LIPPO Malls Indonesia Retail Trust is looking to acquire Lippo Mall Puri in West Jakarta for 3.70 trillion rupiah , financed with a combination of debt and equity financing, the Reit's manager said in a regulatory filing.
Through the move, LMIRT looks to boost its assets by 19 per cent to 23.21 trillion rupiah from 19.51 trillion rupiah. It will also increase its total net lettable area by 12.69 per cent to 1.0 million square metres , from 910,749 sq m. “To ensure a smoother completion process and to better protect the interest of the unitholders, the timing of any fundraising exercise to finance this acquisition will take into account the timing of the issuance of the strata title certificates for the mall,” Ms Gouw said.
Lippo Mall Puri, which is LMIRT’s “largest acquisition to date”, has a total NLA of about 115,600 sq m. It comprises two eight-storey buildings and two lower ground floors, with its retail space distributed over five floors and the two lower ground floors. The remaining floor area is occupied by a car park and two retail walkways, which will not be part of this acquisition, according to the statement.