Heartland Boy first purchased Lippo Malls Indonesia Retail Trust (‘Lippo REIT’) in May 2016 at 33 cents. He subsequently added to his position at 37.5 cents. On 25 August 2017, he sold off all of his shares in Lippo REIT at 43 cents. Including dividends, this translated into an XIRR return of 31.3% over a 15-month holding period. Heartland Boy is quite satisfied with his return for a stock with a relatively low beta listed on the Singapore stock exchange (SGX). However, he recognizes that his investment thesis is unlikely to pan out as forecast going forward. Here are the reasons why Heartland Boy sold off Lippo REIT.