Corporate digest

Metech International

METECH International's wholly-owned subsidiary, Asian Green Tech (AGT), has entered into a joint venture (JV) with X Diamond Capital (XDC) to manufacture and distribute lab-grown diamonds.

XDC is involved in the wholesale of jewellery made from precious metals and stones, as well as the manufacture of piezo-electric devices.

In a bourse filing on Friday, the Catalist-listed company said that AGT will own 51 per cent of the share capital in the new JV, while XDC will own the remainder. The JV company will be incorporated as Asian Eco Technology and have an initial issued and paid-up share capital of S$500,000, divided into 500,000 ordinary shares.

Metech said that AGT's stake will be funded through internal resources, bank borrowings and potentially equity fund raising. The group does not expect the JV to have any impact on its earnings per share or net tangible assets per share for the financial year ending June 30, 2022.

Metech said that the JV is in line with the group's strategy to expand into the environmental and sustainability business, as lab-grown diamonds are more sustainable than mined diamonds to produce.

IReit Global

IREIT Global's manager announced in a bourse filing on Friday that its wholly-owned subsidiary has acquired a Grade A freehold office building in Barcelona, Spain, for 27.2 million euros (S$43.1 million).

Europe-focused real estate investment trust (Reit) will have five Spanish properties after the purchase - three in Barcelona and two in Madrid.

Assuming the acquisition was completed on Jan 1 and IReit held and operated the building through to June 30, H1 2021 distribution per unit (DPU) would be 1.49 euro cents, representing a DPU accretion of 3.3 per cent, according to pro forma estimates.

The building, Parc Cugat, is located within a business park in Sant Cugat del Valles, which is 20 minutes from the financial district of Barcelona. The area is also considered to be one of the most sought-after areas in the metropolitan area of Barcelona, IReit Global's manager said.

The property has a gross lettable area of 15,510 square metres (sq m), which comprises 12,000 sq m of office space, 293 sq m of canteen space, 2,509 sq m of storage space and a 708 sq m auditorium.