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Announcement Proposed Acquisitions

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Announcement Proposed Acquisitions (Constituted in the Republic of Singapore pursuant to a trust deed dated 8 August 2007 (as amended)) ANNOUNCEMENT PROPOSED ACQUISITIONS 1. INTRODUCTION LMIRT Management Ltd., in its capacity as manager of Lippo Malls Indonesia Retail Trust (“LMIR Trust” and as manager of LMIR Trust, the “Manager”), is pleased to announce that HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of LMIR Trust (the “Trustee”), has today, 23 October 2012, directly and/or through its wholly-owned subsidiaries, entered into conditional sale and purchase agreements, respectively: (i) Acquisition of Pejaten Village with SeaPejaten Pte Ltd (“SeaPejaten”) and PT Gading Nusa Utama (“GNU” and together with SeaPejaten, the “Pejaten Village Vendors”) in relation to the acquisition of Pejaten Village, a six-level retail mall (including one basement level) located in the city of Jakarta, Indonesia, bearing the postal address Jalan Warung Jati Barat No. 39, Jati Padang Sub District, Pasar Minggu District, South Jakarta Region, DKI Jakarta Province and which is covered by three leasehold certificates (Sertipikat Hak Guna Bangunan) (“Pejaten Village”, and the acquisition of Pejaten Village, the “Pejaten Village Acquisition”) (the “Pejaten Village CSPAs”)1. Pejaten Village has a net lettable area (“NLA”) of 41,847 square metres (“sq m”) as at 30 June 2012. Further details in respect of the structure of the Pejaten Village Acquisition are set out in paragraph 3 and Appendix A below; and (ii) Acquisition of Binjai Supermall with: (a) PT Trias Mitra Investama (“TMI”) in relation to the acquisition of Binjai Supermall, a three-level retail mall located in Binjai, North Sumatra, Indonesia, bearing the postal address Jalan Soekarno Hatta No. 14, Timbang 1 The Pejaten Village CSPAs comprises (1) the share purchase agreement between Requis Investment Pte. Ltd. (which is a wholly-owned subsidiary of LMIR Trust) and SeaPejaten in relation to the acquisition of 75.0% of the issued share capital of PT Panca Permata Pejaten (“PPP”), (2) the share purchase agreement between Gaillard Investment Pte. Ltd. and SeaPejaten in relation to the acquisition of 20.0% of the issued share capital of PPP and (3) the share purchase agreement between Gaillard Investment Pte. Ltd. and GNU in relation to the acquisition of 5.0% of the issued share capital of PPP. 1 langkat Sub District, East Binjai District, Binjai City, North Sumatra Province and which is covered by one ‘Right to Build’ (Hak Guna Bangunan)2 Certificate No. 93 (“Binjai Supermall”) (the “Sale of Binjai Supermall”); and (b) PT Matahari Putra Prima Tbk (“MPP”, and together with TMI, the “Binjai Supermall Vendors”), in relation to the transfer of rights over the units constructed and developed which consist of 12,866.75 sq m area in Lower Ground Floor, Ground A Floor, Ground B Floor, Ground/Basement, Upper Ground Floor A and Roof Floor of Binjai Supermall (the “Binjai Units”) which were held by MPP pursuant to (I) Perjanjian Pengalihan Pengikatan Jual Beli Satuan Kios/Kios Binjai Supermall dated 3 October 2005 (the “Transfer of Rights Agreement”)3 made by and between MPP and PT Persada Mandiri Dunia Niaga (“PMDN”)4, (II) Perjanjian Pengalihan Hak Kepemilikan Satuan Kios/Kios Binjai Supermall dated 3 October 2005 made by and between MPP, PMDN and TMI, and (III) Addendum to the Transfer of Conditional Sale and Purchase Agreement dated 3 October 2005 (Addendum Terhadap Perjanjian Pengalihan Pengikatan Jual Beli Satuan Kios/Kios Binjai Supermall) dated 20 March 2012 made by and between MPP and PMDN (“Novation of Binjai Units” and together with the Sale of Binjai Supermall, the “Binjai Supermall Acquisition”), (the “Binjai Supermall CSPA”). Binjai Supermall has an NLA (after the completion of an asset enhancement initiative in December 2012) of 23,022 sq m. Further details in respect of the structure of the Binjai Supermall Acquisition are set out in paragraph 4 and Appendix B below. The Manager proposes to finance the Pejaten Village Acquisition and the Binjai Supermall Acquisition (the “Proposed Acquisitions”) with: (i) the proceeds raised from the issuance of the S$200,000,000 4.88% Notes due 2015 and S$50,000,000 5.875% Notes due 2017 (collectively, the “Notes”) pursuant to the S$750,000,000 Guaranteed Euro Medium Term Note Programme established by 2 Under Indonesian land law, the highest title which can be obtained by a company incorporated or located in Indonesia is a ‘Right to Build’ or HGB Title. HGB Titles can only be obtained by an Indonesian citizen, or by a legal entity which is incorporated under Indonesian law and located in Indonesia including foreign investment companies. A holder of HGB Title has the right to erect, occupy and use buildings on that particular parcel of land, and also has the right to encumber and sell all or part of the parcel. 