Unveiling First REIT 2.0: Our New Growth Strategy
TRANSACTION SUMMARY & RATIONALE
Transaction Summary (1)
Full and Final Settlement of any and all claims which PT TPI may have against PT SK in respect
of the Progress Payments, the Interests and the Project Expenses
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To Receive Settlement fees and claims for the Terminated Development Works Agreement*
with PT Saputra Karya
("PT SK"), an indirect wholly-owned subsidiary of PT Lippo Karawaci Tbk ("LPKR”)
(*Works had been delayed since 2018 due to road subsidence and agreement was mutually
terminated in June 2020)
Aggregate settlement amount:
S$30.6mm
Comprising:
•
•
Equivalent of S$27.0mm in progress payments,
Equivalent of S$2.7mm in interest, and
S$0.9mm in project expenses incurred, in relation to the
Development Works Agreement
Transaction Benefits
1 Immediately strengthens financial position
Proposed Settlement will strengthen capital structure and
allow capital recycling towards higher-growth areas:
Proceeds may be used to repay debt, finance capital
expenditure and asset enhancement works and/or to
finance general corporate and working capital requirements
(1)
+
2
De-risks portfolio, ensuring greater focus
and resilience
Proposed Settlement puts a finality for the delayed project:
Previously planned works to rejuvenate the mature asset, Siloam
Hospitals Surabaya, have been delayed since late 2018.
Restarting works will be complex and could cause further delays in
obtaining cashflow from this facility
For further details on the Proposed Settlement, please refer to Paragraph 5 of the announcement "Proposed Acquisition of 12 Nursing Homes Located in Japan and the Proposed Settlement in Respect of the Terminated Development Works Adjacent to Siloam Hospitals
Surabaya" dated 8 December 2021
FIRST" REIT
ASIA'S PREMIER HEALTHCARE TRUSTView entire presentation