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

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Business and propertiesTenant profileAs at 30 June 2007, Istana Plaza has 205 retail tenants based on Committed Leases. The tenant profile ofthe mall comprises a diverse set of tenants from a wide variety of industries. The mall is anchored by RimoDepartment Store, which occupies the first and second floors, amounting to approximately 17.9% of themall’s total NLA. Other prominent tenants include Ace Hardware which occupies 5.9% of the mall’s totalNLA. In addition, it is the only mall in its catchment area with a Nokia Professional Centre and a Hewlett-Packard Centre.As at 30 June 2007, the mall enjoys an occupancy rate of approximately 98.9%.The following chart provides a breakdown (by area) of the various trade sub-sectors represented in IstanaPlaza as at 30 June 2007:Istana Plaza—Trade sector analysis (By area)Trade sub sector Contribution (%)Department Store18.9Fashion14.3Food & Beverage/Food Court13.8Leisure & Entertainment9.5Home Furnishings6.8Books & Stationery6.7Supermarket / Hypermarket5.5Gifts & Specialty5.1Electronic/IT4.8Other4.6Sports & Fitness3.5Services2.9Toys2.6Hobbies1.0166
Business and propertiesThe table below sets out information on the 10 largest tenants of Istana Plaza based on Committed Leasesas at 30 June 2007:Tenant Business sector Lease expiry datePercentage oftotal NLAPercentage of thetotal base rentalincome of IstanaPlaza based onCommitted Leases asat 30 June 2007(%) (%)Rimo Department Store . . . . Department Store 28 February 2012 17.9 11.5Ace Hardware . . . . . . . . . . . Houseware 28 February 2012 5.9 6.5Gramedia bookstore . . . . . . Books & Stationery 29 February 2012 4.5 3.6Game Master . . . . . . . . . . . Leisure &Entertainment 30 November 2011 3.8 3.1Kiddy Land . . . . . . . . . . . . . Leisure &Entertainment 28 May 2007 0.8 2.3Giovanni . . . . . . . . . . . . . . . Fashion 29 January 2012 1.2 2.1Pizza Hut . . . . . . . . . . . . . . F&B 29 January 2012 1.2 2.0Planet Sport . . . . . . . . . . . . Sports & Fitness 29 November 2011 1.0 1.9Nike . . . . . . . . . . . . . . . . . . Fashion 29 January 2012 0.5 1.9Giordano. . . . . . . . . . . . . . . Fashion 30 September 2009 0.5 1.910 largest tenants . . . . . . . . — — 37.3 36.8Other tenants . . . . . . . . . . . — — 62.7 63.2Total ................. — — 100.0 100.0Expiry profileThe following table sets out the expiry profile of the tenancies at Istana Plaza as at 30 June 2007:PeriodTotal number ofleases expiringNLA of expiringleasesMonthly gross rentof expiring leasesas a percentage offorecast rentalincomeExpiring leases asa percentage of NLAas at 30 June 2007(sq m) (%) (%)FY2007 . . . . . . . . . . . . . . . . 43 1,089 8.1 4.0FY2008 . . . . . . . . . . . . . . . . 41 1,490 9.0 5.5FY2009 . . . . . . . . . . . . . . . . 26 2,705 9.1 9.9Beyond FY2009 . . . . . . . . . . 95 21,661 72.4 79.5Vacant . . . . . . . . . . . . . . . . . — 303 1.5 1.1Total .................. 205 27,247 (1) 100.0 (1) 100.0Note:(1) Due to rounding differences.CompetitionExisting: Istana Plaza, located two km from Bandung Indah Plaza, shares the same competitivelandscape as Bandung Indah Plaza. (See “—Bandung Indah Plaza—Competition”.)Future: “Appendix F—Independent Report on the Indonesian Retail Property Market” indicates that, atpresent, there are no known proposals for new centres to compete directly with Istana Plaza. However,given the relative strength of retail supply in recent years, particularly in Greater Jakarta, it is possible thatfuture centres will be developed in Bandung.(See “Appendix F—Independent Report on the Indonesian Retail Property Market”.)167
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LIPPO-MAPLETREEINDONESIA RETAIL TRU
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Metropolis Town SquareMall WTC Mata
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KeyInvestmentHighlightsStrong acqui
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Locked-in master leases with rental
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1. Mall WTC Matahari UnitsRetail Sp
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Notice to investorsNo person is aut
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Forward-looking statementsCertain s
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Market and industry informationThis
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SummaryThe following summary is qua
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a right of first refusal (the “RO
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• The management of all the Retai
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information was extracted are based
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2006. It is estimated that the urba
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Further, the Retail Malls are manag
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Key Information on the PropertiesA
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Location of the Properties in Indon
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INFORMATION ON THE PROPERTIESThe Re
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Pictures of Gajah Mada Plaza19
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Percentage of contribution to LMIRT
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Number of tenants as at 30 June2007
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Car parking lots . . . . . . . . .
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Occupancy rate as at 30 June 2007.
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Year of building completion . . . .
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NLA as at 30 June 2007 . . . . . .
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Year of building completion . . . .
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Appraised value by Knight Frank as
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NPI for Forecast Period 2007,Projec
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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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Page 143 and 144: Business and propertiesINFORMATION
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Page 203 and 204: Business and propertiesSun PlazaMed
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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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