First REIT to sell Imperial Aryaduta Hotel & Country Club for $25.9m

Sale price represents a 22.2% premium over the original investment cost.

First Real Estate Investment Trust (First REIT) announced plans to sell Imperial Aryaduta Hotel & Country Club (IAHCC) in Indonesia for $25.9m (Rp.332.2b).

The sale will be made through Lovage International Pte. Ltd. and IAHCC Investment Pte. Ltd., subsidiaries of Perpetual (Asia) Limited, to PT Abadi Jaya Sakti and PT Tigamitra Ekamulia—both indirect subsidiaries of PT Lippo Karawaci Tbk (LPKR).

The deal represents a 22.2% premium over First REIT’s initial investment cost and was agreed on a willing-buyer, willing-seller basis.

The price also reflects a 0.65% premium to the average of two independent valuations, which placed the property’s value at Rp.330b as of June 30, 2025.

IAHCC, part of First REIT’s initial portfolio since 2006, is considered a non-core asset. Its master lease expires at the end of 2025, and the Manager noted that the aging property would soon require higher maintenance costs.

Net proceeds of about $25.5m, after estimated expenses of $0.4m, will be used to repay debt, redeem perpetual securities, or fund general corporate and working capital needs.

Chief Executive Officer Victor Tan said the sale supports First REIT’s focus on capital recycling and strengthening its balance sheet.

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