The manager of First REIT announced that its indirect wholly-owned subsidiary, PT Karya Sentra Sejahtera (PT KSS) has on Dec 27 entered into a master lease agreement with PT Lippo Karawaci Tbk in respect of the lease renewal of Imperial Aryaduta Hotel & Country Club (IAHCC) for a term commencing on Jan 1, 2025 and ending on Dec 31, 2025.
The term of the current master lease agreement that is in place for IAHCC will end on (and include) Dec 31, 2024.
Under this master lease agreement, PT KSS may for any reason prior to expiry of the term terminate the lease by giving no less than six months’ written notice to PT Lippo Karawaci Tbk.
The rent payable by LPKR for the Term shall be a fixed amount of about IDR 22.1 billion ($1.9 million), which shall be paid quarterly in advance.
Units in First REIT closed at 26 cents on Dec 27.
See also: Keppel DC REIT divesting Basis Bay Data Centre in Malaysia at 2.6% above valuation
