SINGAPORE (Yosefardi) – Finura Investment Pte Ltd, subsidiary of First Reat Eastate Investment Trust (First REIT), has on 12 March 2014 entered into a conditional sale and purchase agreement with PT Purimas Elok Asri, an unrelated party, for the purposed acquisition of Siloam Hospitals Purwakarta at a purchase consideration of S$31 million.
This acquisition will expand First REIT’s portfolio to 15 properties and broaden its assets by 3.8% from S$1.05 billion as at 31 December 2013 to S$1.09 billion.
The acquisition will be financed by a combination of a drawdown from First REIT’s committed debt facility and the issuance of new units.
Purwakarta has a growing manufacturing, trading, and agricultural market and a real gross domestic product compund annual growth rate of 5.8% from 2008 to 2012.