LMIRT to acquire Indonesian firm for S$32.2m

LMIRT Management Ltd, manager of Lippo Malls Indonesia Retail Trust (LMIRT), said the Reit has agreed to acquire the entire issued share capital of PT Mitra Anda Sukses Bersama (PT MASB) from its owners for 310 billion rupiah (S$32.2 million).

Conditional share purchase agreements were entered into on Monday by two wholly owned subsidiaries of LMIRT with PT Metropolis Propertindo Utama and PT Metropolis Prima Sentosa - two Indonesian companies that collectively own 100 per cent of PT MASB.

PT MASB has a 30-year build-operate-transfer (BOT) agreement with the government of Southeast Sulawesi dated July 7, 2011 for a piece of land comprising retail mall, an open vehicle parking area, driveways, drop-off areas, pavements and loading dock areas.

The mall, called Lippo Plaza Kendari, is a four-storey shopping mall with a car park area, with a net lettable area of 21,008 sq m.