IREIT Global : Annual Report 2021

CONTENTS

• 03 IREIT Global, Tikehau Capital and City Developments Limited

• 06 Chairman and CEO Letter to Unitholders

• 14 Board of Directors

• 17 Management Team

• 20 Financial Review and Capital Management

• 24 Independent Market Review

• 54 Investor Relations

• 58 Portfolio Summary

• 64 Portfolio Overview

• 84 Four Pillars of Growth Strategy

• 85 Trust Structure

• 86 Risk Management

• 92 Sustainability Report

• 109 Corporate Governance Report

• 129 Financial Statements

• 180 Other Information

• 182 Statistics of Unitholdings

• 184 Notice of Annual General Meeting

DELIVERING LONG-TERM VALUE

Against the uncertain economic backdrop caused by the COVID-19 pandemic, IREIT Global ("IREIT") has celebrated another year of achievements with the successful execution of its investment strategy. From the acquisitions of the Decathlon retail portfolio in France and an additional office building in Spain, the successful equity fund raising to fund the acquisitions, to the strong leasing activity accomplished within the portfolio, IREIT has effectively enhanced the long-term cash flows and resilience of its assets.

In view of the adoption of flexible working arrangement by companies and evolving demand for office space, IREIT will continue to pursue investment and capital recycling opportunities to further diversify its asset class exposure and income streams. IREIT will also continue to capitalise on the collective strengths of its joint sponsors and explore various funding options to broaden its financing sources and flexibility going forward, thereby delivering long-term value to the unitholders of IREIT.

KEY OBJECTIVES

The Manager's key financial objectives are to provide unitholders of IREIT ("Unitholders") with regular and stable distributions, and the potential for sustainable long-term growth in distribution per Unit ("DPU") and net asset value ("NAV") per Unit, while maintaining an appropriate capital structure for IREIT.

JOINT SPONSORS OF IREIT

IREIT is a unique pure play into the European commercial real estate market that benefits from the collective expertise, strong brand name and extensive local network of its two sponsors, Tikehau Capital and City Developments Limited ("CDL"), both of which are highly regarded in their respective markets in Europe and Asia. Sharing the same vision and long-term commitment to build on IREIT's capabilities, scale and diversification, Tikehau Capital and CDL will continue to collaborate actively and tap on each other's complementary strengths to enhance IREIT's visibility and geographical footprint, while staying aligned with the best interests of minority Unitholders.

ABOUT

IREIT GLOBAL

IREIT is the first Singapore-listed real estate investment trust ("REIT") established with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.

IREIT's current portfolio comprises five freehold office properties in Germany, five freehold office properties in Spain and 27 freehold retail properties in France.

IREIT is managed by IREIT Global Group Pte. Ltd. (the "Manager"), which is jointly owned by Tikehau Capital and CDL.

Tikehau Capital is global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

ABOUT

TIKEHAU CAPITAL

Tikehau Capital is a global alternative asset management group with €34.3 billion of assets under management as at 31 December 2021. Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.0 billion of shareholders' equity as at 31 December 2021), the firm invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 683 employees across its 12 offices in Europe, Asia and North America.

ABOUT

CITY DEVELOPMENTS LIMITED

CDL is a leading global real estate company with a network spanning 104 locations in 29 countries and regions. Listed on the Singapore Exchange, CDL is one of the largest companies by market capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, shopping malls and integrated developments. With a proven track record of over 55 years in real estate development, investment and management, CDL has developed over 48,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. Its diversified global landbank offers 3.3 million square feet of land area. Along with its wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited, CDL has over 130 hotels and over 40,000 rooms worldwide, many in key gateway cities.