IREIT Global said that its manager and Tikehau Investment Management Asia Pacific Pte. Ltd. signed a share purchase agreement, giving Tikehau an 80% stake in IREIT Global Group Pte. Ltd.
The agreement formalizes a nonbinding offer announced in May. The remaining 20% stake in the manager will be held by existing shareholders Shanghai Summit Pte. Ltd. and Dolphin Two Pte. Ltd. IREIT Global Management Pte. Ltd. will cease to be a shareholder.
As part of the agreement, the manager's CEO, Itzhak Sella, and Chief Investment Officer Adina Cooper will resign from their posts and depart after a transition period.
The agreement is still subject to the approval of concerned lenders of IREIT and the Monetary Authority of Singapore. The acquisition is expected to be completed by Dec. 31, unless extended.
Furthermore, IREIT Global said that its manager plans to change the investment mandate of the REIT to include other European commercial income-producing properties like offices, retail and industrial facilities "as soon as practicable." More details about the proposal will be announced after the completion of the shares sale and satisfaction of other regulatory requirements.
IREIT Global is based in Singapore and has been focused primarily on office properties in Europe.
The REIT reiterated that the purchase deal only concerns the shares of its manager and not its own.