IREIT Global, a Singapore-based real estate investment trust seeking to build up a portfolio of office assets in Europe, has carried out €225 mln of acquisitions in Germany in its first European foray since going public in mid-August.
IREIT Global, a Singapore-based real estate investment trust seeking to build up a portfolio of office assets in Europe, has carried out €225 mln of acquisitions in Germany in its first European foray since going public in mid-August.
The REIT has acquired the headquarters of Deutsche Telekom in Bonn, the headquarters of T-Mobile in Darmstadt and two connected office complexes in Münster, predominantly used by T-Online, for a total amount of around €224.5 mln. The vendor was an investor from Israel.
In addition, IREIT Global, which made its debut on the Singapore Stock Exchange on 13 August in a $370 mln IPO, purchased an office complex in Munich for an undisclosed price. The Quartier Pinus property, located in the Concorpark business park in Munich-Aschheim, is let to Ebase, Allianz and STM. The vendor was Münchner Grund Immobilien Bauträger, a subsidiary of Austrian listed developer UBM Realitätenentwicklung.
Global law firm Dentons advised IREIT Global on all transactions.
The financing of the acquisitions was provided by DekaBank.
IREIT Global could not be reached for comment when contacted by PropertyEU. However, on its website the firm says that it pursues an 'ABBA' investment strategy: 'A' assets in 'B' or second-tier cities and 'B' assets in 'A' cities. Its aim is to invest ‘directly or indirectly’ in a portfolio of income-producing real estate in Europe which is used primarily for office purposes, as well as real-estate related assets. It is expected to have ‘an initial primary focus on Germany and the UK’.
