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 31 December 2022, the portfolio has an occupancy rate of 88.3% and a valuation of €950.5 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 31 DECEMBER 2022
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$583.7 million |
Financial Year End | 31 December |
Distribution | Semi-annual |
Frequency | |
Annualised FY2022 | 2.69 € cents / 7.6% (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
€ | €950.5m | |||||||||||||
Valuation | 5 | |||||||||||||
€974.9m as at 31 December 2021 | ||||||||||||||
88.3% | Germany | |||||||||||||
27 | ||||||||||||||
Occupancy Rate | ||||||||||||||
95.7% as at 31 December 2021 | France | |||||||||||||
5 | ||||||||||||||
5.0 years | ||||||||||||||
Spain | ||||||||||||||
WALE | ||||||||||||||
3.8 years as at 31 December 2021 | ||||||||||||||
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) | 659.7 | Valuation (€ m) (2) | 164.3 | Valuation (2) (€ m) | 126.5 | |||||||||
% of Portfolio | 69.4% | % of Portfolio | 17.3% | % of Portfolio | 13.3% | |||||||||
Occupancy (%) | 84.1% | Occupancy (%) | 85.2% | Occupancy | 100% | |||||||||
WALE (years) (3) | 3.7 | WALE (years) (3) | 5.4 | WALE (years) (3) | 8.6 | |||||||||
- Based on FY2022 DPU of 2.69 € cents, exchange rate of S$1.4331 per €, and closing unit price of S$0.505 as at 30 December 2022
- Based on the latest fair valuations
- Based on the gross rental income as at 31 December 2022
Joint Sponsors of IREIT Global:
FACTSHEET AS AT 31 DECEMBER 2022
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)
31.8%
24.0%
Continued reduction from 31.8% as at 31 Dec 2021
Approximately 50% | 49.6% | |
of leases will expire | ||
in 2028 and beyond | ||
31.2% | 30.0% | |
23.2% | 24.4% |
3.1% | 20.2% |
4.9% | |
16.0% | |
Deutsche Rentenversicherung Bund | GMG - Deutsche Telekom |
Decathlon | DXC Technology |
Allianz Handwerker Services GmbH | Others |
11.0% | 6.2% | 12.3% | |||||||
4.0% | |||||||||
2.1% | 2.4% | 3.6% | |||||||
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 |
+18.2% YoY | +0.8% YoY | -8.2% YoY (2) | |||||||||
48,797 | 3.57 | ||||||||||
34,386 | 34,647 | ||||||||||
42,482 | 2.93 | ||||||||||
2.64 | 2.69 | ||||||||||
27,434 | |||||||||||
32,894 | 25,264 | ||||||||||
30,662 | |||||||||||
FY2019 | FY2020 | FY2021 | FY2022 | FY2019 | FY2020 | FY2021 | FY2022 | FY2019 | FY2020 | FY2021 | FY2022 |
CAPITAL MANAGEMENT
Debt Maturity Profile | 31 Dec 2022 | 31 Dec 2021 | ||||||||||||
€ 'million | 281.3 | |||||||||||||
Gross Borrowings | 332.7 | 332.7 | ||||||||||||
Outstanding (€'million) | ||||||||||||||
Aggregate Leverage (3) | 32.0% | 32.1% | ||||||||||||
Effective Interest Rate (4) | 1.8% | 1.8% | ||||||||||||
51.4 | Interest Coverage Ratio (3) | 7.9x | 7.7x | |||||||||||
Weighted Average Debt | 3.5 years | 4.5 years | ||||||||||||
Maturity | ||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||
- Based on gross rental income as at 31 December 2022.
- IREIT issued 11,372,868 new Units pursuant to an equity placement offering on 30 Jun 2021 and 201,137,870 new Units pursuant to an equity preferential offering on 21 Jul 2021.
- 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. Substantially all 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:http://www.ireitglobal.com |
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IREIT Global published this content on 27 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2023 08:28:05 UTC.
