At the same time, the REIT agreed to divest three non-hospital assets for IDR1.1 trillion or $82.4 million. The divestment comprises the sale of Lippo Plaza Baubau (LPB) and Hotel Aryaduta Manado (HAMD) to PT Lippo Karawaci Tbk (LK) and a prepaid lease agreement in respect of Lippo Plaza Kupang (LPK) with PT Bumi Sarana Sejahtera, a wholly-owned subsidiary of PT Metropolis Propertindo Utama (MPU).
First REIT has proposed to divest its assets in Indonesia for a total agreed property value of $471.5 million.
On April 1, the REIT announced that it had entered into definitive agreements to sell eight hospital assets to Siloam for IDR5.1 trillion or $389.2 million. The hospitals are: Siloam Sriwijaya, Siloam Hospitals Purwakarta, Siloam Hospitals Lippo Village, Siloam Hospitals Kebon Jeruk, Siloam Hospitals Bali, Siloam Hospitals Kupang, Siloam Hospitals Baubau and Siloam Hospitals Manado. The amount represents a 2.8% premium to the average of two latest independent valuations, says the REIT.
