Altura EC Bukit Batok is a 99-year leasehold development situated on the east side of Bukit Batok West Avenue. Spanning a land area of 1.24 hectares, it is close to the Jurong Innovation District and Tengah Town. The Altura EC will house 375 executive condo units with Qingjian Realty and Santarli Construction submitting the highest bid of $266 million which translates to $662 per square foot per plot ratio. It lies adjacent to Le Quest, a mixed-use development, with completion estimated in 2021. Altura EC is bound to become one of the most sought-after developments in the area.

At an aggregate purchase consideration of EUR76.8 million ($112.2 million), IREIT Global, a Europe-focused REIT, has agreed to a call option contract to secure a portfolio of 17 French retail properties. The REIT states that this sale price marks a 1.7% discount from two independent valuations of the portfolio, estimated at roughly EUR78.1 million.

These retail properties are all occupied by B&M France SAS, a branch of the discount retailer B&M European Value Retail. Totalling 664,500 sq ft in gross lettable area, the properties possess an overall occupancy rate of 100%. Additionally, the weighted average lease expiry by gross rental income as of March 31, 2023 stood at around 6.8 years.

IREIT Global expects this portfolio purchase to deliver a net property income yield rate of 7.9%. CEO of the IREIT Global Group and the manager of the REIT Louis d’Estienne d’Orves states that, considering the current high inflation atmosphere, this acquisition is “in line with our strategy of strengthening our exposure to index-linked assets in established European markets, supported by a strong blue-chip tenant”.

Upon completion of this transaction, IREIT’s total portfolio will consist of 44 retail properties.