IREIT: (i) Circular to unitholders in relation to the proposed acquisition of 17 retail properties located in France as an Interested Person Transaction and (ii) Notice of Extraordinary General Meeting

GENERAL ANNOUNCEMENT::ANNOUNCEMENT BY AN ASSOCIATE, IREIT GLOBAL

Issuer & Securities

Issuer/ Manager

CITY DEVELOPMENTS LIMITED

Securities

CITY DEVELOPMENTS LIMITED - SG1R89002252 - C09

Stapled Security

No

Announcement Details

Announcement Title

General Announcement

Date &Time of Broadcast

12-Jul-2023 17:16:16

Status

New

Announcement Sub Title

Announcement by an associate, IREIT Global

Announcement Reference

SG230712OTHRHAFD

Submitted By (Co./ Ind. Name)

Enid Ling Peek Fong

Designation

Company Secretary

Description (Please provide a detailed description of the event in the box below)

IREIT Global had, on 12 July 2023, issued a circular to unitholders in relation to the proposed acquisition of 17 retail properties located in France as an Interested Person Transaction, together with the notice of Extraordinary General Meeting.

For details, please refer to the announcement released by IREIT Global on the SGX website, www.sgx.com

EXTRAORDINARY/ SPECIAL GENERAL MEETING::VOLUNTARY

Issuer & Securities

Issuer/ Manager

IREIT GLOBAL GROUP PTE. LTD.

Security

IREIT GLOBAL - SG1AB8000006 - UD1U

Announcement Details

Announcement Title

Extraordinary/ Special General Meeting

Date &Time of Broadcast

12-Jul-2023 07:26:36

Status

New

Announcement Reference

SG230712XMETM7GC

Submitted By (Co./ Ind. Name)

Siau Kuei Lian

Designation

Company Secretary

Event Narrative

	Narrative Type	Narrative Text
		Please refer to the following documents attached:-
		1. Circular to Unitholders dated 12 July 2023;
	Additional Text	2. Notice of Extraordinary General Meeting;
		3. Proxy Form; and
		4. EGM Booklet.
Event Dates
Meeting Date and Time
27/07/2023 10:00:00
Response Deadline Date
25/07/2023 10:00:00
Event Venue(s)

Place

	Venue(s)	Venue details
	Meeting	Meeting Room 308, Level 3, Suntec Singapore Convention & Exhibition Centre, 1 Raffes
	Venue	Boulevard, Singapore 039593 on Thursday, 27 July 2023 at 10.00 a.m.

Attachments

IREIT Circular.pdf

IREIT Notice of EGM.pdf

IREIT Proxy Form.pdf

IREIT EGM Booklet.pdf

Total size =6871K MB

CIRCULAR DATED 12 JULY 2023

THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

(a real estate investment trust constituted on 1 November 2013 under the laws of the Republic of Singapore)

MANAGED BY

IREIT GLOBAL GROUP PTE. LTD.

CIRCULAR TO UNITHOLDERS IN RELATION TO:

THE PROPOSED ACQUISITION OF 17 RETAIL PROPERTIES LOCATED IN FRANCE, AS AN INTERESTED PERSON TRANSACTION

IMPORTANT DATES AND TIMES FOR UNITHOLDERS

Last date and time for submission of Proxy Forms	Tuesday, 25 July 2023 at 10.00 a.m.
Date and time of Extraordinary General Meeting ("EGM")	Thursday, 27 July 2023 at 10.00 a.m.
convened and held by physical means
Physical venue of EGM	Meeting Room 308, Level 3, Suntec Singapore Convention &
Exhibition Centre, 1 Raffles Boulevard, Singapore 039593

Singapore Exchange Securities Trading Limited (the "SGX-ST") takes no responsibility for the accuracy of any statements or opinions made, or reports contained, in this Circular. If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional adviser immediately.

If you have sold or transferred all your units in IREIT Global ("IREIT" and the units in IREIT, "Units"), you should immediately forward this Circular, together with the Notice of Extraordinary General Meeting and the accompanying Proxy Form in this Circular, to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for onward transmission to the purchaser or transferee.

This Circular does not constitute an offer of securities in the United States of America ("U.S.") or any other jurisdiction. Any proposed issue of Preferential Offering Units (as defined herein) described in this Circular will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the securities laws of any state or other jurisdiction of the U.S., and any such Preferential Offering Units may not be offered or sold within the U.S. except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable laws. The Manager does not intend to conduct a public offering of any securities of IREIT in the U.S..

B&M Noyelles-Godault

B&M Saint Etienne du Rouvray			B&M Saint-Cyr-sur-Loire
Independent Financial Adviser pursuant	Joint Sponsors of IREIT
to Rule 921(4)(a) of the Listing Manual
as well as to the Independent Directors,	Crowe Horwath Capital Pte. Ltd.
the Non-Interested Director and the
Audit and Risk Committee of IREIT	(Company Registration No.: 200721675G)
Global Group Pte. Ltd. and the Trustee	(Incorporated in the Republic of Singapore)
(each as defined herein)

This section is qualified in its entirely by, and should be read in conjunction with, the full text of this Circular. The meaning of each capitalised term is found in the Glossary of this Circular.

PROPOSED ACQUISITION OF 17 RETAIL PROPERTIES

LOCATED IN FRANCE ("NEW PROPERTIES")

PURCHASE CONSIDERATION OF APPROX. €76.8M

PORTFOLIO STATISTICS

Hauts-de-France			17
1	Béthune
2	Noyelles-Godault	1
3	Saint Quentin / Fayet	2		PROPERTIES
Normandie	3		€76.8 M
4	Rouen
4	6 7
Île-de-France
PARIS 5	8	Purchase Consideration1
5	Claye-Souilly
Grand Est		9
		100%
6	Metz	11 10
7	Forbach
8	Nancy			Leased to B&M France2
9	Epinal	12
			6.8 years
Centre-Val de Loire
10 Blois
11 Tours	13 14	15	WALE3
12 Châteauroux
Nouvelle-Aquitaine			61,756 sqm
13 Périgueux
14	Brive-la-Gaillarde
		GLA
Auvergne-Rhône-Alpes
16	17
15 Bourg-en-Bresse

Provence-Alpes-Côte d'Azur	7.9%
16	Martigues
Initial NPI Yield4
17	Marseille

B&M Fayet

B&M St-Mitre-les-Remparts

B&M Claye-Souilly

ENLARGED PROPERTY PORTFOLIO POST-ACQUISITION

KEY GEOGRAPHICAL MARKETS

GERMANY

FRANCE SPAIN

54		€1,027.3 M		88.8%
	Valuation5		Occupancy Rate
Properties		€950.5 m as at 31 December 2022		87.0% as at 31 March 2023
5.1 years			446,038 sqm
WALE6				GLA
4.8 years as at 31 March 2023		384,282 sqm as at 31 March 2023

• Approximately 1.7% below the average of the two independent valuations of the New Properties as at 31 May 2023

• 17 single tenant leases with B&M France SAS, ("B&M France") a wholly-owned subsidiary of B&M European Value Retail (and together with its subsidiaries, the "B&M

Group")

• Based on the gross rental income ("GRI") as at 31 March 2023

• Based on the annualised NPI as at 31 May 2023 of the New Properties over the Purchase Consideration

• The enlarged property portfolio valuation of €1,027.3 million, comprises the existing property valuation of €950.5 million as at 31 December 2022 and the Purchase

Consideration of €76.8 million

• Based on the GRI as at 31 March 2023