IREIT Global inks deal to purchase 17 retail properties

The aggregate purchase consideration for the Acquisition is approximately €76.8 million (approximately S$112.2 million), which is approximately 1.7% discount to the average of the two independent valuations(2) of €78.1 million (approximately S$114.1 million) of the New Properties. 

The New Properties are part of the Retail Parks (Out-of-Town) asset class, which has been resilient through the COVID-19 pandemic due to their accessibility, open-air format, wide range of available spaces, parking facilities, manageable operational cost, value-for-money brands and for some retailers, omni-channel experiences. 

In addition, the Retail Parks (Out-of-Town) market in France offers one of the highest prime yields in the broader Retail market at approximately 5.0% in Q4 2022. Retail Parks (Out-ofTown) asset class has also witnessed a record investment value of approximately €2.1 billion in 2022, which is an increase of approximately 75% compared to the five-year average