“We consider this is an attractive opportunity and the right time to dispose of Il∙lumina," says CEO of the REIT manager Louis d’Estienne d’Orves.
IREIT Global has completed the divestment of an office property in Barcelona. The Il∙lumina was sold at €24.5 million, 6.1% above the independent valuation conducted by Savills Advisory Services as at Dec 31. The sale gave IREIT a net property income yield of 5.9%.
The freehold property was acquired in December 2019 and has since generated €4.0 million in cash flow to the REIT.
