<article>Singapore listed company <a style="color: #000080;" href="http://www.lmir-trust.com/" target="_blank">Lippo Malls Indonesia Retail (LMIR) Trust</a> has agreed to acquire two malls, Lippo Plaza Batu and Palembang Icon for $83.33 million (Rp1.06 trillion).</article>

Singapore listed company <a style="color: #000080;" href="http://www.lmir-trust.com/" target="_blank">Lippo Malls Indonesia Retail (LMIR) Trust</a> has agreed to acquire two malls, Lippo Plaza Batu and Palembang Icon for $83.33 million (Rp1.06 trillion).
LMIR Trust is planning to fund the two acquisitions with a combination of its internal cash resources, debt, and the issue of new units as currency.
The first proposed acquisition is a small retail mall that’s located in Batu City, a small city seated in the province of Malang in East Java with a population of about 190,000. The acquisition includes, the right for LMRT to build an additional 6,500 square metres of net lettable area on the roof of the mall as part on-going asset enhancement works.
The new space is substantial given that Lippo Plaza Batu has an existing net lettable area of 12,324 square metres. LMIR Trust is looking to acquire the mall for around $19.93 million (Rp265 billion).
The second acquisition is of Palembang Icon, a 35,797 square metre retail mall that’s equipped with a sports centre and is located in the City of Palembang in South Sumatera. The acquisition of Palembang Icon will cost LMIR Trust roughly $59.40 million (Rp790 billion).
LMTR believes the retail mall assets are acquired at discounts to independent valuations, while offering stable occupancy and leasing up opportunities.
Lippo Plaza Batu is a three-level retail mall in in Batu City with a net lettable area (NLA) of 12,324 square meters. An additional 6,500 square meters of NLA to be built on the roof level as part of the on-going asset enhancement works.
Palembang Icon is a five-level retail mall and a sports centre with a net lettable area (NLA) of 35,797 square meters, located in the city of Palembang, South Sumatera.
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Singapore listed company Lippo Malls Indonesia Retail (LMIR) Trust has agreed to acquire two malls, Lippo Plaza Batu and Palembang Icon for $83.33 million.

LMIR Trust to acquire 2 malls for $83.3m in Indonesia

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LMIR Trust to acquire 2 malls for $83.3m in Indonesia

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