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Author: reitscompass   |   Latest post: Tue, 14 Jan 2020, 1:01 PM

 

IREIT Global REIT Is Making Its First Acquisition In Spain

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IREIT Global is partnering with Tikehau to acquire four freehold office buildings in Spain for $133.8m. The partnership is a 40:60 joint venture, IREIT Global will be holding 40% of the shares.

Background of the property

The four office buildings with a gross lettable area of 72,028 sqm are currently multi-tenanted with an 80.9% occupancy rate. The purchase price of $133.8m is a 3.3% discount to market valuation. The joint venture also allows IREIT Global to acquire 60% stake of Tikehau Capital, which provides a future growth opportunity. The REIT will also involve in the operational matters of the buildings.

 

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