SINGAPORE (July 21): First Real Estate Investment Trust (First REIT) – managed by Bowsprit Capital Corporation – today announced that its subsidiary, SHButon Investment I, has entered into a conditional sale and purchase agreement with PT Andromeda Sakti, a subsidiary of PT Lippo Karawaci Tbk, to acquire an integrated property on Buton Island, Indonesia.

The integrated property comprises Siloam Hospitals Buton with ancillary healthcare-related space (SHBN) as well as a connected mall, Lippo Plaza Buton (LPB) and is worth about $28.5 million, after a 2.4% discount from $29.2 million.

The acquisition will be funded by a combination of a drawdown from First REIT’s committed debt facilities and internal cash.

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