IREIT Global : Records Robust Performance For FY2021 Results

IREIT Global Group Pte. Ltd.

(as Manager of IREIT Global)

1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 www.ireitglobal.com

Media Release

IREIT records robust performance for FY2021 results

• FY2021 distributable income rose by 25.3% year-on-year on the back of acquisitions
• Net asset value rose by 14.9% year-on-year to €0.54 per Unit, while aggregate leverage improved to 32.1% as at 31 December 2021 from 34.8% a year ago
• Weighted average lease expiry also improved to 3.8 years from 3.5 years a year ago as a result of Manager's strong leasing efforts and all tenants continued to pay their rents
• Manager to pursue investment and capital recycling opportunities to further diversify
  IREIT's asset class exposure and strengthen its income streams

SINGAPORE | 25 FEBRUARY 2022

For immediate release

IREIT Global ("IREIT"), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd. (the "Manager"), is pleased to report a resilient set of results for the second half year and financial year ended 31 December 2021 ("2H2021" and "FY2021" respectively).

Net property income for 2H2021 rose by 34.4% year-on-year to €23.2 million, while income available for distribution rose by 32.9% to €19.2 million over the same period. The increase was mainly due to the consolidation of the operating results of the initial Spanish portfolio, as well as acquisition of the French portfolio and Parc Cugat. This in turn contributed to a 7.9% increase in the distribution per unit ("DPU") to 1.50 € cents for 2H2021. (1)

For FY2021, net property income came in 29.1% higher year-on-year at €42.5 million and income available for distribution was 25.3% higher at €34.4 million. DPU for the full year stood at 2.93 € cents, representing a 11.0% increase compared to the previous year. (1)

1. On 30 June 2021 and 21 July 2021, IREIT issued 11,372,868 new Units at the issue price of S$0.6155 per Unit (the "Placement Units) and 201,137,870 new Units at the issue price of S$0.595 per Unit (the "Preferential Offer Units") respectively. On 23 October 2020, IREIT issued 291,405,597 new Units (the "Rights Units") pursuant to a renounceable rights issue. For the purpose of comparison, FY2020 DPU has been restated to reflect the effects of the Rights Units.

Joint Sponsors of IREIT Global:

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IREIT Global Group Pte. Ltd.

(as Manager of IREIT Global)

1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 www.ireitglobal.com

Media Release

During the year, IREIT's portfolio performance continued to show improvement, supported by its blue-chip tenant mix, diversified asset base and recovery in the European real estate market. As at 31 December 2021, its portfolio value improved to €974.9 million from €719.6 million a year ago, driven by the acquisition of the French portfolio and Parc Cugat, as well as the higher independent valuation of the investment properties. As a result, IREIT's aggregate leverage improved to 32.1% from 34.8% over the same period, while net asset value rose by 14.9% year-on-year to €0.54 per Unit. Based on the closing unit price of S$0.65 as at 31 December 2021, IREIT is trading at an attractive 21.6% discount to its NAV. (2)

Mr Louis d'Estienne d'Orves, Chief Executive Officer of the Manager, said, "IREIT's portfolio has remained robust throughout FY2021, allowing us to achieve our main objective of delivering a stable and predictable income to our Unitholders. One key success factor that has enabled us to deliver the positive performance is our strong leasing efforts with extensive knowledge of the local real estate markets and occupiers."

As at 31 December 2021, IREIT's portfolio occupancy rate was stable at 95.7% compared to 95.8% registered in the prior year, while the weighted average lease expiry improved to 3.8 years from 3.5 years a year ago. In addition, all tenants in IREIT's portfolio continued to pay their rents in FY2021 and no rental rebates or deferrals were requested.

In 2022, the Manager will continue to focus its efforts on asset management to maintain IREIT's portfolio occupancy rate and optimise the long-term attractiveness of the assets through its sustainability initiatives. During the year, the Manager performed environmental audits on selected properties within IREIT's portfolio to pursue green building certifications. In November 2021, the Manager successfully secured a new lease with a German federal government body to take up all five floors of office space to be vacated by the existing key tenant, GMG Generalmietgesellschaft mbH, at Münster Campus when its lease expires in March 2022. This five-year lease secured with the new tenant at competitive rental rates is a reflection of IREIT's good quality assets in well-connected locations and will strengthen IREIT's lease profile and income certainty.

