Company briefs: Keppel DC Reit

Keppel DC Reit and telco M1 have signed a non-binding term sheet to establish a special purpose vehicle (SPV) to own and operate M1's network assets.

M1 will be responsible for establishing the SPV, which will acquire M1's current mobile, fixed and fibre assets for $580 million in cash, the companies said yesterday. The consideration will be funded through external financing of $493 million and an $87 million investment by Keppel DC Reit, in return for a combination of debt securities and preference shares to be issued by the SPV, which will enter into a 15-year network service agreement with M1.

THE BUSINESS TIMES

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Toyota

Toyota Motor's global sales rose to a record high last month, as the automaker's ability to keep churning out vehicles amid a global shortage of chips puts the company in prime position to capitalise on a resurgence in demand for cars.

Toyota's global sales last month rose 44 per cent to 982,912 units, a record for a single month, the company said in a statement yesterday. The world's largest automaker produced 843,393 units last month, up 32 per cent from a year earlier, when the pandemic was forcing global automakers to suspend production in factories.

BLOOMBERG

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IReit Global

IReit Global has, through its wholly owned subsidiary Fit 2, entered into a conditional sale agreement to acquire Decathlon's properties in France for €110.5 million (S$176.9 million).

The portfolio comprises 27 retail properties with a gross lettable area of 95,477 sq m.

Upon completion, all properties will be leased back to the sporting goods retailer. The deal comprises a committed occupancy of 100 per cent with weighted average lease expiry by gross rental income of 10 years, said the manager yesterday.

THE BUSINESS TIMES