Tikehau, City Developments raise stake in SG’s IREIT Global

Photo by Larry Teo on Unsplash

Temasek-backed French alternative investments firm Tikehau Capital and Singapore-listed property developer City Developments Limited (CDL) now hold a combine 50-per cent stake in IREIT Global, a Europe-focused real estate investment trust, according to a disclosure.

Previously, Tikehau Capital and CDL held 16.64 per cent and 12.52 per cent of the units in IREIT Global, respectively. Following the purchase of additional stakes, Tikehau now owns 29.20 per cent, while CDL owns 20.87 per cent of the units in IREIT.

Business Times reported that Tikehau Capital and CDL acquired the additional stake from Chinese tycoon Tong Jinquan for S$64 million ($44.8 million).

“The joint increase in stake by both Tikehau Capital and CDL reflects our positive long-tea view on the growth prospects and strategy of IREIT, and clearly demonstrates our strong alignment of interest with minority unitholders,” said Bruno de Pampelonne, chairman of Tikehau Investment Management and senior partner at Tikehau Capital.

AT Investments, which has an asset portfolio worth $2 billion, also acquired a 5.5-per cent stake in IREIT to become a new unitholder, according to the disclosure.

IREIT Global is a real estate investment trust listed in Singapore with an investment mandate of investing directly and indirectly in a portfolio of rent-generating real estate in Europe, used primarily for office, retail, industrial or logistics purposes.

Its current portfolio comprises nine assets in Germany and Spain valued at €630 million as at 2019 year-end. Strategically located in key cities such as Barcelona, Berlin, Bonn, Madrid and Munich, IREIT’s portfolio has a total attributable lettable area of over 230,000 sqm with 4,000 parking lots.

Tikehau Capital, meanwhile, achieved the first close at $100 million for its debut fund-of-funds in Asia last year. The EUR22 billion fund manager planned to raise $150 million and close fundraising for the vehicle by mid 2020.

Tikehau Capital invests in various asset classes, including private debt, real estate, private equity, and liquid strategies.

Early this year, the Temasek-backed French alternative investment manager sold its stake in Singaporean co-working space operator JustCo to a group of investors, achieving a net profit of S$ 27.7 million ($20.5 million).

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.