City Developments buys 50% stake in IREIT Global Group for $18.4m

The firm also bought 12.4% of the REIT’s total issued units for $59.4m.

City Developments Limited (CDL), through its wholly-owned subsidiaries City REIT Management Pte and City Strategic Equity, has completed the acquisition of a 50% stake in IREIT Global Group for about $18.4m.

CDL also purchased 78.6 million units or about 12.4% of the total issued units in IREIT Global for $59.4m. The total consideration is about $77.8m.

IREIT Global’s current portfolio, which comprises five freehold office properties in Germany’s cities of Berlin, Bonn, Darmstadt, Munich and Münster, is valued at about $800m (€504.9m). Annualised yield is about 8.0%.

“This investment in a REIT is in line with our aim to achieve AUM of US$5b by 2023,” said Frank Khoo, CDL’s group chief investment officer.

“This deal will also enhance CDL’s diversification by increasing our presence in established European economies such as Germany, which has continued to develop physical and digital infrastructure to draw in talent and capital.”

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia