Courts Asia acquires building in Jakarta from Sinarmas Land

Singapore

COURTS Asia's wholly-owned subsidiary, PT Courts Retail Indonesia (PTCRI), has acquired the KHI Building in Jakarta, Indonesia, from a subsidiary of Sinarmas Land for around 97.56 billion rupiah (S$9.36 million), as it looks to restructure its store format in the country.

PTCRI, as lessee, has also mutually agreed with PT Garwita Sentra Utama - which is a subsidiary of Singapore Exchange-listed Sinarmas Land - to terminate two existing leases, namely the existing lease of KHI Building where Courts Kota Harapan Indah (KHI) Megastore is located; and the existing lease of a plot of land and building in Tangerang, where the Courts Bumi Serpong Damai (BSD) City Megastore is located. As such, PTCRI has to pay a penalty of 38.7 billion rupiah and forfeit a security deposit of around 14.38 billion rupiah.