SINGAPORE (Yosefardi) – Lippo Malls Indonesia Retail Trust (LMIR Trust) has completed the acquisition of Lippo Plaza Batu (LPB), a retail mall located in Batu City, Indonesia and the acquisition of all of the shares of PT Griya Inti Sejahtera Insani (PT GISI).
PT GISI in turn owns Palembang Icon, a five-level (including one basement level) retail mall and a sports centre with a net lettable area (NLA) of 35,797 sq m, located in the city of Palembang, South Sumatera, Indonesia.
With the completion of the LPB Acquisition, LMIR Trust’s portfolio has been enlarged and now comprises eighteen (18) high-quality retail malls and seven (7) retail spaces located within other malls located in Indonesia.
The cash portion of the purchase consideration for the LPB Acquisition is financed from internal cash reserves and part of the proceeds raised from the issuance of the S$75,000,000 4.10% Notes due 2020 pursuant to the $750,000,000 Guaranteed Euro Medium Term Note Programme established by LMIRT Capital Pte. Ltd. (a wholly-owned subsidiary of LMIR Trust) announced on 16 June 2015.
The remainder of the LPB Purchase Consideration, which will be satisfied via the issuance of new units in LMIR Trust, is expected to be fully paid within 20 business days from the date of completion of the LPB Acquisition.