At the end of April, City REIT Management, a subsidiary of City Development Ltd (CDL) purchase 50% of IREIT’s manager. City Strategic, also a subsidiary of CDL, purchase a substantial stake in IREIT itself.

In November 2016, Tikehau Capital purchased a 80% stake in IReit’s manager. The rest of the stake is held by Chinese Tycoon Tong Jinquan and Soilbuild founder Lim Chap Huat.

Tong Jinquan owns 297 mil units (47%), Chap Huat owns 33 mil units (5.2%), Tikehau Capital owns 52.6 mil (8.3%).

In this deal, Tikehau Investment Asia Pacific bought back Tong’s stake in the manager. They then sold half the stake in the manager to City Reit Management, which is CDL’s arm in doing reit management.

Now, Tikehau and City Reit owns roughly 50% each in the manager.

Then, Tikahau increased the shares they held in IREIT. They bought 50 mil shares or 8% of IReit from Tong.