IREIT Global : Annual Report 2022

B U I L D I N G A S U S T A I N A B L E F U T U R E

A N N U A L R E P O R T 2 0 2 2

17		102	Risk Management
20		108	Sustainability Report
		127	Corporate Governance Report
23		152	Financial Statements
54	Investor	200	Other Information
58	Portfolio	201	Statistics of Unitholdings
62	Portfolio Overview	203	Notice of Annual General Meeting

B U I L D I N G A

S U S TA I N A B L E F U T U R E

At IREIT Global ("IREIT"), our focus remains on building a sustainable future for our Unitholders. While new challenges such as rising interest rates and persistently high inflation have hampered the real estate leasing activity in Europe, we have managed to improve the weighted average lease expiry of IREIT's portfolio with the major lease extension at Bonn Campus and new long-term lease at Sant Cugat Green.

Our prudent approach of substantially hedging our existing bank borrowings over the tenor of the loans and maintaining a low gearing ratio have also helped IREIT to limit the impact from higher costs of financing. In view of the ongoing transformation of working arrangements at offices, we will continue to actively engage our existing tenants to retain them, focus on filling up the vacant spaces, as well as pursue investment opportunities to further diversify IREIT's asset class exposure and income streams. With sustainability being a core component of IREIT's strategy, we are also working to improve the energy efficiency and marketability of IREIT's portfolio properties through green certifications, thereby creating a more resilient and future-ready portfolio that can stand the test of time.

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.

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 City Developments Limited ("CDL").
• Tikehau Capital is a global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

JOINT SPONSORS OF IREIT

IREIT is a unique pure play into the European commercial real estate market from the collective expertise, strong brand name and extensive local sponsors, Tikehau Capital and CDL, both of which are highly regarded markets in Europe and Asia. Sharing the same vision and long-

on IREIT's capabilities, scale and diversification, Tikehau collaborate actively and tap on each other's

visibility and geographical footprint, while staying unitholders.

ABOUT

TIKEHAU

CAPITAL

Tikehau Capital is a global alternative asset management group with €38.8 billion of assets under management as at 31 December 2022. 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 companiesandexecutives.Deeplyrootedin 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 (€3.1 billion of shareholders' equity as at 31 December 2022), 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 742 employees across its 14 offices in Europe, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market.

ABOUT

CITY DEVELOPMENTS LIMITED

CDL is a leading global real estate company with a network spanning 143 locations in 28 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, student accommodation, retail malls and integrated developments. With a proven track record of 60 years in real estate development, investment and management, the Group has developed over 50,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. Along with its wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited, CDL has over 150 hotels worldwide, many in key gateway cities.

IREIT GLOBAL ANNUAL REPORT 2022 3