Lippo Mall Puri in West Jakarta sells for US$262 million

Reit Lippo Malls Indonesia Retail Trust (LMIRT) plans to buy Lippo Mall Puri in West Jakarta for US$261.6 million.

LMIRT Management, which runs LMIRT, said in a statement it has entered into a conditional sale-and-purchase agreement for the 115,600sqm mall, which will boost the Reit’s total net lettable area by about 10 per cent. Settlement is scheduled for the second half of this year.

Lippo Mall Puri has seven floors of retail space – five above ground and two basement levels. The mall currently has 324 tenants including Uniqlo, Zara, Marks & Spencer, H&M, Best Denki and Adidas. It is anchored by Parkson and Matahari department stores and also includes dining, cinema and entertainment zones. At the end of last year it had an occupancy rate of 89.6 per cent.

The property’s current owner is Mandiri Cipta Gemilang, which will provide ongoing support after the sale is completed.

LMIRT Management CEO Gouw Vi Ven says that since Lippo Mall Puri was completed in July 2014, the average monthly footfall has grown from 176,000 to nearly 1.22 million.

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