LMIRT completes divestment of Binjai Supermall for 262b rupiah

THE manager of Lippo Malls Indonesia Retail Trust (LMIRT) said on Monday that it had completed the divestment of Binjai Supermall for 262 billion rupiah (S$24.5 million).

In accordance with the revised conditional sale-and-purchase agreement, 10 per cent of the consideration has been deposited in an escrow account to be held for up to 90 days, pending the assignment or novation of at least 80 per cent of the tenant leases of the Binjai Property from vendor to the purchaser.

The refundable deposit of 5.4 per cent of the consideration, paid by the buyer on Dec 30, 2019, has been refunded to the buyer as well.

Following the completion of the divestment of Pejaten Village, a development announced last month, and the latest Binjai divestment, LMIRT now has 21 retail malls and seven major retail spaces located within other malls in Indonesia.