LIPPO-MAPLETREE - Lippo Malls Indonesia Retail Trust - Investor ...

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1. Gajah Mada PlazaProminently located in the heart ofJakarta’s Chinatown with a strongleisure and entertainment componento Location : Jalan Gajah Mada,Central Jakarta;o Appraised Value (3) : S$103.8 m;o Gross Floor Area (4) : 66,160 sq m;o Net Lettable Area (4) : 34,278 sq m;o Occupancy Rate (4) : 89.1%.2. Cibubur JunctionLocated in the middle of Cibubur, oneof the most affluent and upmarketresidential areas in Jakartao Location : Jalan JamboreRaya 1, Cibubur,East Jakarta;o Appraised Value (3) : S$94.2 m;o Gross Floor Area (4) : 49,341 sq m;o Net Lettable Area (4) : 34,139 sq m;o Occupancy Rate (4) : 86.4%3. The Plaza SemanggiLocated in the heart of Jakarta’s CBDwithin the city’s Golden Triangleo Location : Jalan Jend.Sudirman,South Jakarta;o Appraised Value (3) : S$214.8 m;o Gross Floor Area (4) : 91,232 sq m;o Net Lettable Area (4) : 58,685 sq m;o Occupancy Rate (4) : 96.4%4. Mal Lippo CikarangThe main shopping centre in the LippoCikarang estate with limited competitionwithin an approximately 10-km radiuso Location : Jalan MH Thamrin,Lippo Cikarang;o Appraised Value (3) : S$80.2 m;o Gross Floor Area (4) : 25,767 sq m;o Net Lettable Area (4) : 17,974 sq m;o Occupancy Rate (4) : 96.3%.5. Ekalokasari PlazaLocated south east of the Bogor CityCentre and has recently completed aS$2.0 million expansion and renovationprogrammeo Location : Jalan Siliwangi123, Bogor,Greater Jakarta;o Appraised Value (3) : S$66.0 m;o Gross Floor Area (4) : 39,895 sq m;o Net Lettable Area (4) : 20,587 sq m;o Occupancy Rate (4) : 87.3%.6. Bandung Indah PlazaLocated in the heart of Bandung’s CBDo Location : Jalan Merdeka,Bandung,West Java;o Appraised Value (3) : S$124.5 m;o Gross Floor Area (4) : 55,196 sq m;o Net Lettable Area (4) : 26,472 sq m;o Occupancy Rate (4) : 83.2%7. Istana PlazaLocated in the CBD of Bandung at thejunction between two busy roadso Location : Jalan Pasirkaliki,Bandung,West Java;o Appraised Value (3) : S$125.7 m;o Gross Floor Area (4) : 37,434 sq m;o Net Lettable Area (4) : 27,247 sq m;o Occupancy Rate (4) : 98.9%.1. Gajah Mada Plaza2. Cibubur Junction3. The Plaza SemanggiRetail MallsAs at Listing Date, LMIR Trust’sproperty portfolio will compriseseven Retail Malls with a NLAof 219,382 sq m. Five of theRetail Malls are located in Bogor,4. Mal Lippo CikarangDepok, Tangerang and Bekasi(“Greater Jakarta”) and the remainingtwo in Bandung, thefourth largest populated city inIndonesia. As at 30 June 2007,the Retail Malls had a weightedaverage occupancy of approximately91.6% based on CommittedLeases.5. Ekalokasari Plaza6. Bandung Indah Plaza(3) All appraised values are by Knight Frank as at 30 June 2007.(4) As at 30 June 2007.7. Istana Plaza
KeyInvestmentHighlightsStrong acquisition growth potential The Sponsor has granted LMIR Trust, for so long as (i) Lippo-Mapletree Indonesia Retail Trust Management Ltd.remains the manager of LMIR Trust; and (ii) the Sponsor and/or any of its related corporations, alone or inaggregate, remains a controlling shareholder of the Manager, a right of first refusal (the “ROFR”) over any retailproperties located in Indonesia subject to certain conditions. As at Listing Date, the scope of the ROFRencompasses five properties currently under development by the Sponsor and/or its subsidiaries:Estimated GrossFloor AreaROFR Properties Expected Date of ("GFA") Estimated NLAUnder Development Location Completion (sq m) (sq m)Binjai Supermall North Sumatra Fourth quarter of 2007 23,615 18,300Pejaten Mall South Jakarta Second quarter of 2008 57,948 40,327Kuta Beach Mall Kuta, Bali Second half of 2008 41,562 30,735Kemang City Mall South Jakarta First half