Singapore – Mapletree Investments Pte Ltd (“Mapletree” or “the Group”) wishes to announce that it has signed definitive agreements to sell 97,853,918 units (approximately 9%) in Lippo-Mapletree Indonesia Retail Trust (“LMIRT”) and its 40.0% interest in Lippo-Mapletree Indonesia Retail Trust Management Limited (“LMIRTM”) to Bridgewater International Ltd and Peninsula Investment Limited respectively, both are subsidiaries of PT Lippo Karawaci Tbk Lippo (“Lippo”). Completion shall be required to take place concurrently and is expected in the next 21 business days.

The rationale for the transaction is to enable both Mapletree and Lippo to pursue their strategies in their respective core markets. The retail property sector in Indonesia is not a key focus market for Mapletree and this will allow the Group to focus its resources to grow its key markets in Singapore, China, Japan, India and Vietnam.

Mapletree Group Chief Executive Officer Mr Hiew Yoon Khong said, “This transaction brings to a close a successful joint venture. During this time, Mapletree has enjoyed a good working relationship with Lippo and look forward to work together in other areas in the future.”

Separately, Mapletree will also dispose its remainder stake (about 2%) in LMIRT to a third party.