Singapore-headquartered Lippo Malls Indonesia Retail Trust is to buy two shopping centres in Indonesia.
The properties are Palembang Icon and Lippo Plaza Batu, together worth $83.33 million (or Rp1.06 trillion).
The Batu City mall is a small centre with 12,324 sqm net lettable area but includes the right to build an additional 6500 sqm of space on the rooftop. Batu City is in Malang province in East Java with a population of 190,000.
Palembang Icon is a five-storey 35,797 sqm retail mall equipped with a sports centre, located in Palembang City in South Sumatera.
LMTR says the retail malls will be bought at prices less than independent valuations and they have stable tenants.