of 2009 77,555 56,052Puri "Paragon City" West Jakarta Second half of 2009 196,400 127,660Total 397,080 273,074If LMIR Trust acquires all the ROFR Properties, the aggregate NLA of LMIR Trust’s initial property portfolio willincrease by over 270,000 sq m, an increase of 87.4% of the aggregate NLA of LMIR Trust’s initial property portfolioas at 30 June 2007. The Sponsor is expected to continue developing retail malls across Indonesia, further enhancing the acquisitionpipeline for LMIR Trust. Ownership of retail malls in Indonesia is highly dispersed and fragmented, providing LMIR Trust with significantopportunities for such acquisitions. As at the Latest Practicable Date, the Manager has entered into non-bindingmemoranda of understanding in respect of the potential acquisition of the following malls:Estimated dateof acquisitionLocation GFA (sq m) NLA (sq m) by LMIR TrustCosmopolitan Mall Pluit North Jakarta 131,013 88,040 Second half of 2008Within six monthsSun Plaza North Sumatra 73,871 61,348 after the Listing DateSupermal Pakuwon Indah West Surabaya, Within six monthsand Pakuwon Trade Centre East Java 289,563 114,834 after the Listing DateTotal 494,447 264,222Exposure to the growing Indonesian retail sector Real GDP growth in Indonesia is forecast to increase from 5.5% in 2006 to 6.0% in 2007 and 6.1% in 2008.Average growth rate from 2007 to 2011 is forecast at 5.7% (5) . Nominal retail sales growth has averaged 11.0% per annum since 1999 with the growth rate forecastto continue from 2007 to 2011 (5) .Retail sales have also been boosted by a lifestyle shift towards a higher level of consumerism, particularlyamong the urban middle income group in major Indonesian cities such as Jakarta, Bandung, Semarang and Medan.(5) According to PT Jones Lang LaSalle
Page 1 and 2: LIPPO-MAPLETREEINDONESIA RETAIL TRU
Page 3: Metropolis Town SquareMall WTC Mata
Page 7 and 8: Locked-in master leases with rental
Page 9 and 10: 1. Mall WTC Matahari UnitsRetail Sp
Page 11 and 12: Notice to investorsNo person is aut
Page 13 and 14: Forward-looking statementsCertain s
Page 15 and 16: Market and industry informationThis
Page 17 and 18: SummaryThe following summary is qua
Page 19 and 20: a right of first refusal (the “RO
Page 21 and 22: • The management of all the Retai
Page 23 and 24: information was extracted are based
Page 25 and 26: 2006. It is estimated that the urba
Page 27 and 28: Further, the Retail Malls are manag
Page 29 and 30: Key Information on the PropertiesA
Page 31 and 32: Location of the Properties in Indon
Page 33 and 34: INFORMATION ON THE PROPERTIESThe Re
Page 35 and 36: Pictures of Gajah Mada Plaza19
Page 37 and 38: Percentage of contribution to LMIRT
Page 39 and 40: Number of tenants as at 30 June2007
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Page 43 and 44: Occupancy rate as at 30 June 2007.
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Page 47 and 48: NLA as at 30 June 2007 . . . . . .
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Note:(1) Based on Strata Titles Own
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Note:(1) Based on Kiosks Sale and P
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Appraised value by Colliers as at30
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Percentage of contribution to LMIRT
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Notes:(1) These 14 Singapore SPCs (
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(See “Strategy—Capital and Risk
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Operating Companies: PT Multi Nusan
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Payable by LMIR Trust(c) Any other
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The offeringLMIR Trust . . . . . .
