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 44 retail properties in France, with a total lettable area of c.446,038 sqm. As at 31 December 2023, the portfolio has an occupancy rate of 90.4% and a valuation of €899.0 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.

STOCK INFORMATION

Ticker

SGX: UD1U and 8U7U Bloomberg: IREIT SP Reuters: IREI.SI

Listing Date

Total Units in Issue

13 August 2014 1,344,837,568

Market Capitalisation

S$544.7 million

Financial Year End

31 December

Distribution Frequency

Semi-annual

FY2023 DPU / Yield

1.87 € cents / 6.7% (1)

Manager of IREIT

IREIT Global Group Pte. Ltd.

Trustee of IREIT

DBS Trustee Limited

PORTFOLIO SUMMARY

Germany

Spain

Properties

5

Properties

5

Lettable Area (sqm)

201,103

Lettable Area (sqm)

87,679

Valuation (€ m) (2)

539.5

Valuation (€ m) (2)

156.5

% of Portfolio

60.0%

% of Portfolio

17.4%

Occupancy (%)

87.7%

Occupancy (%)

79.7%

WALE (years) (3)

3.4

WALE (years) (3)

5.1

France

Properties

44

Lettable Area (sqm)

157,256

Valuation (2) (€ m)

203.0

% of Portfolio

22.6%

Occupancy

100%

WALE (years) (3)

7.6

  • (1) Based on FY2023 DPU of 1.87 € cents, exchange rate of S$1.4590 per €, and closing unit price of S$0.405 as at 29 December 2023

  • (2) Based on fair valuation as at 31 December 2023 (including sale consideration of Il∙lumina, which was subsequently divested on 31 January 2024)

  • (3) Based on the gross rental income as at 31 December 2023

PORTFOLIO COMPOSITION AND LEASES

Blue-Chip Tenant Mix

Stable Leases

Key Tenants (1)

Lease Break & Expiry Profile

Weighted Average Lease Expiry: 4.9 years (1)

29.1% 26.8% 16.7%

To reposition Berlin Campus if the main tenant vacates in Dec 2024 upon lease expiry

54.0%

32.3%Deutsche Rentenversicherung Bund

Decathlon

GMG - Deutsche TelekomB&M

2024

2025

2026

2027

2028

2029 and beyond

DXC Technology

Allianz Handwerker Services GmbH

Based on lease breakBased on lease expiry

Others

FINANCIAL HIGHLIGHTS

Net Property Income €'000

Income To Be Distributed €'000

Distribution Per Unit € Cents

+2.3% YoY

-19.2% YoY

48,797

49,896

-19.0% YoY (2)

3.03

2.93

30,947 31,182

42,482

24,691

25,190

30,662

32,894

22,738

2.31

1.87

FY2019 FY2020 FY2021 FY2022 FY2023

FY2019 FY2020 FY2021 FY2022 FY2023

FY2019 FY2020 FY2021 FY2022 FY2023

CAPITAL MANAGEMENT

Debt Maturity Profile € 'million

31 Dec 2023

31 Dec 2022

German Portfolio €200.8m

Il∙lumina (repaid in Jan 2024) €14.9m

Jan 2024

Jan 2026

Interest Coverage Ratio (3)

7.0x

7.9x

Dec 2026

Jul 2027

Sep 2028

  • (1) Based on gross rental income as at 31 December 2023.

  • (2) FY2023 DPU of 1.87 € cents were computed based on income to be distributed to Unitholders over the total issued Units of 1,344,837,568. FY2022 DPU of 2.31 € cents was restated to reflect the effects of the Preferential Offering of 186,098,518 Units issued on 19 July 2023 and acquisition fees paid in Units issued on 27 September 2023.

  • (3) Aggregate leverage and interest coverage ratio are calculated based on the respective definitions under MAS' Code on Collective Investment Schemes, Property Funds Appendix 6. Aggregate leverage is computed based on total borrowings (excluding lease liabilities arising from land rent) divided by total assets (excluding right of use assets).

  • (4) Effective interest rate computed over the tenor of the borrowings including amortisation of upfront transaction costs. 96.5% 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

Telephone: +65 6718 0593 Email:ir@ireitglobal.com

Website:https://www.ireitglobal.com/LinkedIn:https://www.linkedin.com/company/ireitglobal

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Disclaimer

IREIT Global published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 March 2024 01:10:01 UTC.