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LMIR Trust buys Jakarta Mall for $385.7 million

LMIR Trust buys Jakarta Mall for $385.7 million

Lippo Malls Indonesia Retail Trust announced that it has signed an agreement to purchase a shopping mall in South Jakarta, Indonesia. The mall is Lippo Mall Kemang. It has 5 storeys with 2 basements and 3 mezzanine levels. It has a gross floor area of 150,932 sqm and a net lettable area of 59,377 sqm. It is part of the Kemang Village Integrated Development which includes residential blocks and other facilities. Total purchase consideration is $385.7 million versus third party valuations of $389.0 million to $396.4 million. The purchase consideration will be paid part in new LMIR units and part in cash. The mall’s current occupancy rate is 92.8%. With this acquisition, LMIR Trust will increase its portfolio size to $1,798.1 million.

GET TO THE POINT : Always good to grow the portfolio. The balance is between affordability in terms of leverage and adding new income to increase the Trust’s DPU.

(Picture from Lippo Malls Indonesia Retail Trust)

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The post LMIR Trust buys Jakarta Mall for $385.7 million appeared first on Asean Equities Review.