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Lock-ups . . . . . . . . . . . . .
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Listing and Trading . . . . . . . .
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Singapore are made in accordance wi
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Forecast Period2007Projection Year2
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Risk factorsProspective investors s
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Risk factorssimilar tenancy terms.
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Risk factors• losses arising from
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Risk factorsacquisitions is limited
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Risk factorsafter the proposed plan
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Risk factorsIf the tenure of the un
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Risk factorsThe Properties may be s
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Risk factorsRenovation work or phys
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Risk factorsSuch compulsory acquisi
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Risk factorsthereby materially and
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Risk factorsinterpretation by the I
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Risk factors• broad market fluctu
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Ownership of UnitsPRINCIPAL UNITHOL
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DistributionsThe distributable inco
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Exchange rates and exchange control
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CapitalisationThe following table s
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Unaudited pro forma consolidated ba
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Profit forecast and profit projecti
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StrategyDate, to the extent that LM
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StrategyGiven that there is limited
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Strategyterm funding in a more cost
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Business and propertiesIn addition,
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Business and propertiestheir daily
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Business and propertiesValuationEac
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Business and propertiesThe followin
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Business and propertiesINFORMATION
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Business and propertiesother strata
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Business and propertiesBecause of t
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Business and propertieswell-known c
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Business and propertiesThe largest
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Business and properties“Overview
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Business and properties200 sq m and
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Business and properties• Mal Cima
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Business and propertiesTHE PLAZA SE
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Business and propertiesThe table be
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Business and properties• Epicentr
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Business and propertiesMAL LIPPO CI
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Business and propertiesPercentage o
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Business and propertiesfloor. The o
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Business and properties• Pangrang
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Business and propertiesBANDUNG INDA
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Business and propertiesAmendment to
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Business and propertiesISTANA PLAZA
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Business and propertiesThe Istana P
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Business and propertiesRelevant inf
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Business and propertiesAppraised va
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Business and propertiesDescriptionP
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Business and propertiesSun PlazaMed
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The Manager and corporate governanc
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The SponsorThe business structure o
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The Sponsorshopping, entertainment
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The SponsorKEY SHAREHOLDERS OF THE
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The formation and structure of LMIR
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Certain agreements relating to LMIR
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Overview of relevant laws and regul
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TaxationSINGAPORE TAX IMPLICATIONST
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Taxationbe applied to reduce the co
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TaxationOn the rental payments to t
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Plan of distributionThe Manager is
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Plan of distributionThe restriction
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Plan of distributionNote:(1) Includ
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Plan of distributionArticle 31, sec
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Plan of distributionUnited States o
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Clearance and settlementINTRODUCTIO
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General information(1) The profit f
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General information(f)(g)(h)Rule 74
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Glossary% Per centum or percentageA
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GlossaryColliersColliers Internatio
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GlossaryIndonesian SPCsInterested P
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GlossaryNPIOCBC BankNet property in
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GlossaryRetail Space Singapore SPCs
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GlossaryUnit Lending AgreementUnit
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Appendix AINDEPENDENT ACCOUNTANTS
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Appendix BINDEPENDENT ACCOUNTANTS
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Appendix BLIPPO-MAPLETREE INDONESIA
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Appendix BPro Forma Consolidated Ba
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Appendix B(D)Pro Forma Consolidated
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Appendix B(x)(xi)(xii)(xiii)(xiv)S$
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Appendix BCash and cash equivalents
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Appendix BLeased assets—Leases in
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Appendix Btemporary difference; and
