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Lippo Malls Indonesia buys mall for 310B rupiah

Lippo Malls Indonesia Retail Trust units entered into conditional share purchase agreements to acquire a four-story shopping mall in South East Sulawesi, Indonesia, for 310.0 billion rupiah.

The transaction will be carried out by the subsidiaries buying full interest in PT Mitra Anda Sukses Bersama, the developer and owner of the Lippo Plaza Kendari shopping center. The property, which commenced operations in November 2012, has a net lettable area of 21,008 square meters. Its tenants include Matahari Department Store, Hypermart, Pizza Hut, Solaria, Cinemaxx and Timezone.

The acquisition will be paid in cash using proceeds from the issuance of perpetual securities and debt financing.

As of June 5, US$1 was equivalent to 13,289.00 Indonesian rupiah.