3 The Transfer of Rights Agreement stipulates, among others, that, as of the date of the Transfer of Rights Agreement: (i) PMDN has transferred all of its rights and obligations over the Binjai Units to MPP, (ii) MPP agreed to be bound by all the terms and conditions of the PMDN CSPA (as defined below), and (iii) the Vendor has agreed and does not object to the transfer of its property rights over the Binjai Units from PMDN to MPP and will hand over the Units to MPP in a timely manner. 4 PMDN is the previous owner of the rights over Binjai Units pursuant to (i) Perjanjian Pengikatan Jual Beli Satuan Kios/Kios No. 015/PPJB-TMI/V/05, (ii) Kontrak Tentang Pelaksanaan Tata Tertib Gedung No. 015-A/PPJB-TMI/V/05, (iii) Perjanjian Penyerahan Hak Atas Pengaturan Dan Hak Pengelolaan Atas Dinding Bersama Dari Satuan Kios/Kios Dalam Gedung No. 015-B/PPJB-TMI/V/05, made by and between PMDN and TMI, each dated 9 May 2005 (collectively hereinafter referred to as the “PMDN CSPA”), and (iv) the Addendum to the PMDN CSPA made by and between PMDN and TMI, dated 7 March 2012. 2 LMIRT Capital Pte. Ltd. (a wholly-owned subsidiary of LMIR Trust) (the “EMTN Programme”), as announced by the Manager on 26 June 2012; (ii) the issuance of new notes under the EMTN Programme; (iii) new loan facilities to be entered into; and/or (iii) internal cash reserves and working capital of LMIR Trust. The Manager intends to announce the proposed source of financing subsequent to receiving approval from unitholders of LMIR Trust (“Unitholders”) to proceed with the Proposed Acquisitions at an extraordinary general meeting of Unitholders, to be held in due course. 2. RATIONALE FOR THE PROPOSED ACQUISITIONS The Manager believes that the Proposed Acquisitions will bring the following key benefits to Unitholders: (i) acquisition of retail mall assets at discounts to the average of the independent valuations offering stable occupancies and leasing up opportunities; (ii) opportunity to enhance the earnings of LMIR Trust; (iii) the properties which are the subject of the Proposed Acquisitions (the “Proposed Properties”) are located at strategic locations with sustainable retail traffic; (iv) increased economies of scale in operations and marketing; and (v) diversification of LMIR Trust’s asset portfolio to minimise concentration risk. The above rationales are further elaborated below. 2.1 Acquisition of Retail Mall Assets at Discounts to the average of the Independent Valuations offering stable occupancies and leasing up opportunities The Proposed Acquisitions represent an opportunity for LMIR Trust to acquire income producing quality properties below the independent valuations from the independent valuers, namely KJPP Rengganis, Hamid & Rekan (“KJPP RHP”) and KJPP Willson & Rekan, and are in line with the Manager’s acquisition growth strategy of owning retail and/or retail related properties to optimise Unitholders’ returns, as well as providing potential capital appreciation and long-term growth. 3 Average of Independent Valuations conducted by KJPP Discount to Purchase Rengganis, Hamid & Rekan in Average of Consideration strategic alliance with CB Property Independent (as defined Richard Ellis (“KJPP RHP”) and Valuations herein) KJPP Willson & Rekan in (%) affiliation with Knight Frank (“KJPP Willson & Rekan”) Pejaten Village Rp.748.0 billion Rp.855.6 billion (S$109.8 million) 12.6% (S$96.0 million(1)) Binjai Supermall Rp.237.5 billion Rp.250.5 billion (S$32.1 million) 5.2% (S$30.5 million) Note: (1) Based on the relevant exchange rate of S$1.00 to Rp.7,795.3 as at 9 October 2012 (the “Illustrative Rupiah Exchange Rate”). Unless otherwise stated, all conversions of Rp. amounts into S$ in this announcement shall be based on the Illustrative Rupiah Exchange Rate. As at 30 June 2012, the occupancy rates of Pejaten Village and Binjai Supermall are 95.2% and 91.4% respectively. The high occupancy rates are a reflection of the strong demand for retail space in Jakarta, where Pejaten Village is located, as well as at Binjai Supermall, which is the only mall in Binjai City and which also serves as a transit area for people travelling from Medan to Aceh. 2.2 Opportunity to Enhance the Earnings of LMIR Trust Based on the pro forma financial statements for the year ended 31 December 2011, the pro forma net property income (“NPI”) contribution from Pejaten Village and Binjai Supermall was Rp.54.6 billion (S$7.0 million). 2.3 Strategic Locations with Sustainable Retail Traffic The Proposed Properties are strategically located in Jakarta and Binjai (a transit point between Medan, the largest city in Sumatra, and Aceh), giving LMIR Trust access to the dense population located in these cities, thereby ensuring sustainable retail traffic at these properties. LMIR Trust’s retail malls are positioned as “Everyday Malls” that provide necessities (e.g. supermarkets and family shopping) to the community living in the regions neighbouring its retail malls and target the middle income population in densely populated cities in Indonesia.
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