CITY Developments Limited has paid S$77.7 million to acquire a 12.4 per cent stake in IREIT Global and half of the European property trust's manager.
CDL also shelled out S$59.36 million for 12.4 per cent of IREIT Global, or 78.6 million IREIT Global units at about S$0.76 per unit, from vendors Shanghai Summit and Lim Chap Huat. The price of the units represents a 1.33 per cent premium over CDL's closing price of S$0.75 on Monday. The five properties have a total net lettable area of more than 200,600 square metres and comprises about 3,400 carpark lots. They have an overall occupancy rate of 98.6 per cent, and the combined portfolio has an annual yield of about 8 per cent.
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