Lippo Mall - 4 Indon properties worth > S$180mil!

Lippo Malls Indonesia Retail Trust: Acquiring four properties

Summary: LMIRT has announced the proposed acquisitions of four properties from non-interested parties. Two properties, Palembang Square and Palembang Square extension, would be LMIRT’s first malls in Palembang . The third and fourth properties are Tamini Square and Kramat Jati Indah Plaza (KJI), which are located in East Jakarta . All four properties are to be purchased at a discount to book value. Including the aggregate purchase consideration of ~S$180.7m and the acquisition fee payable to the manager, as well as professional fees and other expenses, the total acquisition fee is expected to be S$188.1m. As to be expected, management is proposing to finance the acquisitions from the proceeds raised from the issuance of S$250m worth of notes in early Jul. Incorporating the acquisitions into our model, we maintain our fair value of S$0.45 and our HOLD rating on LMIRT.
(Sarah Ong / OCBC)

47.5 cents recently. so it's overvalued ?

column break