First REIT makes first acquisition this year

The property has additional healthcare spaces and a retail mall.

A property in Buton Island, Indonesia adds to First REIT's list after the company won an agreement with its sponsor, PT Lippo Karawaci Tbk.

According to OCBC’s market reports, the property will have Siloam Hospitals Buton with supplementary healthcare-related spaces and a retail mall, Lippo Plaza Buton.

First REIT plans to fund the acquisition consideration of around $28.5m through a mix of debt and internal cash.

In a statement, OCBC Investment analyst Joseph Ng said, "We are positive on this accretive announcement, as pro forma FY16 DPU would have risen from 8.47 S-cents to 8.54 S-cents, while the initial rental yield of 10.0% is also slightly higher than that of the last 3 acquisitions."

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