented by Unitholders&rsquo funds (&euro &rsquo 000) 535,479 534,312 Units in issue and to be issued at the end of the period (&lsquo 000) 1,153,440 1,153,440 NAV represented by Unitholders&rsquo funds per Unit (&euro ) 0.46 0.46 Notes: (1) Adjusted as though the France Acquisition was completed on 30 June 2021. 5.3 Aggregate Leverage FOR ILLUSTRATIVE PURPOSES ONLY: The pro forma aggregate leverage of IREIT as at 31 December 2020, as if the Acquisition was completed on 31 December 2020, is as follows: Before the Acquisition(1) After the Acquisition(2) Aggregate Leverage (pro forma as at 31 December 2020) 36.0% 37.0% Note: (1) Adjusted as though the France Acquisition was completed on 31 December 2020. (2) Assuming that the Total Acquisition Cost is partially financed with a bank loan of approximately &euro 13.6 million (approximately S$21.5 million) and the balance of approximately &euro 15.5 million (approximately S$24.6 million is financed with internal cash resources. 9 The pro forma aggregate leverage of IREIT as at 30 June 2021, as if the Acquisition was completed on 30 June 2021, is as follows: Before the Acquisition(1) After the Acquisition(2) Aggregate Leverage (pro forma as at 30 June 2021) 34.8% 35.8% Note: (1) Adjusted as though the France Acquisition was completed on 30 June 2021. (2) Assuming that the Total Acquisition Cost is partially financed with a bank loan of approximately &euro 13.6 million (approximately S$21.5 million) and the balance of approximately &euro 15.5 million (approximately S$24.6 million) is financed with internal cash resources. 6. DISCLOSURE UNDER RULE 1010(13) OF THE LISTING MANUAL Chapter 10 of the Listing Manual classifies transactions by IREIT into (i) non-discloseable transactions, (ii) discloseable transactions, (iii) major transactions and (iv) very substantial acquisitions or reverse takeovers, depending on the size of the relative figures computed on, inter alia, the following bases or comparison set out in Rules 1006(b) and 1006(c) of the Listing Manual: (i) the net profits attributable to the assets acquired, compared with IREIT&rsquo s net profits (ii) the aggregate value of the consideration given, compared with IREIT&rsquo s market capitalisation The relative figures for the Acquisition using the applicable bases of comparison described above are set out in the table below. Comparison of Acquisition (&euro &rsquo 000) IREIT (&euro &rsquo 000) Relative figure (%) Net property income(1) 824(2) 19,327(3) 4.3% Consideration against market capitalisation 27,200(4) 462,688(5) 5.9% Notes: (1) In the case of a real estate investment trust, the net property income is a close proxy to the net profits attributable to its assets. (2) Based on the estimated net property income of the Property (inclusive of the Rental Guarantee Amount) for the period from 1 January 2021 to 30 June 2021 assuming that all leases, whether existing or committed, were in place since 1 January 2021. (3) Based on IREIT&rsquo s unaudited consolidated results for 1H2021. (4) The figure represents the Purchase Consideration. (5) Based on 1,153,440,147 Units in issue and the weighted average price of S$0.635 per Unit on the Singapore Exchange Securities Trading Limited (the &ldquo SGX-ST&rdquo ) as at 22 September 2021, being the market day immediately prior to the entry into the Deed of Sale and assuming exchange rate of &euro 1.00 = S$1.583. The relative figure in Rule 1006(d) in relation to the number of Units issued by IREIT as consideration for the Acquisition, compared with the number of Units previously in issue, is not applicable to the Acquisition as the Purchase Consideration for the Acquisition is payable entirely in cash. As the relative figures computed on the bases set out above exceed 5.0% but do not exceed 10 20.0%, the Acquisition is classified as a discloseable transaction. |
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Lightyear
Veteran |
15-Sep-2021 23:54
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Until now no improvement
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prophetjul
Master |
28-Aug-2021 09:44
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Explain? Thanks
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Lobster
Elite |
28-Aug-2021 08:13
Yells: "Even Adam Khoo believes in the Black Market!" |
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The devil' s trident in CDL' s hands! Stay tuned! | ||||
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PhillipTan
Supreme |
28-Aug-2021 04:11
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' Buy' IREIT Global as it builds scale and resilienceRHB Group Research analyst Vijay Natarajan has reiterated his " buy" call for IREIT Global with a higher target price of 74 cents in a research note dated August 27.His target price has increased to 74 cents from 70 cents previously. " Valuation is attractive with the REIT trading at 0.8 times P/BV," he says. Natarajan is bullish on the counter following the completion of IREIT Global' s acquisition of 27 assets in France in end-July. The way he sees it, the assets, which are fully leased to Decathlon, have further enhanced the company' s income resilience while also boosting the diversification of its tenant and geographical mix. Despite " slight" market concerns retail assets, Natarajan is positive on the addition as the sporting goods sector has remained resilient. He also points out that the assets have a low occupancy cost of some 4%, along with an attractive yield, in addition to a long weighted average lease expiry of 10 years. Commenting on its other assets, Natarajan highlights that IREIT Global' s Germany portfolio value rose 4% in 1HFY2021 ended June, while its Spanish portfolio value was up 1% on a h-o-h basis. " Rent collection remains high in the 99% and there were no rent rebate/deferment requests since the start of the year in-line with improving economic outlook in Europe," he adds. Natarajan is also positive on the strong support IREIT Global has from its two " good quality" sponsors, while he also notes that the company' s modest gearing positions it for future inorganic growth. " Gearing post-recent transactions remains comfortable at c.36%," he points out. IREIT Global recently comment trading in dual currency on Aug 17, which Natarajan says will benefit unitholders who are keen on underlying Euro exposure instead of Singdollar. The distribution currency will also be changed to Euro starting from the next distribution. As at 4.22, shares in IREIT Global are trading up 0.5 cents or 0.78% higher at 64.5 cents. |
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Starship
Supreme |
18-Aug-2021 15:19
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Shd be interchangeable just like the Hutchison Port Trust. The holdings of the shares are NOT divided into 2 diffrent tranches ---- in the ooks of the company and the SGX, there is only one tranche of shares. So everyone can buy and sell in any of the 2 currencies as u wish.
