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Lippo Malls settles deals for 2 PT Lippo Karawaci properties in Indonesia

Lippo Malls Indonesia Retail Trust wrapped up Dec. 22 separate deals to buy two properties in Indonesia from its sponsor, PT Lippo Karawaci Tbk.

The manager of the Singapore-listed trust, LMIRT Management Ltd., said the company settled on the said date its S$37.0 million acquisition of the Kediri Town Square in East Java, as well as its 834.6 billion-Indonesian-rupiah purchase of an integrated development in Yogyakarta under a joint venture agreement with First Real Estate Investment Trust.

In a news release, Lippo Malls said it paid for the properties in cash using a combination of loans drawn from the S$80 million unsecured uncommitted revolving credit facility it secured in November from CIMB Bank Bhd.'s Singapore branch and the balance of a S$350 million term loan facility it obtained in August 2016.

During the signing of conditional deals for the joint purchase of the Yogyakarta project, FIRST REIT indicated that its contribution to the acquisition will be funded by a mix of debt facilities and internal resources. The mixed-use project comprises the Lippo Plaza Jogja retail mall and the Siloam Hospitals Yogyakarta hospital, which were sold separately for S$61.1 million and roughly S$27.3 million, respectively.

Moody's, which placed Lippo Malls' Baa3 issuer rating on review for downgrade, earlier noted that the completion of the acquisitions could push upward the company's leverage. Lippo Malls added that the transactions helped expand its Indonesian portfolio to 23 retail malls and seven major retail spaces.

As of Dec. 25, US$1 was equivalent to 13, 565.00 Indonesian rupiahs and S$1.34.