IREIT Global Buys 17 French Properties

News about IREIT Global

IREIT Global is purchasing 17 retail properties in France at a price of 76.8 million Euros (about S$112.2 million):

The properties have a total gross lettable area (GLA) of 61,756 sqm (664,736.052 sq ft). They are fully leased to B&M France SAS, a wholly-owned subsidiary of B&M European Value Retail. The group is a leading European discount retailer that has been listed on the London Stock Exchange since 2014.

The manager expects the acquisition to be yield accretive and to be funded by a non-renounceable underwritten preferential offering of new units along with debt.

IREIT Global
Price0.300 SGD
NAV0.410 EUR
Yield (4 quarters)9.13%
Gearing37.0%