Singapore-listed office IREIT Global has entered the French market, acquiring 27 properties from sports retailer Decathlon for €110.5. million ($176.97 million).
The portfolio totals 95,477 square meters (1.03 million square feet). All of the properties will be leased back to Decathlon through a sale and leaseback agreement.
Louis d’Estienne d’Orves, CEO of the manager, said, “Following IREIT’s acquisition of four Spanish properties completed in October 2020, we are pleased to announce that we have secured another attractive portfolio of properties. The proposed acquisition will extend our presence to France and a new asset class, as IREIT’s current portfolio comprises office properties in Germany and Spain.”
