Investor Presentaiton
Acquisition of Lippo Mall Puri
Overview of the Property
■The acquisition of Lippo Mall Puri was completed on 27 January 2021. Total acquisition cost of S$382.4mn (1) was funded by: S$260.2mn
from part of rights issue proceeds, and S$120.0mn comprising bank debt (S$80.0mn) and Vendor Financing (S$40.0mn).
LIPPOMALL
Year of
Completion
GFA
NLA
Occupancy Rate
July 2014
Approximately 175,146 sq m
116,014 sq m as at 30 Jun 2020 (122,862 sq m upon restoration of
the P2 Space)
91.9% as of 30 Jun 2020 (89.9% upon restoration of the P2 Space);
90.8% as of 30 Sep 2020 (88.8% upon restoration of the P2
Space)(2)
No. of Tenants
As at 30 Jun 2020: 333; As at 30 Sep 2020: 325
WALE by NLA
As at 30 Jun 2020: 3.4 years; As at 30 Sep 2020: 3.5 years
GFA = Gross Floor Area; NLA = Net Lettable Area; WALE = Weighted Average Lease Expiry
(2) As at 30 Sep 2020, after adjusting for any tenants that have given early termination notices but are still physically operating within the Property, and including any new leases signed to occupy retail spaces
that will be vacated as a consequence of such early termination, the Property's adjusted occupied area amounts to 103,124 sq m and consequently, the adjusted occupancy rate stands at 85.6% excluding P2
Space. Including P2 Space, the Property's adjusted occupancy rate stands at 83.9%.
Located in West Jakarta, an area with good supply-demand dynamics
✔ Only mall in the St Moritz Jakarta Integrated Development, the largest mixed-use development in West Jakarta
✔ One of the top 10 retail malls in Indonesia in terms of shopper traffic and social media searches
Approximately 1.5 million residents and estimated working population of more than 670,000 workers (3)
Still in growth phase
Good leasing-up opportunities
Potential positive rental reversion
Comes with Vendor Support till end-2024
◉
Vendor is committed to lease certain vacant leasable space
☐
Guaranteed NPI of Rp340bn per annum from completion till 31 Dec 2024
(1)
(3)
This refers to cash portion and excludes the Acquisition Fee of approximately $$1.7 million which will be paid through the issue of Acquisition Fee Units.
According to estimates provided in the Independent Retail Property Review and Competitive Analysis for Lippo Mall Puri, West Jakarta, Indonesia prepared
by Savills Valuation and Professional Services (S) Pte Ltd dated 26 Aug 2020 on the primary catchment area of Lippo Mall Puri.
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