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heluim
Member |
18-Aug-2021 15:12
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Since 8U7U just started trading. Who will have shares of 8U7U ? |
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desmondxyz
Veteran |
18-Aug-2021 14:54
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Just treat it as 2x different counters
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heluim
Member |
18-Aug-2021 14:33
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So if I holding originally the SGD version of the reit. Can I sell the bidders at the EURO version? How does it work? Who will be originally holding on to the euro version? |
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afsyeo
Member |
17-Aug-2021 09:35
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x 0 Alert Admin |
IREIT Euro counter 8U7U commence trading today with bidding at EUR0.39 | ||||
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Starship
Supreme |
07-Aug-2021 14:29
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I see the cause of this now. My original holdings were actually much lower than the Rights prices. So all the Rights and Excesses that I received actually increased my average cost per unit quite dramatically. The result is my 2-figure dividend yield has now decreased to only 1-figure. But the fact that I applied excess Rights on both occasions point to my absolute confidencein this very well-run Reit. All thanks to our most famous retail ddividend investor AK71 !!!! 
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Joelton
Supreme |
07-Aug-2021 12:13
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IReit Global H1 DPU rises 14.4% to 1.43 euro cents
EUROPE-FOCUSED IReit Global posted a 14.4 per cent rise in distribution per unit (DPU) to 1.43 euro cents for H1 ended June, on the back of its increased footprint in Spain.
Gross revenue rose 31.6 per cent to 23.6 million euros, while net property income was up 23.4 per cent to 19.3 million euros. The real estate investment trust (Reit) manager retained 1.5 million euros of income.
The revenue rise was mainly due to the consolidation of the operating results of IReit' s Spanish portfolio. The Reit had acquired the remaining 60 per cent it did not already own in a portfolio of Spanish office properties in October last year.
IReit said that all its tenants continued to pay their rent, and none of them have requested for rental rebates or deferrals in H1. In June, Deutsche Rentenversicherung Bund, the major tenant at Berlin Campus, did not exercise its break option to return part of its leased space to IReit in 2022. The lease will therefore now expire in June 2024.
" We are also in advanced discussions with a few tenants who have break options and lease expiries in 2022, and exploring the multi-let approach to protect IReit' s future occupancy rate and rental income," said Louis d' Estienne d' Orves, chief executive of the Reit manager.
It has successfully secured three lease extensions and two new leases at the Spanish properties in July through these efforts, he added.
Looking ahead, the acquisition of 27 retail properties in France in July is expected to strengthen IReit' s lease profile, the manager said. It also plans to continue actively pursuing acquisitions.
In a separate announcement on Friday, IReit' s manager proposed the divestment of the multi-storey car park located adjacent to Darmstadt Campus for 9.5 million euros. The sale is expected to be completed in Q4.
In addition, the manager will be implementing the dual currency trading in euros and Singapore dollars for IReit with effect from Aug 17. It will also change the distribution currency of IReit from Singapore dollars to euros, starting with the distribution for June to December.
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prophetjul
Master |
07-Aug-2021 09:14
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Well, the thing is this. When they issued the rights, did you subscribe to it at the discount that they gave? If you fully subscrbe, or better, ask for excess, you should be at least having similar if not better yields per cost of investment. If you do not subscribe, it means your original hodlings have been diluted and therefore lower yield.
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Lobster
Elite |
07-Aug-2021 01:58
Yells: "Even Adam Khoo believes in the Black Market!" |
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x 0 Alert Admin |
The new blue eye boy of REITs this year. 10% gain in value of rights, Estimated 7% annual yields at curerent price. Where to find?!!?! | ||||
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Starship
Supreme |
07-Aug-2021 00:53
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x 0 Alert Admin |
This method they use to calculate doesn' t seem to reflect the true picture of the dividend yield today after all the rights issue. Bcos the dividend yield of my holdings has actually dropped instead of increased. 
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prophetjul
Master |
06-Aug-2021 23:14
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x 0
x 0 Alert Admin |
It is explained on pg9. It is due to the rights issue in Oct20. With the rights taken into account, 2.85 effectively becomes 1.96.
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