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First Reit to buy hospital property in West Java for $31m

Published on Mar 13, 2014 10:08 AM

First Real Estate Investment Trust (Reit), a Singapore-listed healthcare Reit, has agreed to buy a hospital property in West Java, Indonesia, for $31 million.

It will buy Siloam Hospitals Purwakarta from PT Purimas Elok Asri, bringing its portfolio to 15 properties worth $1.09 billion.

The price represents a discount of 17.3 per cent from the higher of two independent valuations obtained for the property, said First Reit's manager Bowsprit Capital Corporation on Thursday.

First Reit will pay for the acquisition partly through debt and partly by issuing new units. It will pay $26.5 million in cash and the remaining $4.5 million in new units.

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