Lippo Malls Indonesia Retail Trust property, Palembang Icon. (Photo: Lippo Malls Indonesia Retail Trust)

Lippo Malls Indonesia Retail Trust (LMIRT) announced on 25 August that it has re-opened seven more malls in its portfolio.

The re-opened assets are namely Plaza Medan Fair, Palembang Icon, Palembang Square, Palembang Square Extension, Lippo Plaza Ekalokasari Bogor, Lippo Plaza Jogja, Sun Plaza, and two retail spaces – Metropolis Town Square and Java Supermall.

These re-opened malls are in addition to the 12 announced on 18 August.

With the latest re-openings, 19 of the REIT’s retail malls, and four retail spaces are now operating.

However, the properties are subject to precautionary measures such as 50% mall capacity, proof of first dose vaccination, and 25% dine-in capacity for food and beverage outlets.

The REIT’s remaining three retail malls and three retail spaces remain under the existing restrictions whereby only essential services, such as supermarkets, pharmacies, banks and clinics, are allowed to operate at 50% capacity limit.

Restaurants and cafes at these unopened assets can continue to operate to offer delivery and take-away services.

LMIRT, along with the respective property managers, are working closely together on proactive retailer engagements with occupancy rate and future collections being the prime focus, said the REIT.

It will roll out marketing campaigns together with the retailers to drive recovery within the malls, the REIT added.

LMIRT was last done on the Singapore Exchange at SGD0.062, which currently implies a distribution yield of 5.81% according to data compiled on the Singapore REITs table.

By Shariffa Al-Habshee

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