It’s the first Europe-based portfolio.
IREIT Global, Singapore’s first pure-play REIT with freehold office assets in Germany has registered its final prospectus in the SGX Mainboard late yesterday.
In a release, financial consultancy group Citigate reveals that the IPO is projected to yield 8.0% for year 2015 and the initial portfolio of four freehold properties in Germany are valued at approximately $478.3 million.
Strategically located in the key German cities of Bonn, Darmstadt, Münster and Munich, the area is measured to be 121,506 sq m with 2,945 car park spaces.
Here’s more from Citigate:
Mr. Itzhak Sella, Founder and Chief Executive Officer (“CEO”) of the Manager, said: “We are deeply enthused by the strong response from investors to our IPO, which is a reflection of the market’s interest and confidence in our Europe-centric asset office investment strategy. IREIT will give the investing community a unique opportunity to participate in the growth and strength of Germany’s economy, the largest economy in the Eurozone.”
Ms. Adina Cooper, Chief Investment Officer (“CIO”) and Asset Manager of the Manager, said: “With an initial portfolio comprising well-connected and quality freehold office properties in 4 key German cities with a strong tenant base and long WALE, we believe that IREIT offers an attractive investment opportunity with strong organic growth opportunities from potential rental uplifts via German CPI-linked rental adjustments."
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