City Developments increases stake in IREIT Global

City Developments signage on construction hoardingCity Developments signage on construction hoarding

City Developments increased its stake in IREIT Global to 12.486 percent from 12.41 percent after acquiring another 640,045 units from IREIT Global Group (IGG) for S$465,889, the developer said in a filing to SGX Monday.

IREIT Global focuses on investing in office, retail and industrial properties in Europe.

The REIT’s annualized yield was around 8.0 percent as of end-December, City Developments previously told SGX.

In April, City Developments acquired the 12.4 percent stake in IREIT Global for around S$59.4 million and a 50 percent stake in the REIT’s manager, IGG, for around S$18.4 million as part of its efforts to build up its fund management business.

At the time, IREIT Global had said asset management group Tikehau Capital would increase its stake in IREIT to 16.4 percent from 8.5 percent.

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