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Millennium Hotels and Resorts

About Millennium Hotels and Resorts

Millennium Hotels and Resorts is hotel company that offers facilities and personalized services. The company specialties in business travel, hotels, leisure travel, meetings and events, conferences, weddings, retreats, restaurants, and luxury hotels. It is based in London, England.

Headquarters Location

Scarsdale Place Kensington

London, England, W8 5SY,

United Kingdom

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Latest Millennium Hotels and Resorts News

IREIT Global : Maintains Solid Performance For 1H2022 Results

Aug 12, 2022

08/12/2022 | 01:39am EDT Message : (as Manager of IREIT Global) 1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 Media Release 1H2022 distributable income rose by 20.4% year-on-year on the back of acquisitions Weighted average lease expiry improved to 4.7 years as at 30 June 2022 from 3.7 years a quarter ago due to lease renewals and new leases secured in 2Q2022 Portfolio valuation surpassed the €1.0 billion mark as at 30 June 2022, contributing to an improved aggregate leverage of 30.8% compared to 32.1% in prior quarter Manager to continue to assess the macroeconomic environment closely, maintain its vigilance and diversify IREIT's asset class exposure and income streams SINGAPORE | 11 AUGUST 2022 For immediate release IREIT Global ("IREIT"), a Europe-focused real estate investment trust managed by IREIT Global Group Pte. Ltd. (the "Manager"), is pleased to report a solid set of results for the first half year ended 30 June 2022 ("1H2022"). Gross revenue increased by 27.2% year-on-year to €30.1 million, while net property income for 1H2022 rose by 26.4% to €24.4 million over the same period. The increase was mainly due to the contribution from the acquisition of the French portfolio and Parc Cugat in 3Q2021. In addition, income available for distribution increased by 20.4% year-on-year to €18.2 million. This brought the distribution per Unit ("DPU") for 1H2022 to 1.41 € cents. On the portfolio front, IREIT's overall occupancy rate was largely stable at 95.0% as at 30 June 2022, while the weighted average lease expiry ("WALE") increased to 4.7 years from 3.7 years a quarter ago. The sequential improvement in the WALE was driven mainly by the six- year lease extension for 100% of Bonn Campus and a 12-year major new lease for approximately 5,300 sqm data centre space at Sant Cugat Green during the second quarter of 2022. This contributed to the increase in IREIT's portfolio valuation to surpass the €1.0 billion mark, which in turn led IREIT's aggregate leverage to improve to 30.8% as at 30 June 2022. Joint Sponsors of IREIT Global: Page 1 of 6 (as Manager of IREIT Global) 1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 Media Release Based on the closing unit price of S$0.61 as at 30 June 2022, IREIT is trading at 26.5% discount to its NAV of S$0.83 per Unit. (1) Mr Louis d'Estienne d'Orves, Chief Executive Officer of the Manager, said, "Again in 1H2022 and despite a challenging environment, we have been able to achieve some major milestones for our Unitholders. With the outlook likely to remain challenging due to the significant economic and geopolitical uncertainty, our role is to continue having an active asset management approach to maintain our performance." On the back of the challenging operating environment, the Manager has continued to focus on its asset management initiatives to try to retain the existing tenants and safeguard the overall occupancy rate of IREIT's portfolio. With the entire lease at Darmstadt Campus due to expire in end-November 2022, active marketing of the property is currently ongoing to try to fill up the space to be vacated. Darmstadt Campus is in an established office area that was previously predominantly occupied by Deutsche Telekom. With the rationalisation of Deutsche Telekom's operations in recent years, the vacancy rate in the area has increased and more time is needed for the vacant spaces to be taken up. As at 30 June 2022, Darmstadt Campus contributes approximately 10.8% of IREIT's total rental income. Looking ahead, the Manager will continue to assess the macroeconomic environment closely and maintain its vigilance, while remaining steadfast in executing the strategy of further diversifying IREIT's asset class exposure and strengthening its income streams. Anticipating the growing market focus on sustainability and energy conservation, the Manager has already started to pursue green building certifications for selected properties within IREIT's portfolio since the beginning of 2022. On the capital management front, the Manager has also established a US$1 billion multicurrency debt issuance programme in May 2022. "This will broaden IREIT's funding sources and flexibility, given that it can now issue various types of unsecured securities under the programme expeditiously as and when the need arises," added Mr d'Estienne d'Orves. (1) Based on S$1.4547 per € as at 30 June 2022 extracted from MAS website Joint Sponsors of IREIT Global: Page 2 of 6 (as Manager of IREIT Global) 1 Wallich Street 3.7 1H2022 DPU decreased marginally by 1.4% year-on-year to 1.41 € cents, due to the effect of the management fees being paid 100% in cash from FY2022 onwards. Had the management fees been paid 100% in cash in 1H2021, DPU would have been 3.7% higher year- on-year. ABOUT IREIT GLOBAL | SGX Main Board Listing IREIT Global (SGX-UD1U) which was listed on 13 August 2014, is the first Singapore-listed real estate investment trust with the investment strategy of principally investing, directly or indirectly, in a portfolio of income-producing real estate in Europe which is used primarily for office, retail and industrial (including logistics) purposes, as well as real estate-related assets. IREIT Global's current portfolio comprises five freehold office properties in Germany, five freehold office properties in Spain and 27 freehold retail properties in France. IREIT Global is managed by IREIT Global Group Pte. Ltd. (the "Manager"), which is jointly owned by Tikehau Capital and City Developments Limited ("CDL"). Tikehau Capital is global alternative asset management group listed in France, while CDL is a leading global real estate company listed in Singapore. Joint Sponsors of IREIT Global: Page 3 of 6 (as Manager of IREIT Global) 1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 Media Release | Paris Euronext, Compartment A Listing Tikehau Capital is a global alternative asset management group with €36.8 billion of assets under management as at 30 June 2022. Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multi-asset and special opportunities strategies. Tikehau Capital is a founder-led team with a distinctive business model, a strong balance sheet, proprietary global deal flow and a track record of backing high-quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to the companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.1 billion of shareholders' equity as at 30 June 2022), Tikehau Capital invests in its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 725 employees across its 13 offices in Europe, Asia and North America. Tikehau Capital is listed on compartment A of the regulated Euronext Paris market (ISIN: FR0013230612; Ticker: TKO.FP). ABOUT CITY DEVELOPMENTS LIMITED | SGX Main Board Listing City Developments Limited ("CDL") is a leading global real estate company with a network spanning 104 locations in 29 countries and regions. Listed on the Singapore Exchange, CDL is one of the largest companies by market capitalisation. Its income-stable and geographically-diverse portfolio comprises residences, offices, hotels, serviced apartments, shopping malls and integrated developments. With a proven track record of over 55 years in real estate development, investment and management, CDL has developed over 48,000 homes and owns around 23 million square feet of gross floor area in residential for lease, commercial and hospitality assets globally. Its diversified global landbank offers 3.3 million square feet of land area. Along with its wholly-owned hotel subsidiary, Millennium & Copthorne Hotels Limited, CDL has over 130 hotels and over 40,000 rooms worldwide, many in key gateway cities. Joint Sponsors of IREIT Global: Page 4 of 6 (as Manager of IREIT Global) 1 Wallich Street #15-03 Guoco Tower Singapore 078881 Main (65) 6718 0590 Media Release

Millennium Hotels and Resorts Frequently Asked Questions (FAQ)

  • Where is Millennium Hotels and Resorts's headquarters?

    Millennium Hotels and Resorts's headquarters is located at Scarsdale Place Kensington, London.

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