Lippo Malls Indonesia Retail Trust's property, Lippo Malls Kemang. (Photo: Lippo Malls Indonesia Retail Trust)Lippo Malls Indonesia Retail Trust's property, Lippo Malls Kemang. (Photo: Lippo Malls Indonesia Retail Trust)

Singapore-listed retail REIT, Lippo Malls Indonesia Retail Trust (LMIRT) (SGX:D5IU), has received approval from the Singapore Exchange to list 67,567,000 new units.

The units will be issued to Indonesian companies PT Sukses Indah Kencana as partial payment for the acquisition of Lippo Plaza Batu and PT Karya Dinamika Sukses, for the partial payment of Palembang Icon.

The rest of the payment for the acquisitions will be financed from LMIRT’s internal cash reserves and part of the proceeds raised from the issuance of the SGD75 million 4.10% notes due 2020.

Lippo Plaza Batu is a retail mall located in Batu City, Indonesia while Palembang Icon is a five-level retail mall with 35,000 square metres of space.

The new units will be issued at a price of SGD0.37 a piece, said LMIRT in a statement issued 27 July.

Units of LMIRT closed the trading day 2.7% lower from the previous session to end at SGD0.36.

Lippo Malls Indonesia Retail Trust's property, Lippo Malls Kemang.
Lippo Malls Indonesia Retail Trust's property, Lippo Malls Kemang.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.