The entry into the new agreement will ensure continuity in the management of the retail malls, says LMIRT’s manager. The property manager has also displayed a track record of keeping the occupancy of the properties at healthy and stable levels and has maintained consistently high levels of tenant retention rates. The continued appointment will benefit LMIRT, the manager explains.
Lippo Malls Indonesia Retail Trust (LMIRT) has, through its trustee Perpetual (Asia), entered into a master property management agreement with its manager and PT Lippo Malls Indonesia (LMI) to appoint LMI as property manager of the REIT’s properties in Indonesia.
The agreement is for a term of 22 months starting from Nov 14. LMI is the same property manager for LMIRT’s properties under the current agreement, which will expire on Nov 13.
