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

Germany-focused IREIT Global announced on 5 October that Tikehau Investment Management has agreed to acquire 80% of the issued shares of its manager, and will be looking to expand the REIT’s investment mandate beyond just office properties.

The share purchase agreement will see both the CEO and CIO of IREIT Global’s manager resigning, but leaving only after a transition period.

The remaining 20% stake in the Singapore-listed REIT’s manager will be held by Chinese tycoon Tong Jinquan-linked Shanghai Summit Pte Ltd, and Dolphin Two Pte Ltd.

However the share purchase agreement will require approvals from IREIT Global’s lenders, and the Monetary Authority of Singapore (MAS).

Tikehau has indicated that it intends to change IREIT Global’s investment mandate to cover all commercial income-producing properties, including offices, retail and industrial properties, across Europe should the share purchase agreement proceed.

IREIT Global currently has a portfolio of five office properties, all of which are in Germany.

Should the REIT’s manager proceed with this intention to expand on the mandate, it will be making a further announcement in compliance with Singapore Exchange listing requirements.

Units of IREIT Global finished the trading day flat from its previous close to end at SGD0.73 on the Singapore Exchange.

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.