Indonesia-focused retail REIT, Lippo Malls Indonesia Retail Trust (LMIRT), is acquiring a 115,000 square-metre property in Jakarta for IDR3.7 trillion (USD260 million).

The property, Puri Mall, is being acquired from PT Mandiri Cipta Gemilang, a wholly-owned subsidiary of the REIT’s sponsor, PT Lippo Karawaci.

The property comprises two eight-storey buildings and two lower ground floors, and will be the REIT’s largest acquisition to date in terms of net lettable area.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.