The manager of First Real Estate Investment Trust (REIT) has announced that the REIT, through its unit PT Tata Prima Indah (PT TPI), entered into a proposed joint arrangement and asset swap with PT Saputra Karya (PT SK) in relation to the development works of the new Siloam Hospitals Surabaya and the divestment of the existing Siloam Hospitals Surabaya.
PT Saputra Karya is a unit of PT Lippo Karawaci, the sponsor of First REIT.
Located in the heart of Surabaya, the existing hospital was established in 1977. The proposed joint arrangement and asset swap will enable the REIT to rejuvenate its property portfolio by divesting its oldest asset and acquire a new hospital.
Under the proposed joint arrangement, PT TPI will initially sell a plot of land it owns which is adjacent to the existing hospitals known as Plot B to PT SK. Development works will take place on Plot B as well as well as the sponsor’s land next to it.
Lippo Karawaci intends to build a mixed development comprising the new hospital, a private school, an ancillary mall, a hotel and apartment, as well as car park spaces.
Upon completion of the new hospital and obtaining the necessary hospital permits and licences, PT TPI will acquire the new hospital and divest itself of the existing one.
The development works are not expected to cause any major disruptions to the operations of the existing hospital and First REIT will continue to receive rental income from the sponsor throught the course of the development works.
Units in First REIT closed at $1.345 on Oct 20.
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PT Saputra Karya is a unit of PT Lippo Karawaci, the sponsor of First REIT.
Located in the heart of Surabaya, the existing hospital was established in 1977. The proposed joint arrangement and asset swap will enable the REIT to rejuvenate its property portfolio by divesting its oldest asset and acquire a new hospital.
Under the proposed joint arrangement, PT TPI will initially sell a plot of land it owns which is adjacent to the existing hospitals known as Plot B to PT SK. Development works will take place on Plot B as well as well as the sponsor’s land next to it.
Lippo Karawaci intends to build a mixed development comprising the new hospital, a private school, an ancillary mall, a hotel and apartment, as well as car park spaces.
Upon completion of the new hospital and obtaining the necessary hospital permits and licences, PT TPI will acquire the new hospital and divest itself of the existing one.
The development works are not expected to cause any major disruptions to the operations of the existing hospital and First REIT will continue to receive rental income from the sponsor throught the course of the development works.
Units in First REIT closed at $1.345 on Oct 20.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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