Singapore real estate company City Developments Limited teamed up with French investment company Tikehau Capital and the single family office of billionaire Arvind Tiku to acquire more than 50% of the shares of IREIT Global. IREIT Global is a Singapore-listed real estate investment trust with focus on European office properties.
Real estate investment trust from Singapore with focus on Europe
IREIT Global is a Singapore-listed real estate investment trust which invests in income-producing assets in Europe. Target asset classes are office, retail, industrial and logistics. At the moment, the portfoli consists of five objects with blue chip tenants like Deutsche Telekom and Deutsche Rentenversicherung Bund. So far, the €526.4M portfolio only consists of German properties, located in Münster, Berlin, Bonn, Darmstadt and Munich.
Investment from Arvind Tiku Single Family Office
In a set of transactions, City Developments Limited, Tikehau Capital and the Arvind Tiku single family office (AT Holdings) brought their combined shareholding of IREIT Global to over 50%. The Tiku family office acquired a 5.5% stake for S$17.2 in a off-market deal. Brone de Pampelonne, Senior Partner at Tikehau, commented the transaction with: “The joint increase in stake by both Tikehau Capital and CDL reflects our positive long-term view on the growth prospects and strategy of IREIT, and clearly demonstrates our strong alignment of interest with minority unitholders”. Arvind Tiku is an Indian-born Singapore resident who has an estimated net worth of $2.2BN and invests in real estate and the energy sector.
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