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Lippo Malls Indonesia trustee obtains S$40M facility for general corporate use

Lippo Malls Indonesia Retail Trust's trustee, Perpetual (Asia) Ltd., secured a S$40 million credit facility from the Singapore branch of BNP Paribas SA on behalf of the regional, mall-focused real estate investment trust.

Funds drawn from the unsecured and uncommitted facility will be used for the trust's general corporate expenditures, which include acquisitions, working capital and asset enhancement initiatives.

The validity of the facility is subject to PT Lippo Karawaci Tbk being the controlling shareholder of the REIT's manager, LMIRT Management Ltd. If breached, the event of default can affect up to S$955 million of facilities, according to a news release.

LMIRT Management noted in the same release that the credit facility will be available for drawdown once certain conditions are completed March 16.

As of March 5, US$1 was equivalent to S$1.32.