CDL pays S$77.7m for 12.4% of IREIT Global and 50% of trust manager

Singapore

CITY Developments Limited (CDL) has paid S$77.7 million to acquire a 12.4 per cent stake in IREIT Global and half of the European property trust's manager.

CDL, a Singapore-listed property developer, bought the 50 per cent stake in trust manager IREIT Global Group (IGG) for S$18.36 million from Tikehau Capital, a pan-European alternative asset management and investment group. Tikehau, which previously owned 84.5 per cent of IGG, bought out the minority shareholder of IGG just before the deal with CDL and now holds the remaining 50 per cent interest in IGG.