First Reit completes joint acquisition with Lippo Malls Indonesian Retail Trust
MAINBOARD-LISTED First Real Estate Investment Trust (Reit) has completed a joint acquisition with Lippo Malls Indonesian Retail Trust (LMIR Trust) of a property in Yogyakarta.
On Friday, the company said in a bourse filing that the collaboration was completed after getting approval from unitholders on Wednesday.
On Oct 13, the company announced a proposed deal with LMIR Trust for an integrated development comprising a hospital component known as Siloam Hospitals Yogyakarta and a retail mall component known as Lippo Plaza Jogja from PT Mulia Citra Abadi.
With the completion of the Yogyakarta transaction, First Reit's portfolio has been enlarged and now comprises 20 properties located in Indonesia, Singapore and South Korea, it said on Friday.
The total purchase consideration of S$27 million payable by First Reit for the transaction and value-added tax of S$2.57 million was financed from drawdown from a bank loan obtained by First Reit.
First Reit closed at S$1.39 on Friday, down two Singapore cents or 1.4 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
China megabanks kick off 60 billion yuan loss-absorbing bond sales
Capital A’s Teleport targets rapid growth after airline spinoff
Uber Eats to buy foodpanda Taiwan business from Delivery Hero
Cordlife shareholders vote to remove three directors including acting chair Ho Choon Hou from board
Fraud concerns raise red flags for India’s booming tiny IPOs
SingPost, Lithuania Post ink MOU to advance global postal network