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Lippo Karawaci secures S$ 124.3 million from divestment of two shopping centres

08 January 2020 14:51

JAKARTA - PT Lippo Karawaci Tbk (LPKR) has pocketed S$ 124.3 million (Rp 1.28 trillion) from the divestment of its stakes in shopping centres Pejaten Village and Binjai Supermall to NWP Retail.

The transaction was carried out by Lippo Malls Indonesia Retail Trust Management Ltd or LMIRT, a Singapore-based real estate investment trust owned by Lippo Group.

“Lifestyle malls will continue to be a core part of our business and we will continue to work to manage our assets in a proactive manner to improve valuations, identify investment opportunities and unlock shareholder value,” said Lippo Karawaci CEO John Riady in an official statement, Wednesday (8/1).

“Our vision is to continue to enhance strategies at our subsidiaries to unlock additional value.”

As previously reported by IDNFinancials.com, Lippo Karawaci offloaded its ownership in Pejaten Village for S$ 96.8 million (Rp 99.74 billion) and Binjai Supermall for S$ 27.5 million (Rp 283 billion) to NWP Retail, a joint venture between US-based private equity firm Warburg Pincus and PT City Retail Development.

NWP Retail has plans to acquire three more Lippo-owned shopping centres, namely Central Plaza in Bandar Lampung, Duta Plaza in Denpasar, and Cimanggis Square in Depok. (MS)

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