IREIT Global.
annual report 2014
For the reporting period from 1 November 2013 (date of constitution) to 31 December 2014
Notes to the
Financial Statements
1.
GENERAL
IREIT Global (“IREIT”) is a real estate investment trust constituted by a trust deed entered into
on 1 November 2013 and as amended and restated by an amending and restating deed dated 14
July 2014 (the “Trust Deed”) made between IREIT Global Group Pte. Ltd. as the manager of IREIT
(the “Manager”), and DBS Trustee Limited, as the trustee of IREIT (the “Trustee”). IREIT was
listed on the Singapore Exchange Securities Trading Limited (the “SGX-ST”) on 13 August 2014
(“Listing Date”).
The registered office and principal place of business of the Manager is 156 Cecil Street #08-01,
Singapore 069544.
The registered office and principal place of business of the Trustee is 12 Marina Boulevard, Level
44, Marina Bay Financial Centre Tower 3, Singapore 018982.
The principal activity of IREIT is investment holding whereas its subsidiaries (together with IREIT
referred to as the “Group”) are to own and invest in a portfolio of office properties in Europe with
current primary focus on Germany. Collectively, the principal activity of the Group is to provide
unitholders with regular and stable distributions and the potential for sustainable long-term
growth in distribution and appreciation in investment value, while maintaining an appropriate
capital structure for IREIT.
The consolidated financial statements of the Group and the statement of financial position and
statements of distribution and changes in net assets attributable to unitholders of IREIT for
the financial period ended 31 December 2014 were authorised for issue by the Manager on
31 March 2015.
The financial statements are presented in Euro (“€” or “EUR”).
The Group has entered into several service agreements in relation to the management of IREIT
and its property operations. The fee structures of these services are as follows:
(a) Manager’s fees
The Manager is entitled to receive the following remuneration for the provision of asset
management services:
Base fee
Pursuant to the Trust Deed, the Manager is entitled to a Base Fee of 10.0% per annum of
IREIT’s Annual Distributable Income (calculated before accounting for the Performance Fee
but after accounting for the Base Fee in each financial period). The Base Fee is payable to
the Manager either in the form of cash or units as the Manager may elect.
