Dear Unitholders,
On behalf of the Board of Directors of the Manager,
we are pleased to present IREIT’s inaugural annual
report as a listed entity and welcome you as
Unitholders of IREIT.
2014 has been an exciting and challenging year for
IREIT. IREIT was successfully listed on the Singapore
Exchange Securities Trading Limited in August. Hence,
this inaugural annual report covers the financial and
operating results for the period from13 August 2014 to
31 December 2014.
Financial highlights for 2014
We are pleased with the successful completion of our
Initial Public Offering (“IPO”) and are delighted with
the strong level of interest from our investors. IREIT’s
placement tranche was fully subscribed while the
public offer was 7.6 times oversubscribed. The gross
proceeds of S$369.0 million raised together with bank
borrowings of €96.6 million were primarily used to
fund the acquisition of the initial portfolio of properties
in IREIT.
Total gross revenue for the financial period was
approximately €8.3 million, which was in line with the
forecast at IPO. Property operating expenseswere 17.2%
lower than forecast but the decrease was in tandem
with the lower service charge income recognised for the
financial period.
Returns to Unitholders
Both the net property income and distributable income
were in line with our forecast. We are delighted to have
delivered a DPU of S$0.0257 to our Unitholders which
met our forecast.
IREIT Global
annual report 2014
Chairman & CEO
Letter to Unitholders
Mr LimKokMin, John
(right)
Chairman
Mr Itzhak Sella
(left)
Chief Executive Officer
