CDL, Tikehau increase their stakes in IREIT Global

CDL, Tikehau increase their stakes in IREIT Global

IREIT Global (IREIT), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd., announced that Tikehau Capital and City Developments Limited (CDL) have increased their stakes to over 50% in IREIT Global.

Before the transaction, Tikehau Capital and CDL held 16.64% and 12.52% of the units in IREIT, respectively. Following the purchase of additional stakes in IREIT, Tikehau Capital now owns 29.20% while CDL owns 20.87% of the units in IREIT.

IREIT Global also said in a statement, AT Investments has acquired a substantial 5.50% stake in IREIT, alongside the purchase by Tikehau Capital and CDL.

AT Investments is owned by Arvind Tiku. Tiku’s family office has an asset portfolio worth approximately US$2 billion and has global investments in various industries including residential and commercial real estate, hospitality, natural resources and renewable energy. It is also an active investor in Singapore-listed real estate investment trusts.

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

“We also welcome AT Investments joining us as a strategic investor as we work towards bringing IREIT to the next level of growth and diversification”, Pampelonne added.

Sherman Kwek, CDL’s Group Chief Executive Officer, said, “We remain confident in the long-term fundamentals of the established European economies. Together with our partner Tikehau Capital, our participation in this strategic investment opportunity allows us to strengthen our alignment with minority unitholders’ interest and support IREIT’s growth plans.”

Arvind Tiku, the founder of AT Investments, said, “We consider the long stable leases of IREIT’s portfolio supported by blue-chip tenants to be a very attractive investment opportunity. We believe that the resilience of the portfolio will enable IREIT to emerge stronger post the Covid-19 outbreak.”