NOTES TO THE FINANCIAL STATEMENTS
(CONT’D)
31 DECEMBER 2015
32.
EVENTS AFTER THE END OF THE REPORTING YEAR
(i)
On 4 January 2016, the Group drew down a $100,000,000 term loan, maturing on 4 January 2019,
at 2.0% interest margin over the relevant swap rate. The proceeds were used to repay the existing
$100,000,000 bridging loan, which matured on 4 January 2016 (Note 22A).
(ii)
On 8 January 2016, the Trust, through Kuta1 Holdings Pte Ltd, entered into a conditional sale and
purchase agreement (the “Property CSPA”) with PT Pamor Paramita Utama, an indirect wholly owned
subsidiary of PT Lippo Karawaci Tbk, for the acquisition of Lippo Mall Kuta for a total estimated purchase
consideration of $92,700,000.
(iii)
On 3 February 2016, the Trust has entered into a joint venture with First Real Estate Investment Trust
(“First REIT”) for a proposed joint acquisition of an integrated development, comprising a hospital
component known as “SiloamHospitals Yogyakarta (“SHYG”) and a retail mall component known as Lippo
Plaza Jogja (“LPJ”, together with “SHYG”, the “Property”) for a total estimated purchase consideration of
$91,800,000.
The above proposed acquisitions in (ii) and (iii) are subject to the approval by Unitholders to be given
at an Extraordinary General Meeting to be held on as soon as practicable.
(iv)
On 23 February 2016, a final distribution of 0.81 cents per unit was declared totalling $22,691,000, in
respect of the quarter ended 31 December 2015.
(v)
The Trust acquired Lippo Mall Kemang (“LMK”) before Strata Title Certificates relating to LMK were
issued. As protection for the Unitholders, the Trustee, together with PT Almaron Perkasa (the vendor of
LMK, which is 92% owned by the Sponsor), and PT Wisma Jatim Propertindo (“PT WJP”) (a wholly-owned
subsidiary of the Sponsor), had on 14 September 2014 entered into a Put Option Agreement. The
agreement provides that if the Strata Title Certificates relating to LMK are not issued in the name of PT
Kemang Mall Terpadu (“PT KMT”) on the expiry of 12 months from the date of the LMK Conditional Sales
and Purchase Agreement, the Trustee will have the Put Option to require PT WJP and/or other entities
appointed by PT WJP, which are agreeable to the Trustee, to purchase the Trust’s entire shareholding
interest in PT KMT at the Put Option price.
The Put Option Extension resolution was duly passed during the extraordinary general meeting of the
Unitholders of the Trust on 7 December 2015.
The Manager had assessed the fair value of the Put Option to be not material as at 31 December 2015.
On 10 March 2016, the Trust received the Strata Title Certificates (Sertificat Hak Milik Satuan Rumah
Susun) which constitutes legal title to LMK. These Strata Title Certificates are registered under the name
of PT KMT on 3 March 2016.
LIPPO MALLS INDONESIA RETAIL TRUST
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