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IREIT Global acquires 17 French retail properties for $112.2 mil

/ EdgeProp Singapore |

June 1, 2023 11:38 AM SGT

B&M at Saint-Cyr-sur-Loire, France. The 17 retail properties are fully leased to B&M France SAS, a wholly-owned subsidiary of discount retailer B&M European Value Retail. (Picture: IREIT Global)

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SINGAPORE (EDGEPROP) - Europe-focused IREIT Global has entered into a call option agreement to acquire a portfolio of 17 French retail properties at an aggregate purchase consideration of EUR76.8 million ($112.2 million). According to a press release by the REIT, this is a 1.7% discount from two independent valuations of the portfolio, which valued the properties at about EUR78.1 million.

The 17 retail properties are fully leased to B&M France SAS, a wholly-owned subsidiary of discount retailer B&M European Value Retail. The properties have a gross lettable area of 664,500 sq ft and an overall occupancy rate of 100%, along with a weighted average lease expiry by gross rental income of about 6.8 years as of March 31, 2023.

According to IREIT Global, the portfolio is expected to generate a net property income yield of 7.9%. Louis d’Estienne d’Orves, CEO of the IREIT Global Group and the manager of the REIT, says in this macroeconomic environment marked by high inflation, "the proposed acquisition is in line with our strategy of strengthening our exposure to index-linked assets in established European markets, supported by a strong blue-chip tenant”.

After the acquisition, IREIT will have a total portfolio of 44 retail properties.

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