LMIR – UOBKH

Issue statistics:

Offer size: 645.469m units (subject to Over-Allotment Option of 58.738m units)
Public Tranche – 20.000m units
Placement Tranche – 625.469m units
Price: S$0.80
NAV per Unit (post-IPO): S$0.91
Forecast Yield: 7.3% (FY08) ; 7.8% (FY09)
Market Cap (post-IPO): S$963.316m
Open: 12 Nov 2007
Close: 15 Nov 2007, 12.00p.m.
Trading: 19 Nov 2007, 2.00p.m. (on “ready” basis)
Lead Manager: UBS, BNP & OCBC

Background

Lippo-Maple Tree Indonesia Retail Trust (LMIR Trust)’r property portfolio comprises seven Retail Malls and seven Retail Spaces, valued at S$1004.7m. As at 30 June 2007, the Retail Malls with a NLA of 219.392 sqm had a weighted average occupancy of approximately 91.6% based on Committed Leases. The Retail Spaces, with total NLA of 94,070 sqm, are master-leased to PT. Matahari Putra Prima Tbk, Indonesia’s largest retailer for an initial term of 10 years with fixed rental growth of 8.0% per annum for the first four years and a revenue sharing formula thereafter.

LMIR Trust’s distribution policy is to distribute 100% of its tax-exempt income and capital receipts from 2007 to 2009, and at least 90% of its tax-exempt income thereafter. Distributions will be paid on a quarterly basis for the three-month periods ending on 31 March, 30 June, 30 September and 31 December each year. The projected DPU for FY08 and FY09 are 5.84 and 6.27 cents respectively.