Chinese tycoon Tong Jinquan sells substantial stake in IReit Global to key unitholders Tikehau, CDL

Singapore

CHINESE tycoon Tong Jinquan has sold a substantial stake in IReit Global to the real estate investment trust's key unitholders and strategic partners, Tikehau Capital and City Developments (CDL), for S$64 million.

A Tuesday announcement said that French asset management and investment group Tikehau Capital has raised its stake to 29.2 per cent from 16.64 per cent, while Singapore-based developer CDL increased its stake to 20.87 per cent from 12.52 per cent in the Reit. This takes their aggregate shareholding to over 50 per cent. Following this transaction, Mr Tong's stake will be reduced to about 6 per cent.