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Lippo Malls Indo Q1 DPU rises 16.2% with boost from new asset

LIPPO Malls Indonesia Retail Trust's first-quarter distribution per unit rose 16.2 per cent to 0.79 Singapore cents as it enjoyed a full quarter of contribution from a Jakarta shopping centre.

Distributable income increased by 28.4 per cent to S$21.5 million during the quarter as net property income grew 25.6 per cent to S$39 million.

Total gross revenue was up 24.7 per cent to S$42 million, as the the real estate investment trust (Reit) received a full quarter of contribution from Lippo Mall Kemang, which was acquired at the end of 2014.

Occupancy of the trust's malls was 94.2 per cent.

The trust said that the outlook for quality retail spaces in Indonesia is promising in the next 12 months with both local and foreign players expected to remain active.