IREIT Global to acquire 4 office buildings in Spain in joint venture with Tikehau Capital

SINGAPORE (Dec 9): IREIT Global announced Dec 7 that it is acquiring a portfolio of four office properties in Spain for a total acquisition cost of €142.3 million ($213.9 million) in a 40:60 joint venture with Tikehau Capital.

The proposed acquisition will mark IREIT’s entry into Spain.

The four freehold properties – Delta Nova IV and Delta Nova VI in Madrid, and Il∙lumina and Sant Cugat Green in Barcelona – have a total gross lettable area (GLA) of 72,028 sqm and an overall occupancy rate of 80.9% as at Dec 1, 2019.