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.