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First REIT acquires Indonesian hospital and mall for $70m
It will generate a rental income of $6.9m.
First REIT will acquire a stake in Siloam Hospitals Kupang and Lippo Plaza Kupang for $70m in order to increase its presence in Indonesia.
The REIT will fully acquire PT Nusa Bahana Niaga (PT NBN), which holds certain rights to the properties.
The purchase represents a discount of 7.19% to $75.42 million, which is the higher of the two independent valuations.
The acquisition will be funded through a combination of cash, debt and the issuance of consideration units.
The asset will generate a rental income of $6.94 million per annum, which translates to an attractive 9.91% triple net yield, First REIT said.
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