New Singapore-listed IREIT Global invests in German offices
Singapore’s newly-launched IREIT Global has bought a portfolio of office buildings let to Deutsche Telekom and an office complex in Munich in two separate German deals.
IREIT Global, which listed on the Singapore stock exchange on August 13, paid around €225m for several office buildings let on long-term contracts to subsidiaries of the German telecommunications enterprise, according to law firm Dentons, who advised IREIT Global on the deal.
The buildings include the Deutsche Telekom headquarters in Bonn, the headquarters of T-Mobile in Darmstadt and two connected office complexes in Münster, predominantly used by T-Online.
The seller was an investor from Israel, Dentons said, but declined to name them.
In a second investment, IREIT Global bought the Quartier Pinus office complex in Munich, located in the Concorpark business park in Munich-Aschheim, for an undisclosed price.
The seller was Münchner Grund Immobilien Bauträger, a subsidiary of Austrian-listed UBM Realitätenentwicklung, Dentons said.
The office complex is let to business-to-business bank Ebase, insurer Allianz and another German company, STM.
The financing for both investments was managed through DekaBank Deutsche Girozentrale.
IREIT Global is the first Singapore REIT (S-REIT) investing in European assets, and it has said it will initially focus mainly on Germany and the UK.