>

>

/

IREIT Global acquires 17 French retail properties for $112.2 mil

/ EdgeProp Singapore |

June 1, 2023 11:38 AM SGT

B&M at Saint-Cyr-sur-Loire, France. The 17 retail properties are fully leased to B&M France SAS, a wholly-owned subsidiary of discount retailer B&M European Value Retail. (Picture: IREIT Global)

SINGAPORE (EDGEPROP) - Europe-focused IREIT Global has entered into a call option agreement to acquire a portfolio of 17 French retail properties at an aggregate purchase consideration of EUR76.8 million ($112.2 million). According to a press release by the REIT, this is a 1.7% discount from two independent valuations of the portfolio, which valued the properties at about EUR78.1 million.

The 17 retail properties are fully leased to B&M France SAS, a wholly-owned subsidiary of discount retailer B&M European Value Retail. The properties have a gross lettable area of 664,500 sq ft and an overall occupancy rate of 100%, along with a weighted average lease expiry by gross rental income of about 6.8 years as of March 31, 2023.

According to IREIT Global, the portfolio is expected to generate a net property income yield of 7.9%. Louis d’Estienne d’Orves, CEO of the IREIT Global Group and the manager of the REIT, says in this macroeconomic environment marked by high inflation, "the proposed acquisition is in line with our strategy of strengthening our exposure to index-linked assets in established European markets, supported by a strong blue-chip tenant”.

After the acquisition, IREIT will have a total portfolio of 44 retail properties.

Tags:

France retail IREIT Global

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

UOL and CapitaLand to acquire Thomson View Condo for $810 mil

2

Is it a Good Deal?: A freehold three-bedroom in D9 sold for $3.27 million, making a $2.03 million profit

3

Chuan Park attracts 5,000 visitors on first day of preview

4

CDL's Norwood Grand achieves 84% sales at an average price of $2,067 psf

5

Executive Condo launches in the pipeline to test new highs of $1,700 psf

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00