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First Reit completes Siloam Hospitals Buton, Lippo Plaza Buton purchase

FIRST Real Estate Investment Trust (First Reit) has completed its acquisition of Siloam Hospitals Buton and Lippo Plaza Buton, it announced on the Singapore Exchange late on Tuesday.

This meant that First Reit's portfolio has grown and is now made up of 19 properties located in Indonesia, Singapore and South Korea.

The total purchase consideration of S$28.5 million for the Buton Property and value-added tax of S$2.71 million was financed from internal cash and a drawdown from a bank loan obtained by First Reit.

It was on July 20that Bowsprit Capital Corporation, in its capacity as manager of First Reit, announced that the company, through a wholly owned unit, had agreed to acquire the property, located on Buton Island in Indonesia, from Andromeda Sakti.

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It comprises Siloam Hospitals Buton with ancillary healthcare-related space and a connected retail mall, Lippo Plaza Buton.

Andromeda Sakti is an indirect wholly owned subsidiary of Lippo Karawaci, the sponsor of First Reit.

This is the trust's second acquisition comprising a hospital and a connecting retail mall, following the acquisition of the Kupang Property in 2015.