Lippo Mall Puri in West Jakarta sells
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Reit Lippo Malls Indonesia Retail Trust (LMIRT) plans to buy Lippo Mall Puri in West Jakarta for US$261.6 million.
LMIRT Management, which runs LMIRT, said in a statement it has entered into a conditional sale-and-purchase agreement for the 115,600sqm mall, which will boost the Reit’s total net lettable area by about 10 per cent. Settlement is scheduled for the second half of this year.
Lippo Mall Puri has seven floors of retail space – five above ground and two basement levels. The mall currently has 324 tenants including Uniqlo, Zara, Marks & Spencer, H&M, Best Denki and Adidas. It is anchored by Parkson and Matahari department stores and also includes dining, cinema and entertainment zones. At the end of last year it had an occupancy rate of 89.6 per cent.
The property’s current owner is Mandiri Cipta Gemilang, which will provide ongoing support after the sale is completed.
LMIRT Management CEO Gouw Vi Ven says that since Lippo Mall Puri was completed in July 2014, the average monthly footfall has grown from 176,000 to nearly 1.22 million.
Questions & Answers
Q.Which company currently owns Lippo Mall Puri before this sale?
Which company currently owns Lippo Mall Puri before this sale?
The property's current owner is Mandiri Cipta Gemilang. This entity will also continue to provide support for the mall even after the sale is officially completed.
Q.What is the total retail space of Lippo Mall Puri and how many floors does it have?
What is the total retail space of Lippo Mall Puri and how many floors does it have?
Lippo Mall Puri has a total of 115,600 square metres of retail space. The mall comprises seven floors, with five situated above ground and two levels located in the basement.
Q.How much will this acquisition increase the total net lettable area for the Reit?
How much will this acquisition increase the total net lettable area for the Reit?
The acquisition of Lippo Mall Puri is expected to boost LMIRT's total net lettable area by approximately 10 per cent. This significant increase contributes to the Reit's overall portfolio.
Q.When is the transaction for Lippo Mall Puri expected to be finalised?
When is the transaction for Lippo Mall Puri expected to be finalised?
The settlement for the sale of Lippo Mall Puri is currently scheduled to take place in the second half of this year. This timing marks the planned completion of the conditional sale-and-purchase agreement.
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