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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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.