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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.

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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.