All of the properties will be leased back to Decathlon through a sale and leaseback agreement, says the manager of the REIT in an April 27 media release. The agreement terms include a committed occupancy of 100% with weighted average lease expiry by gross rental income of 10 years.
FIT 2, a wholly-owned subsidiary of IREIT Global, has entered into a conditional sale agreement with Decathlon to acquire a portfolio of 27 retail properties in France for a purchase consideration of approximately EUR110.5 million ($176.97 million).
The acquisition marks IREIT Global’s first foray into France. The gross lettable area for the portfolio totals 95,477 square meters.
