Extraordinary General Meeting

27 July 2023

Joint Sponsors of IREIT Global:

Important Notice

This presentation should be read in conjunction with the circular released by IREIT Global ("IREIT") on 12 July 2023 (the "Circular"). Terms not otherwise defined in this presentation shall have the meanings given in the Circular.

This presentation is for information only and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for units in IREIT ("Units"). This presentation 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 other developments or companies, shifts in expected levels of occupancy rate, property rental income, charge out collections, changes in operating expenses (including employee wages, benefits and training costs), property expenses, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on IREIT Global Group Pte. Ltd.'s (in its capacity as the manager of IREIT, the "Manager") current view on future events. The past performance of IREIT is not indicative of the future performance of IREIT. Similarly, the past performance of the Manager is not indicative of the future performance of the Manager. The value of units in IREIT and the income derived from them may fall as well as rise. Units are not obligations of, deposits in, or guaranteed by the Manager, DBS Trustee Limited (as trustee of IREIT) or any of the irrespective affiliates. An investment in Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that they will have no right to request the Manager to redeem or purchase their Units for so long as the Units are listed on the Singapore Exchange Securities Trading Limited (the "SGX-ST"). It is intended that unitholders of IREIT 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 in Singapore or any other jurisdiction. Any discrepancies between the figures in the tables and charts and the listed amounts and total thereof are due to rounding.

The securities of IREIT have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state or jurisdiction of the United States of America ("United States"), and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable state securities laws. The Manager does not intend to conduct a public offering of any securities of IREIT in the United States.

2

Agenda

Transaction Overview

4

Rationale for and Benefits of the Acquisition

9

Funding Structure and Financial Impact

24

Conclusion

28

3

Transaction Overview

Blois

Transaction Overview

Proposed Acquisition of a Portfolio of 17 Retail Properties in France

  • FIT 2 SAS, a wholly-owned subsidiary of IREIT, has on 31 May 2023, entered into a call option agreement ("Call Option Agreement") with DKR Participations, a French société par actions simplifiée ("SAS") managed by Tikehau Investment Management, for the acquisition of 17 retail properties (the "New Properties") located across France (the "Acquisition")
  • The New Properties are fully let to B&M France SAS ("B&M France"), a wholly-owned subsidiary of B&M European Value Retail (and together with its subsidiaries, the "B&M Group") with a WALE of c.6.8 years (1) and WALB of c.4.6 years (1).
  • B&M Group is a leading discount retailer in Europe listed on the London Stock Exchange since 2014. It is currently a constituent of the FTSE100 index with a market capitalisation of c.£4.7 b (2)
  • The aggregate purchase consideration for the Acquisition (the "Purchase Consideration") is €76.8 m (c. S$112.2 m) (3), c.1.7% below the average of the two independent valuations (4) of the New Properties at €78.1 m (c. S$114.1 m) (3)
  • Initial Net Property Income ("NPI") Yield of the New Properties is c.7.9% (5)
  • Acquisition is DPU accretive of c.0.6% on a pro forma adjusted FY2022 basis (6)
  • Each of Tikehau Capital, City Strategic Equity Pte. Ltd. ("CSEPL") (a wholly-owned subsidiary of City Developments Limited ("CDL")) and the Manager (acting in its own capacity), has provided an undertaking to subscribe in full each of their pro-rata allotment in the Preferential Offering. CSEPL has further undertaken to apply and subscribe for excess units in the Preferential Offering such that the total subscriptions of CSEPL would amount to a maximum of approximately S$40 million of Preferential Offering Units (7)

Brive-la-Gaillarde

Epinal

Martigues

  1. Based on GRI as of 31 March 2023
  2. As at 30 May 2023. Source: Bloomberg
  3. Based on the exchange rate of €1.00 = S$1.46
  4. The independent valuers, Savills Valuation SAS ("Savills") and BNP Paribas Real Estate Valuation France ("BNPP") were commissioned by DBS Trustee Limited (as trustee of IREIT) and the Manager respectively. Valuation is as at 31 May 2023
  5. Based on the annualised NPI as at 31 May 2023 of the New Properties over the Purchase Consideration

(6)

Refer to Page 26 for details on Illustrative Pro Forma Financial Impact

5

(7)

Refer to Page 25 for details on the Method of Financing

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IREIT Global published this content on 27 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 07:48:09 UTC.