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Lippo Malls to pay S$98M for 2 retail assets in Indonesia

Lippo Malls Indonesia Retail Trust signed conditional deals to purchase a pair of Indonesian retail malls for S$98.1 million from its sponsor, PT Lippo Karawaci.

The properties include Lippo Plaza Jogja in Yogyakarta and Kediri Town Square in East Java.

Lippo Malls will pay S$61.1 million for Lippo Plaza, which is part of an integrated development that also includes Siloam Hospitals Yogyakarta, which will be acquired by First Real Estate Investment Trust for S$27.0 million under a joint-venture deal with Lippo Malls.

Lippo Plaza has a gross floor area of 66,098 square meters, while the hospital component has a gross floor area of 12,474 square meters, with a maximum capacity of 220 beds.

Kediri Town Square, which will be acquired by Lippo Malls for S$37.0 million, is a two-story mall offering a net lettable area of 16,680 square meters.

Lippo Malls will fund both acquisitions with internal cash and proceeds from the issuance of bonds and/or debt financing facilities from banks, while First REIT will finance its transaction using a drawdown from its debt facilities and internal cash.

As of Oct. 12, US$1 was equivalent to S$1.35.