![](/media/13098/agi-opening.png?crop=0,0,0,0.0004520795660035372&cropmode=percentage&width=1200&height=900&rnd=133613688900000000)
Property replacement exercise in respect of facilities of up to S$322.5 million
![](/media/3552/weekly-deal-summaries-img3.jpg?anchor=center&mode=crop&width=1200&height=900&rnd=132006800610000000)
Allen & Gledhill, as transaction counsel, advised LMIRT Management Ltd. (in its capacity as manager of Lippo Malls Indonesia Retail Trust), on the property replacement exercise (“Property Replacement Exercise”) in relation to the term loan facilities up to S$135 million, loan facilities of up to S$67.5 million, and term loan facilities of up to S$120 million, as amended and restated by an amendment and restatement agreement dated 16 October 2023, whereby certain properties, including Lippo Mall Kemang and Sun Plaza and related assets were granted as collateral to be shared on a pari passu basis between all the lenders.
Pursuant to consent deeds entered into with the lenders on 19 April 2024, Sun Plaza will be replaced by Mal Lippo Cikarang, Gajah Mada Plaza, Kramat Jati Indah, Lippo Mall Kuta, Plaza Madiun Units and Plaza Medan Fair (“Replacement Properties”) as collateral for the facilities.
The Property Replacement Exercise involved a detailed step-plan to align with the administrative process in Indonesia required for the granting of security in Indonesia and the release of the existing collateral over Sun Plaza, up to the point where the Replacement Properties would be effectively granted and where Sun Plaza could effectively be released as collateral. Further, one of the Replacement Properties would require an extension of lease tenure from the relevant Indonesian authority, and parties have to work into the consent deeds the provisions and process relating to such extension.
Advising LMIRT Management Ltd. were Allen & Gledhill Partners Jafe Ng and Delwin Singh.