SINGAPORE (Indonesia Today) – First Real Estate Investment Trust (First REIT) has entered into conditional sale and purchase agreements for the proposed acquisition of two new properties in Indonesia.
??This move will boost First REIT???s portfolio to span 12 properties across 3 regions, with a total asset size worth S$782.2 million.
The proposed acquisitions ??? comprising an integrated hospital and hotel in Manado, and another hospital in Makassar in Indonesia???s southern province of Sulawesi ??? will be purchased from two wholly-owned units of PT Lippo Karawaci Tbk (First REIT???s sponsor) for a combined purchase consideration of approximately S$142.9 million.
The acquisition of Siloam Hospitals Manado & Hotel Aryaduta Manado at a consideration of S$83.6 million will be funded by a combination of committed debt and proceeds from a proposed private placement exercise to be carried out by Bowsprit Capital Corporation Ltd as manager of First REIT, whereas the purchase of the S$59.3 million Siloam Hospitals Makassar will be financed entirely by a drawdown of committed debt. (Indonesia Today)