First REIT has extended the closure on two of its properties amid the worsening coronavirus situation in Indonesia.
The properties are namely Lippo Plaza Kupang, and Lippo Plaza Buton.
The master tenants and operators of these properties will close all retail spaces except for essential services till 28 April 2020.
This temporary closure may be further extended depending on measures taken by local authorities, and the situation with the spread of Covid-19 in Indonesia, said the REIT.
Certain essential services such as supermarkets, pharmacies and clinics remain open with operating hours from 11.00 am to 8.00 pm.
First REIT stressed that the closures affect only retail spaces which comprise a small proportion of its portfolio, which is predominantly healthcare-related.
“As the situation remains uncertain, it is currently difficult for the manager to ascertain the full financial impact of the outbreak on the financial performance of First REIT”, it said.
“Nevertheless, First REIT remains in compliance of its debt financial covenants and has adequate financial reserves to fulfil its obligations in the foreseeable future”, it added.