LippoMalls Indonesia Retail Trust (“LMIR
Trust”) is the only Indonesian retail
estate investment trust (“REIT”) listed
on the SGX-ST on 19 November 2007.
It aims to provide exposure to
Indonesia’s growing retail property
sector. It is establishedwith the principal
objective of owning and investing, on a
long termbasis, in a diversified portfolio
of income-producing real estate in
Indonesia that are primarily used for
retail and/or or retail-related purposes.
The Trust Manager‘s focus is tomaintain
good occupancy and balance property
and tenant diversification across the
portfolio, through proactive asset
management of the retail malls and
spaces.
As at 31 December 2015, LMIR Trust’s
portfolio comprises nineteen (19)
high quality retail malls (collectively,
the “Retail Malls”) and seven (7) retail
spaces located within other malls
in Indonesia (collectively, the “Retail
Spaces”). All of these properties are
located in Indonesia with a combined
net lettable area (“NLA”) of 821,429 sqm
and has a valuation of S$ 1.83 billion.
Strategically located within the large
urban middle-class population
catchment areas in Greater Jakarta,
Bandung, Medan, Palembang and
Binjai, LMIR Trust’s portfolio properties
are everyday malls favoured by middle
class to upper-middle income domestic
consumers in Indonesia. Tenants at
the Retail Malls and Retail Spaces
include well known retailers, such as
Matahari Department Store, Carrefour,
Hypermart and Sogo. The anchor
tenants are complemented by popular
consumer brands such as Bread Talk,
McDonald’s, Starbucks, Ace Hardware,
Fitness First, Timezone, M&S, Giordano,
H&M, Debenhams, Adidas, Zara and
Giordano.
Occupancy for the portfolio remains
higher than the industry average,
with an occupancy rate of 94% as at
31 December 2015. The portfolio is
very defensively placed with staggered
lease expiries in the next few years to
ensure a steady earnings base.
Going forward, LMIR Trust will look
towards focusing on organic growth
through proactive asset management
to maintain its strong occupancy, as
well as strategic acquisitions whenever
it is appropriate.
ABOUT THE SPONSOR
The Sponsor of LMIR Trust is Pt Lippo
Karawaci Tbk, Indonesia’s largest listed
company by total assets, and revenue.
It has a market capitalization of
IDR23.88 trillion or USD1.7 billion as
at 31 December 2015.
The Sponsor’s businesses include urban
development, large scale integrated
development, hospitals, retail malls,
hotels and asset management. As at
the end of 2015, PT Lippo Karawaci
Tbk manages 43 malls across
Indonesia with total Net Leasable Area
of approximately 1.4 million sqm and
over 15,000 retailers located in 15
major cities. The malls have an average
occupancy rate of over 85% and cater
to more than 290 million visitors per
year. The company plans to develop
10 new retail malls in Indonesia and
to increase the number of malls under
management to 50 retail malls by end
of 2017, with a focus of developing and
managing community malls which are
located in cities with dense population.
Occupancy for the
portfolio remains higher
than the industry
average, with an
occupancy rate of 94%
as at 31 December 2015.
ABOUT LMIR TRUST
ANNUAL REPORT 2015
05
