IReit Global to acquire Decathlon properties in France for 110.5m euros

IREIT Global has, through its wholly-owned subsidiary Fit 2, entered into a conditional sale agreement to acquire Decathlon's properties in France for 110.5 million euros (S$176.8 million).

The portfolio comprises 27 retail properties with a gross lettable area of 95,477 square metres.

Upon completion, all properties will be leased-back to the sporting goods retailer. The deal comprises a committed occupancy of 100 per cent with weighted average lease expiry by gross rental income of 10 years, and an option to break after six years, said the manager on Wednesday.