IREIT to Buy Remaining Stake in 4 Spanish Properties

News about IREIT Global

Along with the presentation of its Q2 numbers, IREIT is announcing the acquisition of the remaining 60% stake in a portfolio of 4 Spanish properties. The first 40% were acquired last December.

The Manager intends to finance the Proposed Acquisition with a rights issue in which Tikehau Capital, CSEPL and AT Investments Limited have given their respective undertakings to subscribe, in aggregate,for all unsubscribed rights units in the rights issue.Part of the net proceeds will also be used to repay the €32.0million loan granted by CSEPL in December 2019.

The Proposed Acquisition is expected to be completed in 4Q 2020, subject to, inter alia, the approval of Unitholders of IREIT for the Proposed Acquisition at an upcoming extraordinary general meeting to be convened at the appropriate time.

IREIT Global
Price0.645 SGD
NAV0.550 EUR
Yield (4 quarters)8.62%
Gearing39.0%