IREIT Global
annual report 2014
Corporate
Governance Report
Utilisation of Initial Public Offering (“IPO”)
Proceeds
The use of proceeds raised from the IPO is in
accordance with the stated uses as disclosed in the
Prospectus, and is set out below:–
(€’000)
Purchase consideration of investment
properties
283,100
Transaction costs
28,905
Working capital
3,958
Total
1
315,963
Note:
1 Made up of S$369.0 million of gross proceeds raised from the IPO
and bank borrowings of €96.6 million
A substantial amount of the Singapore dollars raised
as proceeds from the IPO was converted into Euro to
part finance the acquisition of the IPO portfolio. IREIT
was able to achieve savings arising from a better
exchange rate realised for the said conversion. IREIT
has entered into forward foreign currency exchange
contracts to fully hedge the distributable income
for the financial period ended 31 December 2014.
Part of these savings, amounting to approximately
€281,000, have been incurred for this purpose as at
31 December 2014, and disbursed after 31 December
2014.
