IREIT Global enters call option deal to acquire 17 retail properties in France
The acquisition is about €76.8m ($112.2m).
Europe-focused real estate investment trust, IREIT Global, said the latest acquisition price has over 1.7% discount to the average of two independent valuations €78.1m ($114.1m) of the new properties.
The new properties have a total gross lettable area of 61,756 square metres and an overall occupancy rate of 100%, along with a weighted average lease expiry by gross rental income of approximately 6.8 years as at 31 March 2023. Out of the new properties, 13 are freehold properties and four are leasehold properties.
The new properties are fully leased to B&M France SAS, (B&M France) a wholly-owned subsidiary of B&M European Value Retail. LSE-listed B&M Group is a leading European discount retailer.
The new properties are expected to generate a Net Property Income yield of 7.9%.The acquisition is DPU accretive of 2.0% on a pro forma adjusted FY2022 basis.