In view of the adoption of flexible working arrangement by companies and evolving demand for office space, the Manager will also continue to pursue investment and capital recycling opportunities to further diversify IREIT's asset class exposure and strengthen its income streams. At the same time, the Manager is exploring various funding options to broaden IREIT's financing sources and flexibility.

1. Based on S$1.5295 per € as at 31 Dec 2021 extracted from MAS website

Joint Sponsors of IREIT Global:

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IREIT Global Group Pte. Ltd.

(as Manager of IREIT Global)

1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 www.ireitglobal.com

Media Release

		Half Year Ended 30 December	Financial Year Ended 30 December
		2H2021	2H2020		Variance	FY2021	FY2020	Variance
		Actual	Actual		(%)		Actual	Actual	(%)
Gross revenue (€ '000)	28,521	19,856		43.6		52,167	37,821		37.9
Net property income (€ '000)	23,155	17,229		34.4		42,482	32,894		29.1
Income available for	19,237	14,478		32.9		34,386	27,434		25.3
distribution (€ '000)
Income to be distributed to	17,313	13,031		32.9		30,947	24,691		25.3
Unitholders (€ '000)
Distribution per Unit		2H2021	2H2020	Variance (%)		FY2021	FY2020		Variance (%)
- € cents	1.50 (3)	1.39 (4)	7.9		2.93 (3)	2.64 (4)		11.0

1. On 30 June 2021 and 21 July 2021, IREIT issued 11,372,868 Placement Units and 201,137,870 Preferential Offer Units respectively. The Placement Units and Preferential Offer Units are entitled to the distribution for the financial period from 30 June 2021 to 31 December 2021.
2. On 23 October 2020, IREIT issued 291,405,597 Rights Units. For the purpose of comparison, FY2020 DPU has been restated to reflect the effects of the Rights Units.

ABOUT IREIT GLOBAL

www.ireitglobal.com | SGX Main Board Listing

IREIT Global (SGX-UD1U) which was listed on 13 August 2014, 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 Global's current portfolio comprises five freehold office properties in Germany, five freehold office properties in Spain and 27 freehold retail properties in France.

IREIT Global 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 global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore.

Joint Sponsors of IREIT Global:

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IREIT Global Group Pte. Ltd.

(as Manager of IREIT Global)

1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 www.ireitglobal.com

Media Release

ABOUT TIKEHAU CAPITAL

www.tikehaucapital.com | Paris Euronext, Compartment A Listing

Tikehau Capital is a global alternative asset management group with €34.3 billion of assets under management as at 31 December 2021. 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 companies and executives.

Deeply rooted in 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 (€2.9 billion of shareholders' equity as at 30 June 2021), 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 683 employees across its 12 offices in Europe, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP).

ABOUT CITY DEVELOPMENTS LIMITED

www.cdl.com.sg | SGX Main Board Listing

City Developments Limited is a leading global real estate company with a network spanning around 110 locations in 29 countries and regions. Building on its proven track record of over 55 years in real estate development, investment and management in Singapore, CDL has developed its growth platforms in its key international markets of China, United Kingdom, Japan and Australia and is also developing a fund management business. Along with its London-based hotel arm, Millennium & Copthorne Hotels Limited ("M&C"), the CDL Group has 152 hotels and 44,000 rooms worldwide, many in key gateway cities.

Joint Sponsors of IREIT Global:

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IREIT Global Group Pte. Ltd.

(as Manager of IREIT Global)

1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 www.ireitglobal.com

Media Release

FOR FURTHER ENQUIRIES

Head of Investor Relations and Capital Markets

Mr Kevin Tan

1. 6718 0593 [e-mail]

IMPORTANT NOTICE

This news release is not for distribution, directly or indirectly, in or into the United States and is not an offer of securities for sale in the United States or any other jurisdictions.

This news release is for information purposes only and does not constitute an invitation or offer to sell or issue, or any solicitation of any offer to acquire any securities of IREIT in Singapore or any other jurisdiction nor should it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

The value of the Units and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by, the Manager or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. The past performance of IREIT is not necessarily indicative of the future performance of IREIT.

Investors have no right to request the Manager to redeem their Units while the Units are listed. It is intended that Unitholders may only deal in their Units through trading on the SGX-ST. Listing of the Units on the SGX-ST does not guarantee a liquid market for the Units.

This news release may contain forward-looking statements that involve assumptions, risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from similar developments, shifts in expected levels of property rental income and occupancy, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy

Joint Sponsors of IREIT Global:

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