SINGAPORE (Yosefardi) – Bowsprit Capital Corporation Limited, in its capacity as manager of First Real Estate Investment Trust (First REIT and as manager of First REIT), reported that First REIT intends to enter into a proposed joint arrangement and asset swap with PT Saputra Karya (PT SK).
PT SK is a limited liability company incorporated in Indonesia and an indirect wholly-owned subsidiary of PT Lippo Karawaci Tbk, a company incorporated in Indonesia and the sponsor of First REIT.
Under the agreement, First REIT will divest a plot of land (Plot B), owned by PT Tata Prima Indah (PT TPI), a limited liability company incorporated in Indonesia and an indirect wholly-owned subsidiary of First REIT, to PT SK.
First REIT will acquire the new hospital to be built pursuant to the Development Works from PT SK, as well as the proposed master lease of the New SHS to the Sponsor and the termination of the existing master lease agreement between PT TPI (as the master lessor of the existing Siloam Hospitals Surabaya and the Sponsor.
First REIT will also divest the Existing SHS which is owned by PT TPI to PT SK.