Since its rights issue last year in December, expectation was for LMIR to acquire more shopping malls to improve its DPU which has been rather disappointing, being much lower, post rights issue, than initially expected. With my investment in LMIR some 200% bigger than it was, pre rights issue, I am naturally concerned with its underperformance.
Finally, an announcement to acquire 4 malls at a discount to their respective valuations. The 4 malls are:
1. Palembang Square for S$ 74.8m
(19.9% discount to valuation)
2. Palembang Square Extension for S$ 29.8m
(4.5% discount to valuation)
3. Tamini Square for S$ 30.1m
(23.4% discount to valuation)
4. Kramat Jadi Indah Plaza for S$70.8m
(2.2% discount to valuation)
The acquisitions will be funded fully by debt. Weighted average interest rate: 5.079% per annum. See note at the end of this blog post.
One question now on unit holders' ......
