JAKARTA. PT Sinarmas Asset Management has issued the Simas Plaza Indonesia Real Estate Investment Fund (DIRE) for Rp 10.4 trillion, with PT Plaza Indonesia Realty Tbk (PLIN) due to bag Rp 4 trillion from the issuance.
Sinarmas Asset Management Investment Analyst Sri Gugum Gumbira said the company used two systems in the issuance, namely inbreng and cash. Thus, the company will not obtain 100% of the proceeds from the DIRE issuance.
There were two systems [used in the issuance], inbreng and cash," said Ms Gumbira on Thursday (4/7). Ms Gumbira added that 90% of the Simas Plaza Indonesia DIRE products were absorbed by institutional investors, while the remaining was purchased by retail investors.
A number of foreign investors participated in the DIRE offering process with a portion of 20%-25%, including Japanese property developer Hankyu Hanshin Properties Corp. Hankyu, which was established in 1947, purchased 19% of the total of Rp 10.4 trillion as the biggest buyer, said Ms Gumbira.
Ms Gumbira explained that underlying assets from the Simas Plaza Indonesia DIRE are shares in Plaza Indonesia and PT Sarana Mitra Investama. Investors will receive returns from dividends distributed by both companies.
"The returns are still being calculated. It will also depend on the properties' occupancy rate, which we predict will reach 6%-8% in line with the dividends," said Ms Gumbira. (AM/MS)