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 March 2023, the portfolio has an occupancy rate of 87.0% 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 MARCH 2023
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$572.2 million |
Financial Year End | 31 December |
Distribution | Semi-annual |
Frequency | |
Annualised FY2022 | 2.69 € cents / 7.9% (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 | |||||||||||||
€950.5m as at 31 December 2022 | ||||||||||||||
87.0% | Germany | |||||||||||||
27 | ||||||||||||||
Occupancy Rate | ||||||||||||||
88.3% as at 31 December 2022 | France | |||||||||||||
5 | ||||||||||||||
4.8 years | ||||||||||||||
Spain | ||||||||||||||
WALE | ||||||||||||||
5.0 years as at 31 December 2022 | ||||||||||||||
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 (%) | 79.5% | Occupancy | 100% | |||||||||
WALE (years) (3) | 3.5 | WALE (years) (3) | 5.5 | WALE (years) (3) | 8.3 | |||||||||
- Based on FY2022 DPU of 2.69 € cents, exchange rate of S$1.4473 per €, and closing unit price of S$0.495 as at 31 March 2023
- Based on the latest fair valuations
- Based on the gross rental income as at 31 March 2023
Joint Sponsors of IREIT Global:
FACTSHEET AS AT 31 MARCH 2023
PORTFOLIO COMPOSITION AND LEASES
Blue-Chip Tenant Mix | Stable Leases |
Key Tenants (1)
Lease Break & Expiry Profile
Weighted Average Lease Expiry: 4.8 years (1)
15-year lease secured
30.8%24.0% at Darmstadt Campus in April 2023 will add further diversification to tenant mix
3.3% |
20.2% |
4.9% |
16.8% |
Potential lease expiry at | |||||
Berlin Campus may provide | |||||
opportunity to benefit from | |||||
repositioning of property | |||||
31.4% | 29.5% | ||||
23.8% | |||||
11.0% | 6.3% | 12.4% | |||
3.3% | |||||
2.1% | 2.4% | 3.6% |
50.0%
24.2%
Deutsche Rentenversicherung Bund | GMG - Deutsche Telekom |
Decathlon | DXC Technology |
Allianz Handwerker Services GmbH | Others |
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 Mar 2023 | 31 Dec 2022 | ||||||||||||
€ 'million | 281.3 | |||||||||||||
Gross Borrowings | 332.7 | 332.7 | ||||||||||||
Outstanding (€'million) | ||||||||||||||
Aggregate Leverage (3) | 32.3% | 32.0% | ||||||||||||
Effective Interest Rate (4) | 1.9% | 1.8% | ||||||||||||
51.4 | Interest Coverage Ratio (3) | 7.6x | 7.9x | |||||||||||
Weighted Average Debt | 3.3 years | 3.5 years | ||||||||||||
Maturity | ||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||
- Based on gross rental income as at 31 March 2023.
- 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. 96.9% 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:https://www.ireitglobal.com/ |
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IREIT Global published this content on 03 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2023 01:00:08 UTC.
