Lippo Malls Indonesia Retail Trust says it plans to acquire Pluit Village, a five-level retail mall located in the city of Jakarta, Indonesia, from Excel Investment and Grand Investment Limited for Rp.1,600.0 billion ($229.7 million) and Plaza Medan Fair, a four-level retail mall with one basement level located in Medan, North Sumatra, Indonesia for Rp.1,050.0 billion ($150.8 million) from Asiana Investment.
LMIR Trust says the acquisitions represent an opportunity for LMIR Trust to acquire income producing quality properties below their independent valuations. The NPI yields of Pluit Village and Medan Fair for the financial year ended 31 December 2010 (FY2010) and the six-month period ended 30 June 2011 (6M2011) (annualised), based on their respective purchase considerations, are 10.8% and 7.4% respectively for Pluit Village and 7.4% and 8.5% respectively for Medan Fair.
Lippo Malls Indonesia Retail Trust says the total acquisition cost of $383.1 million will be funded through the rights issue of 1,086,516,497 new units at an issue price of $0.31 each on the basis of one rights unit for every one existing unit held by unitholders.
The Pluit Village acquisition is deemed an interested person transactions as Grand Investment is 46% held by an associate of a controlling unitholder/shareholder LMIR Trust and will require shareholders’ approval.
No comments:
Post a Comment