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

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GlossaryLQ 45 IndexMalang Town Square UnitsMall WTC Matahari UnitsManagerMapletree CapitalMapletree GroupMapletree LMMapletreeLogMarket DayMASMaster Lease AgreementsMaster Property ManagementAgreementA capitalisation-weighted index of the 45 most heavily tradedstocks on the JSXThree strata units in Malang Town Square located at JalanVeteran No. 2, Malang, East Java (See “Business andProperties—Malang Town Square Units—Relevantinformation relating to the Malang Town Square Units”)Four strata units in Mall WTC Matahari located at Jalan RayaSerpong, Pondok Jagung, Serpong, Tangerang, Banten,Greater Jakarta (See “Business and Properties—Mall WTCMatahari Units—Relevant information relating to the MallWTC Matahari Units”)Lippo-Mapletree Indonesia Retail Trust Management Ltd., asmanager of LMIR TrustMapletree Capital Management Pte. Ltd.MIPL and its subsidiaries, including Mapletree CapitalMapletree LM Pte. Ltd.Mapletree Logistics TrustA day on which the SGX-ST is open for trading in securitiesThe Monetary Authority of SingaporeThe seven lease agreements dated 18 October 2007 enteredbetween the Master Lessee and the Retail Space IndonesianSPCs in relation to the Retail Spaces, and “Master LeaseAgreement” means any one of themThe property management agreement entered into between theTrustee, the Manager and the Property Manager on 18 October2007Matahari or Master LesseePT. Matahari Putra Prima Tbk, an Indonesian company listed onthe JSX and SSX, in which the Lippo Group has a controllinginterest through PT Multipolar Corporation Tbk.Metropolis Town Square Units Three strata units in Metropolis Town Square located at JalanHartono Raya, Modernland Cikokol, Tangerang, Banten,Greater Jakarta (See “Business and Properties—MetropolisTown Square Units—Relevant information relating to theMetropolis Town Square Units”)MIFMapletree Industrial FundMIFMMapletree Industrial Fund Management Pte. Ltd.MIPLMapletree Investments Pte LtdMoody’sMoody’s Investors Services, Inc.MREM 1 Mapletree Real Estate Mezzanine Fund 1MYRMalaysian Ringgit, the lawful currency of MalaysiaNAVNet asset valueNew Investment Law The Indonesian investment law which amends Law No. 1 of 1967(as amended) regarding Foreign Capital Investment Law andLaw No. 6 of 1968 (as amended) regarding Domestic CapitalInvestment LawNLANet lettable area276
GlossaryNPIOCBC BankNet property income consisting of property revenue lessproperty operating expensesOversea-Chinese Banking Corporation LimitedOffering The offering of 645,469,000 Units by the Manager forsubscription at the Offering Price under the Placement andthe Public Offer, subject to the Over-allotment OptionOffering PriceOperating CompaniesThe subscription price of S$0.80 for each Unit under the OfferingPT Multi Nusantara Karya, PT Selaras Maju, PT Sarana KaryaMegah, PT Antara Nusa Permai, PT Primatama Kreasi Bersamaand PT Kharisma Abadi Selaras, and each an “OperatingCompany”Operating Costs AgreementOrdinary ResolutionOver-allotment OptionParticipating BanksPerformance FeePlacementThe operating costs agreement entered into between therelevant Retail Mall Indonesian SPC and Operating CompanyA resolution proposed and passed as such by a majority being50.0% of the total number of votes cast for and against suchresolution at a meeting of Unitholders duly convened and held inaccordance with the provisions of the Trust DeedAn option granted by the Unit Lender to the Underwriters topurchase from the Unit Lender up to an aggregate of 96,820,000Units at the Offering Price, solely to cover the over-allotment ofUnits (if any)OCBC Bank, DBS Bank Ltd (including POSB) (“DBS Bank”) andUnited Overseas Bank (“UOB Bank”) including its subsidiary, FarEastern Bank Limited (the “UOB Group”)4.0% per annum of the NPI of LMIR Trust in the relevant financialyear (calculated before accounting for this additional fee in thatfinancial year)625,469,000 Units offered by way of an international placementto investors, including institutional and other investors inSingapore, pursuant to the OfferingPlaza MadiunTwo HGB titles in Plaza Madiun located at Jalan Pahlawan (See“Business and Properties—Plaza Madiun—Relevantinformation relating to Plaza Madiun”)PMA Penanaman Modal Asing, or foreign capital investmentcompanies established and organised under and by virtue ofthe laws of the Republic of Indonesia and located in IndonesiaPPATPRCPejabat Pembuat Akta Tanah, or Land Deed Official who isnormally a local notary in IndonesiaThe People’s Republic of ChinaProjection Year 2008 The period from 1 January 2008 to 31 December 2008Projection Year 2009 The period from 1 January 2009 to 31 December 2009PropertiesProperty Funds GuidelinesThe properties comprising LMIR Trust’s initial asset portfolio asat the Listing Date, namely, the Retail Malls and Retail Spacesand “Property” means any one of themThe guidelines to Real Estate Investment Trusts issued by theMAS as Appendix 2 of the CIS Code277
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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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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
Page 241 and 242: Certain agreements relating to LMIR
Page 257 and 258: Overview of relevant laws and regul
Page 265 and 266: TaxationSINGAPORE TAX IMPLICATIONST
Page 267 and 268: Taxationbe applied to reduce the co
Page 269 and 270: TaxationOn the rental payments to t
Page 271 and 272: Plan of distributionThe Manager is
Page 273 and 274: Plan of distributionThe restriction
Page 275 and 276: Plan of distributionNote:(1) Includ
Page 277 and 278: Plan of distributionArticle 31, sec
Page 279 and 280: Plan of distributionUnited States o
Page 281 and 282: Clearance and settlementINTRODUCTIO
Page 283 and 284: General information(1) The profit f
Page 285 and 286: General information(f)(g)(h)Rule 74
Page 287 and 288: Glossary% Per centum or percentageA
Page 289 and 290: GlossaryColliersColliers Internatio
Page 291: GlossaryIndonesian SPCsInterested P
Page 295 and 296: GlossaryRetail Space Singapore SPCs
Page 297 and 298: GlossaryUnit Lending AgreementUnit
Page 299 and 300: Appendix AINDEPENDENT ACCOUNTANTS
Page 301 and 302: Appendix BINDEPENDENT ACCOUNTANTS
Page 303 and 304: Appendix BLIPPO-MAPLETREE INDONESIA
Page 305 and 306: Appendix BPro Forma Consolidated Ba
Page 307 and 308: Appendix B(D)Pro Forma Consolidated
Page 309 and 310: Appendix B(x)(xi)(xii)(xiii)(xiv)S$
Page 311 and 312: Appendix BCash and cash equivalents
Page 313 and 314: Appendix BLeased assets—Leases in
Page 315 and 316: Appendix Btemporary difference; and
Page 317 and 318: Appendix B• The Trustee, the Mana
Page 319 and 320: Appendix BDeferred income represent
Page 321 and 322: Appendix Bfinancial year exceeds th
Page 323 and 324: Appendix Bprice is to be negotiated
Page 325 and 326: Appendix B4. Bandung Indah PlazaPT
Page 327 and 328: Appendix CINDEPENDENT SINGAPORE TAX
Page 329 and 330: Appendix CGains on disposal of shar
Page 331 and 332: Appendix CDisposal of UnitsSingapor
Page 333 and 334: Appendix DINDEPENDENT INDONESIAN TA
Page 335 and 336: Appendix DD-3
Page 341 and 342: 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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