Lippo Malls Indonesia Retail Trust Completes Property Divestment
August 4, 2020 — Lippo Malls Indonesia Retail Trust announced that it has completed the divestment of the Binjai Property for Rp.262.0 billion (US$18 million).
In accordance with the Revised Binjai CSPA:
- a sum of Rp.26,200,000,000 equivalent to 10.0% of the Revised Binjai Sale Consideration has been deposited in an escrow account to be held for up to 90 calendar days pending the assignment or novation of at least 80.0% of the tenant leases of the Binjai Property (as stipulated in the Revised Binjai CSPA) from the Binjai Vendor to the Binjai Purchaser or such longer time as necessary to meet any claims lodged by the Binjai Purchaser against the Binjai Vendor; and
- the refundable deposit of Rp.14,164,988,000 equivalent to 5.4% of the Revised Binjai Sale Consideration, having been paid by the Binjai Purchaser on 30 December 2019, has been refunded to the Binjai Purchaser.
Read more here..