Singapore listed Healthcare REIT First REIT (SGX:AW9U) looks set to add two more private Indonesian hospitals under its belt. Siloam Hospitals Bali and Siloam Hospitals TB Simatupang will be acquired from Indonesian conglomerates PT Buana Mandiri Selaras and Evodia Strategic Investment Limited respectively.

The acquisition brings First REIT count of properties in Indonesia to 10.

The properties have been valued at between S$113 million and S$104.3 million by independent surveyors. First REIT will acquire the properties at a purchase price of S$97.3 million and S$93.1 million each.

First REIT has not confirmed the method upon which the acquisitions will be funded. But it is expected that they will partly be from draw downs in the REIT's committed debt debt facilities.

First REIT has indicated that the acquisitions have been proposed given the fact that the properties are to be acquired below valuation prices and will increase the REIT's geographic diversification. The properties will also increase First REIT's total asset size and increase its profile among international investors.

Oversea-Chinese Banking Corporation Limited has been appointed as the financial adviser for the acquisitions.