IREIT GLOBAL IREIT Global ("IREIT") is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income- producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets.
IREIT's portfolio comprises 5 freehold office properties in Germany, 5 freehold office properties in Spain and 27 freehold retail properties in France, with a total lettable area of c.384,000 sqm. As at 30 June 2023, the portfolio has an occupancy rate of 88.7% and a valuation of €922.7 million.
IREIT is managed by IREIT Global Group Pte. Ltd., 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.
FACTSHEET AS AT 30 JUNE 2023
STOCK INFORMATION
SGX: UD1U and 8U7U | |
Ticker | Bloomberg: IREIT SP |
Reuters: IREI.SI | |
Listing Date | 13 August 2014 |
Total Units in Issue | 1,155,891,421 |
Market Capitalisation | S$508.6 million |
Financial Year End | 31 December |
Distribution | Semi-annual |
Frequency | |
Annualised 1H2023 | 0.93 € cents / 6.2% (1) |
DPU / Yield | |
Manager of IREIT | IREIT Global Group Pte. Ltd. |
Trustee of IREIT | DBS Trustee Limited |
PORTFOLIO SUMMARY
37
Properties
384,282 sqm
Lettable Area
€ | €922.7m | |||||||||||||
Valuation | 5 | |||||||||||||
€950.5m as at 31 December 2022 | ||||||||||||||
88.7% | Germany | |||||||||||||
27 | ||||||||||||||
Occupancy Rate | ||||||||||||||
88.3% as at 31 December 2022 | France | |||||||||||||
5 | ||||||||||||||
5.0 years | ||||||||||||||
Spain | ||||||||||||||
WALE | ||||||||||||||
5.0 years as at 31 December 2022 | ||||||||||||||
Germany | Spain | France | ||||||||||||
Properties | 5 | Properties | 5 | Properties | 27 | |||||||||
Lettable Area (sqm) | 201,103 | Lettable Area (sqm) | 87,679 | Lettable Area (sqm) | 95,500 | |||||||||
Valuation (€ m) (2) | 638.6 | Valuation (€ m) (2) | 161.1 | Valuation (2) (€ m) | 123.0 | |||||||||
% of Portfolio | 69.2% | % of Portfolio | 17.5% | % of Portfolio | 13.3% | |||||||||
Occupancy (%) | 87.7% | Occupancy (%) | 78.7% | Occupancy | 100% | |||||||||
WALE (years) (3) | 3.9 | WALE (years) (3) | 5.5 | WALE (years) (3) | 8.1 | |||||||||
- Based on 1H2023 DPU of 0.93 € cents, exchange rate of S$1.4739 per €, and closing unit price of S$0.44 as at 30 June 2023
- Based on the latest fair valuations
- Based on the gross rental income as at 30 June 2023
Joint Sponsors of IREIT Global:
FACTSHEET AS AT 30 JUNE 2023
PORTFOLIO COMPOSITION AND LEASES
Blue-Chip Tenant Mix | Stable Leases |
Key Tenants (1)
Lease Break & Expiry Profile
Weighted Average Lease Expiry: 5.0 years (1)
32.6%
3.2%
5.0%
16.5%
23.6% Further diversification to tenant mix post B&M Portfolio Acquisition
19.1%
Over 50% of leases will | 49.7% | |||||
expire in 2028 and | ||||||
beyond post B&M | ||||||
33.7% | Portfolio Acquisition | |||||
31.1% | ||||||
24.0% | 23.7% | |||||
11.3% | 6.4% | 12.7% | ||||
0.8% | 0.4% | 2.4% | 3.7% | |||
Deutsche Rentenversicherung Bund | GMG - Deutsche Telekom |
Decathlon | DXC Technology |
Allianz Handwerker Services GmbH | Others |
2023 | 2024 | 2025 | 2026 | 2027 | 2028 and | ||
Beyond | |||||||
Based on lease break | Based on lease expiry | ||||||
FINANCIAL HIGHLIGHTS
Net Property Income | Distributable Income | Distribution Per Unit |
€'000 | €'000 | € Cents |
48,797 | 34,386 | 34,647 | 2.64 | 2.93 | 2.69 | |||||||||
42,482 | -10.1% YoY | -24.3% YoY | ||||||||||||
32,894 | 27,434 | -23.8% YoY (2) | ||||||||||||
24,435 | 21,965 | 18,233 | 1.22 | |||||||||||
13,799 | ||||||||||||||
0.93 | ||||||||||||||
FY2020 | FY2021 | FY2022 | 1H2022 | 1H2023 | FY2020 | FY2021 | FY2022 | 1H2022 | 1H2023 | FY2020 | FY2021 | FY2022 | 1H2022 | 1H2023 |
CAPITAL MANAGEMENT
Debt Maturity Profile | 30 Jun 2023 | 31 Dec 2022 | ||||||||||||
€ 'million | ||||||||||||||
Gross Borrowings | 335.0 | 332.7 | ||||||||||||
German | ||||||||||||||
Outstanding (€'million) | ||||||||||||||
Portfolio | ||||||||||||||
€200.8m | ||||||||||||||
Aggregate Leverage (3) | 33.1% | 32.0% | ||||||||||||
Spanish | ||||||||||||||
Effective Interest Rate (4) | 1.9% | 1.8% | ||||||||||||
Portfolio | French | |||||||||||||
€82.9m | ||||||||||||||
Portfolio | Interest Coverage Ratio (3) | 7.1x | 7.9x | |||||||||||
€51.4m | ||||||||||||||
Weighted Average Debt | 3.0 years | 3.5 years | ||||||||||||
Maturity | ||||||||||||||
2023 | 2024 | 2025 Jan 2026 Dec 2026 | Jul 2027 | |||||||||||
- Based on gross rental income as at 30 June 2023.
- 1H2023 DPU of 0.93 € cents payable to Unitholders on 31 August 2023, was computed based on income to be distributed to Unitholders for 1H2023 over the total issued Units of 1,341,989,939, which was an aggregate of 1,155,891,421 Units issued as at 30 June 2023 and new Units of 186,098,518 in relation to the Preferential Offering announced on 19 June 2023. The Preferential Offering Units were issued and listed on 19 July 2023. 1H2022 DPU of 1.22 € cents were restated to reflect the effects of the new Preferential Offering Units.
- Aggregate leverage and interest coverage ratio are calculated based on the respective definitions under MAS' Code on Collective Investment Schemes, Property Funds Appendix 6.
- Effective interest rate computed over the tenor of the borrowings including amortisation of upfront transaction costs. 96.2% of the bank borrowings have been hedged with interest rate swaps and interest rate caps.
IREIT GLOBAL GROUP PTE. LTD.
1 Wallich Street #15-03 Guoco Tower Singapore 078881 | |||
T: +65 6718 0593 | F: +65 6718 0599 | Investor Relations Enquiries: ir@ireitglobal.com | Website:https://www.ireitglobal.com/ |
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IREIT Global published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 06:22:58 UTC.
