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“When we made the Lippo Karawaci master lease agreement restructure, we said the banks would refinance $260 million but we have to raise $140 million,” says Victor Tan, CEO of First REIT’s manager.
SEE: First REIT proposes rights issue of $158.2 mil as debt repayment looms
“OUE as well as OUE Lippo Healthcare have provided irrevocable undertakings to take up their pro rata units and excess rights,” Tan says. Unitholders get to vote on two resolutions on Jan 19, on the new master lease agreements, and on a whitewash waiver. OUE and OUE Lippo Healthcare will be abstaining.