IREIT is purchasing, in a 40:60 joint-venture with Tikehau Capital (one of its main shareholder), a group of 4 Spanish office properties, for a total transaction price of 133.8 million €. Located in the Madrid and Barcelona regions, all the properties are freehold and have a total occupancy rate of 80.9% and average WALE of 4.6 years.
Under the terms of the joint venture, Tikehau Capital will grant IREIT a call option to acquire its 60% stake. CDL has also shown its commitment and support by extending a bridging loan to finance IREIT's investment
Long term funding of IREIT's 57.6 million € share of the venture is yet to be determined.