First REIT, LMIRT buy integrated properties for $88.1m

Siloam Hospitals Yogyakarta was bought for $27m.

A joint venture (JV) between First REIT (FREIT) and Lippo Malls Indonesia Retail Trust (LMIRT) bought an integrated property with Siloam Hospitals Yogyakarta (SHYG) and Lippo Plaza Jogja for $88.1m.

FREIT will own the rights to the assets and revenue of Siloam Hospitals Yogyakarta, whilst LMIRT will own the rights to the assets and revenue of Lippo Plaza Jogja.

Lippo Plaza Jogja was bought for $61.1m, whilst SHYG was bought for $27m.

The hospital has a gross floor area of 12,474 sqm. with a maximum capacity of 220 beds.

OCBC analyst Joseph Ng said the transaction adds to the companies' value because SHYG could have a rental yield of 9% based on the initial base rent of $2.43m per annum.