IREIT Global is acquiring a portfolio of 17 retail assets across France for EUR76.8 million.
The acquisition consideration is a discount of approximately 1.7% to the average of two independent valuations.
The assets have a total gross lettable area of 61,756 square metres and an overall occupancy rate of 100%.
Of the 17 assets, 13 are freehold properties while the remaining 4 are leasehold properties.
All assets are fully leased to B&M France SAS.
Upon completion, IREIT’s enlarged portfolio in France will comprise 44 retail properties.
The REIT will fund the acquisition consideration with proceeds from a non-renounceable underwritten preferential offering, external bank borrowings, and borrowings from Tikehau Capital.
IREIT Global was last done on the Singapore Exchange at SGD0.485 before the trading halt on 1 June, which presently implies a distribution yield of 7.84% according to data on the Singapore REITs table.