Press Release
LPKR’s Divestment of Lippo Mall Puri Approved by Lippo Malls Indonesia Retail Trust Unitholders
15 December 2020


  • LPKR is proud to announce that a majority of LMIR Trust Unitholders that voted were in support of the Lippo Mall Puri transaction.

  • LPKR will sell the Lippo Mall Puri to LMIR Trust REIT for Rp3.5 trillion following the REIT’s successful Rights Issue in 1Q21

  • LPKR’s new management team continues to reach the milestones it set as part of the Company’s transformation plan.

- PT Lippo Karawaci Tbk ("LPKR" or "Company"), Indonesia’s leading real estate company based on total assets and revenue, today announced that a majority of Lippo Malls Indonesia Retail Trust (“LMIR Trust” or “LMIRT”) Unitholders that voted supported the acquisition of Lippo Mall Puri from LPKR in a transaction valued at Rp3.5 trillion. This marks an important milestone for both LPKR and LMIRT, of which LPKR is an approximately 32% shareholder. The cash that Lippo Karawaci will raise from this transaction will provide LPKR with additional financial flexibility to continue its growth trajectory.

The remaining steps for completion of the sale to LMIRT will be for LMIRT to complete a rights issue in the coming weeks. The rights issue was also approved by LMIRT’s unitholders. The funds from the rights issue, plus the funds already secured through bank loans and vendor financing, will ensure that that the funding for the acquisition is in place. LPKR will remain a standby buyer of the rights issue and is willing to increase its ownership stake in the REIT to support this transaction if necessary.

LPKR’s new management team continues to reach the milestones it set as part of the Company’s transformation plan. The Lippo Mall Puri sale is a key initiative of the new management team as it will bring in Rp3.5 trillion in revenues from the sale and help contribute to financing the completion of existing projects and that launch of future affordable landed housing developments. Among other key initiatives that management has met in less than two years is the completion of almost all legacy projects, improved balance sheet through a rights issue and refinancing of bonds, and the strengthening of management and governance functions. In addition, the property business has been rejuvenated with strong marketing sales of more than Rp2.5 trillion in 2020, and a target of Rp3.5 trillion in 2021. 

About Lippo Karawaci (“LPKR”) (

Listed on the Indonesia Stock Exchange, Lippo Karawaci (“LPKR”) is Indonesia’s leading integrated real estate company with total assets of US$4.0 billion at 30 September 2020. Our core business comprises urban residential developments, lifestyle malls and healthcare. We are also actively involved in integrated developments, hospitality, township development and management, as well as asset management services.

Currently, the Company has a presence in 40 cities, and is a leading Indonesian property developer with 1,416 ha of landbank ready for development. Through our two publicly listed subsidiaries, PT Lippo Cikarang Tbk, and PT Gowa Makassar Tourism Development Tbk, of which LPKR owns 84.0% and 62.7% respectively, LPKR develops and operates urban developments at Lippo Cikarang in Bekasi and at Tanjung Bunga in Makassar. Additionally, LPKR owns 55.4% of PT Siloam International Hospitals Tbk, Indonesia’s leading private hospitals network, with 39 hospitals across 24 cities nationwide.

LPKR also has an ownership stake in Lippo Malls Indonesia Retail Trust, a listed REIT in Singapore with US$1.6bn of assets under management at 30 September 2020.

For more information, please contact:

Investor Relations:
Bret Ginesky
Head of Investor Relations
[email protected]
Office: +622125669078

Corporate Communications:
Danang Kemayan Jati
Vice President, Head of Corporate Communications
[email protected]
Office: +628557801299


This press release has been prepared by PT Lippo Karawaci Tbk (“LPKR”) and is circulated for the purpose of general information only. All opinions and estimations included in this release constitute our judgment as of this date and are subject to change without prior notice. LPKR disclaims any responsibility or liability whatsoever arising which may be brought against or suffered by any person as a result of reliance upon the whole or any part of the contents of this press release and neither LPKR nor any of its affiliated companies and their respective employees and agents accepts liability for any errors, omissions, negligent or otherwise, in this press release and any inaccuracy herein or omission here from which might otherwise arise.

Forward-Looking Statements
Certain statements in this release are or may be forward- looking statements. These statements typically contain words such as "will", "expects" and "anticipates" and words of similar import. By their nature, forward looking statements involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this release.