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).
