First REIT still in talks for Yogyakarta integrated development

The process is taking longer than anticipated.

First REIT is still in talks with Lippo Malls Indonesia Retail Trust (LMIRT) for an integrated development comprising a hospital and a retail mall in Yogyakarta.

According to First REIT, the process has taken longer than expected due to the unique structure of the acquisition. This is the first time that FREIT and LMIRT are jointly acquiring an integrated development with both hospital and retail mall assets.

The vendor is wholly-owned by PT Lippo Karawaci, which is the sponsor of both FREIT and LMIRT.

Separately, First REIT also revealed that it has managed to obtain an extension of the Hak Guna Bangunan (HGB) title from the National Land Office of Indonesia for its Siloam Hospitals Kebon Jeruk for a period of 20 years to 10 Aug 2037.