IREIT Global's Bonn Campus (Photo: IREIT Global)IREIT Global's Bonn Campus (Photo: IREIT Global)

Wealthy Fountain Holdings, a wholly owned company of Chinese property tycoon Tong Jinquan, has acquired 2,222,393 units of Singapore-listed IREIT Global.

The units were acquired in a sale and purchase agreement made between IREIT Global’s manager, and Wealthy Fountain on 26 August, said the Germany-focused office REIT in a disclosure made on 30 August.

The acquisition was effected on 29 August, bringing Wealthy Fountain’s total direct holdings in the REIT to 303,265,527 units, representing a stake of 49.22% based on 616,186,505 units outstanding. This is up from 48.86% previously.

Besides the the sale of the units to Wealthy Fountains, the manager for IREIT Global was also involved in a sale of 649,623 units of the REIT to an individual investor, Lim Chap Huat, on the same day.

Units of IREIT Global finished the trading day unchanged from its previous close on the Singapore Exchange at SGD0.74.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.