LMIRT unitholders question size, timing of Lippo Mall Puri acquisition

Singapore

UNITHOLDERS of Lippo Malls Indonesia Retail Trust (LMIRT) on Wednesday night grilled the real estate investment trust (Reit)'s manager over the pricing and timing of a proposed asset purchase. At a virtual dialogue organised by the Securities Investors Association (Singapore) (Sias), they also raised questions about the Reit's gearing level and the dilutive effects of the transaction.

LMIRT is proposing to buy the strata title units of a mall in West Jakarta called Lippo Mall Puri, from the Reit's sponsor Lippo Karawaci, for approximately S$336.5 million. The deal is a sizeable one given LMIRT's market cap of S$242.9 million.