In August 2024, it was announced in media that Indonesian conglomerate Lippo Karawaci has officially sold most of its stake in local hospital chain Siloam International Hospitals to CVC Capital Partners, which has become the majority stakeholder. Following hot on the heel of this major acquisition, the new owner, CVC Capital Partners, has made another offer to buy over the physical buildings from First REIT where their hospital businesses are being operated. Siloam makes up approximately 39% of First REIT annual rental income which makes this upcoming deal a major one. First REIT has a very interesting history and I was once vested in it. It used to trade at S$1 per unit and then got thrown under the bus by its sponsor, the Lippo Karawaci group to become its current sorry state. Let me recap below.
History of First REIT being run to the Ground by its Sponsor and Management...