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LMIR buys Indonesian mall for $308m

by Andrea Waitrovich

LMIRT Management has sold Lippo Malls Kemang, a 639,134-square-foot mall in South Jakarta, Indonesia.

The new owners are Jakarta-listed developer Lippo Malls Indonesia Retail Trust, a subsidiary of Lippo Karawaci, and PT Almaron Perkasa, another Lippo Karawaci’s subsidiary.

Total purchase consideration is $385.7 million, which will be paid partly in new LMIR units and partly in cash.

The property is Lippo Mall Kemang. It has five stories with two basements and three mezzanine levels. The mall’s current occupancy rate is 92.8 percent. Lippo Malls Kemang has four anchor tenants, 14 large tenants and 182 specialty tenants. The anchor tenants are Debenhams, Hypermart, Cinema XXI and ACE Hardware, while the large te

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