About LMIR Trust
Lippo Malls Indonesia Retail Trust ("LMIR Trust") is the first and only Indonesian retail estate investment trust ("REIT") which was listed on the SGX-ST on 19 November 2007.
It aims to provide exposure to Indonesia's growing retail property sector. It is established with the principal objective of owning and investing, on a long term basis, in a diversified portfolio of income-producing real estate in Indonesia that are primarily used for retail and/or retail-related purposes. The Trust Manager's focus is to maintain good occupancy and balanced property and tenant diversification across the portfolio, through proactive asset management of the retail mall and spaces.
As at 31 December 2014, LMIR Trust's portfolio comprises seventeen (17) high quality retail malls (collectively, the "Retail Malls") and seven (7) major 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 781,622 sqm and has a valuation of approximately SGD1.841 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, H&M, Debenhams, Giant Hypermarket 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, Adidas and Giordano.
Occupancy for the portfolio remains higher than the industry average, with an occupancy rate of 94.7% as at 31 December 2014. The portfolio is very defensively placed with staggered lease expiries 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.
* Including intangible asset arising from acquisition of Lippo Mall Kemang
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