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First REIT completes strategic initiatives for business growth

Felicia Tan
Felicia Tan5/18/2021 09:43 PM GMT+08  • 3 min read
First REIT completes strategic initiatives for business growth
Following the moves, the REIT has no refinancing requirements till 2022.
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The manager of first REIT has completed its strategic initiatives to restructure its business, recapitalise its balance sheet and reposition itself for sustainable future growth.

The restructured master lease agreements for PT Lippo Karawaci Tbk and the restructured master lease agreements for PT Metropolis Propertindo Utama, which is effective from Jan 1, have extended the lease term for the Lippo Karawaci Hospitals and the Metropolis Hospitals to Dec 31, 2015, with an option for a further 15-year renewal term with the mutual agreement of both the relevant master lessors and lessees.

It also extended First REIT’s weighted average lease expiry (WALE) for its portfolio from 6.4 years to 12.3 years as at Dec 31, 2020.

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