Singapore's First REIT Approached by CVC-Backed Healthcare Chain for Indonesia Assets

Reuters01-13

UPDATE 1-Singapore's First REIT approached by CVC-backed healthcare chain for Indonesia assets

Updates with details on approach from paragraph 2 onwards

Jan 13 (Reuters) - Singapore's First REIT FRET.SI said on Monday it had been approached by CVC Capital Partners-backed Indonesian healthcare chain Siloam SILO.JK to take over its portfolio of hospital assets in the Southeast Asian country.

PT Siloam International Hospitals Tbk, also known as Siloam, is already the existing operator and tenant of the Indonesian hospital assets it is interested in.

The company said in a filing to the Indonesian stock exchange that it had submitted a preliminary non-binding proposal to acquire the Indonesian portfolio, but did not disclose any financial details.

First REIT said it has decided to initiate a review to assess the approach from Siloam.

The deal, if it happens, is expected to have a positive impact on Siloam and is in line with its business expansion plans and strategies, the company said.

CVC Capital Partners, a Luxembourg-based private equity firm, had in August agreed to buy an additional 45% stake in Siloam from billionaire Mochtar Riady's cash-strapped Lippo Karawaci for about $1 billion.

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Shreya Biswas)

((Rishav.Chatterjee@thomsonreuters.com;))

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