LMIR Trust renegotiates price to buy Lippo Mall Puri

Indonesian currency Rupiah on hold by a cashier. Photo: Reuters

Lippo Malls Indonesia Retail Trust’s (LMIRT) agreement to acquire the West Jakarta-based Lippo Mall Puri from Lippo Karawaci has been adjusted in the wake of the COVID-19 pandemic’s disruptions, the Singapore-listed REIT said Monday.

The deal is now priced at 3.5 trillion rupiah, or around S$330.2 million ($243.2 million), compared with the March 2019 announcement’s pricing of 3.7 trillion rupiah, which at the time was around S$325.4 million. The price compares with LMIRT’s net asset value of S$1.08 billion as of end-2019, the trust said.

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