Lippo Karawaci sells two malls for Rp 1.28 trillion
JAKARTA - PT Lippo Karawaci Tbk (LPKR) earned $ 124.3 million, equivalent to Rp1.28 trillion from the sale of two malls by LMIRT Management Ltd. to NWP Retail. The two malls sold are Pejaten Village and Binjai Supermall.
As reported by Bisnis, ownership in Pejaten Village was released for S$ 96.8 million or Rp 997.4 billion. While Binjai Supermall was released at S$ 27.5 million or Rp 283.3 billion.
"This divestment provides flexibility in terms of liquidity to invest in new assets, return cash to shareholders, or explore other investment opportunities," said James Liew, REIT's Chief Executive Officer manager as quoted from Bisnis.
James said this transaction reflects the strong attractiveness of the Indonesian retail market driven by strong economic growth, a growing middle class and demographic of young population. (LM)