IREIT Global’s €110.5 Acquisition of 27 Retail Properties from Decathlon

Allen & Gledhill advised IREIT Global Group Pte. Ltd.

IReit Global has, through its wholly owned subsidiary Fit 2, entered into a conditional sale agreement to acquire Decathlon’s properties in France for €110.5 million (S$176.8 million).

The portfolio comprises 27 retail properties with a gross lettable area of 95,477 sq m.

The acquisition is expected to be completed by the third quarter of 2021, subject to unit holders’ approval.

Upon completion, all properties will be leased back to the sporting goods retailer. The deal comprises a committed occupancy of 100 per cent with weighted average lease expiry by gross rental income of 10 years. 

IREIT Global (SGX:UD1U) 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.

Advising IREIT Global were Allen & Gledhill Managing Partner Jerry Koh (Picture) and Partner Teh Hoe Yue.

 

Involved fees earner: Teh Hoe Yue – Allen & Gledhill LLP; Jerry Koh – Allen & Gledhill LLP;

Law Firms: Allen & Gledhill LLP;

Clients: IREIT Global;

Author: Sonia Carcano