Lippo Malls Indonesia Retail Trust to acquire Indonesian mall for S$32.2 mil

SINGAPORE (June 6): LMIRT Management, manager of Lippo Malls Indonesia Retail Trust (LMIRT), is acquiring the entire issued share capital of PT Mitra Anda Sukses Bersama (PT MASB) from its owners for 310 billion rupiah (S$32.2 million or RM99.53 million).

PT MASB has a 30-year build-operate-transfer (BOT) agreement with the government of Southeast Sulawesi dated July 7, 2011 for a piece of land comprising retail mall, an open vehicle parking area, driveways, drop-off areas, pavements and loading dock areas.

The mall, called Lippo Plaza Kendari, is a four-storey shopping mall with a car park area, with a net lettable area of 21,008 sq m. The property started operations in November 2012. It is a mid-sized family mall situated in a residential area and provides a range of products and services which aims to provide for all family needs in one location. Tenants include a variety of well-known retailers such as Matahari Department Store, Hypermart, Pizza Hut, Solaria, Cinemaxx and Timezone.

On Monday, two wholly owned subsidiaries of LMIRT entered into a conditional share purchase agreements with Indonesian companies PT Metropolis Propertindo Utama and PT Metropolis Prima Sentosa that collectively own 100% of PT MASB.

Units of Lippo Malls Indonesia Retail Trust closed at 42 Singapore cents. —

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