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Appendix B• The Trustee, the Mana
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Appendix BDeferred income represent
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Appendix Bfinancial year exceeds th
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Appendix Bprice is to be negotiated
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Appendix B4. Bandung Indah PlazaPT
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Appendix CINDEPENDENT SINGAPORE TAX
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Appendix CGains on disposal of shar
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Appendix CDisposal of UnitsSingapor
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Appendix DINDEPENDENT INDONESIAN TA
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Appendix DD-3
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Appendix DD-5
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Appendix DD-7
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Appendix EINDEPENDENT PROPERTY VALU
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Appendix EReport No.017/WPA-Report/
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Appendix ERef. No: V/2006/PKG/3819
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Appendix EVALUATION CERTIFICATEProp
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Appendix EPropertiesLandarea (m 2 )
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Appendix EADDENDUM—STATEMENT OF A
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Appendix FINDEPENDENT REPORT ON THE
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TABLE OF CONTENTSREPORT INSTRUCTION
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Report instructionsAbout Jones Lang
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Executive summaryIMPLICATIONS FOR R
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Overview of Indonesia and its Econo
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Retail Market OverviewTable 2.1.1 I
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Retail Market Overview2.3 Changing
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Retail Market Overviewretailers hav
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Retail Market OverviewCompletionyea
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Retail Market Overview2.7.5 Carrefo
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Retail Market OverviewIn view of th
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Overview of PortfolioAs the adminis
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Overview of PortfolioFigure 3.1.4:
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Overview of PortfolioFigure 3.2.2 B
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Overview of PortfolioFigure 3.2.4 S
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Overview of PortfolioFigure 3.2.6 M
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Overview of PortfolioFigure 3.3.1 L
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Overview of PortfolioMall WTC Matah
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Leased MallsFigure 4.1.1 Cibubur Ju
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Leased MallsTable 4.1.3 Major tenan
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Leased MallsTable 4.1.4 Cibubur Jun
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Leased Malls4.1.7 SWOT analysisTabl
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Leased Malls4.2 Plaza Semanggi4.2.1
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Leased Mallsnumber of international
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Leased MallsTaking the survey and t
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Leased Malls• There are two major
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Leased Mallsterms of its very promi
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Leased MallsFigure 4.3.2 Bandung In
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Leased Malls• In terms of reasons
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Leased Mallsand approximately 38,00
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Leased MallsWhile BIP is likely to
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Leased MallsFigure 4.4.2 Istana Pla
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Leased Malls• The main reason sta
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Leased Malls• Cihampelas Walk is
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Leased MallsFigure 4.4.4: Istana Pl
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Leased MallsOn the completion of th
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Leased MallsThe target market for M
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Leased MallsThe current Hypermart e
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Leased MallsFigure 4.6.2 Gajah Mada
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Leased Malls• Of all the malls in
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Leased Mallshypermart. The centre a
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Leased MallsTable 4.6.7: Rental pos
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Leased Malls4.7.3 Tenant mixThe cur
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Leased Mallsprimarily the city of B
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Leased MallsTable 4.7.5: Main compe
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Retail Spaces Malls5. RETAIL SPACES
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Retail Spaces MallsIn addition, loc
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Retail Spaces MallsThe store target
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Retail Spaces MallsTable 5.3.1: Cen
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Retail Spaces MallsFigure 5.3.3: Gr
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Retail Spaces MallsThis relatively
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Retail Spaces MallsStrata title sho
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Retail Spaces MallsMadiun are locat
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Retail Spaces MallsFigure 5.6.3 Pla
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Retail Spaces MallsThe centre has t
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Appendix GTERMS, CONDITIONS AND PRO
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Appendix G(15) The Manager reserves
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Appendix GAdditional Terms and Cond
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Appendix G(10) By completing and de
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Appendix GAdditional Terms and Cond
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Appendix GWhere your Electronic App
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Appendix GApplication to the Manage
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Appendix GTerms and Conditions for
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Appendix HLIST OF PRESENT AND PAST
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Appendix H(6) Mr Tan Boon LeongCurr
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Appendix HCurrent DirectorshipsMapl
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Appendix HCurrent DirectorshipsMapl
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LIPPO-MAPLETREE INDONESIA RETAIL TR
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