REAL ESTATE INVESTMENT TRUST BY MARISKA, RANI AND SAMUEL
Confidential - for management use only
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CIPTADANA BACKGROUND
• DIRE CIPTADANA is an Indonesian-based real estate investment trust
(Dana Investasi Real Estate - Kontrak Investasi Kolektif) established with
the principal investment objective of owning and investing on a long-
term basis in a diversified portfolio of income-producing real estate in
Indonesia that are primarily used for retail and/or retail-related
purposes.
• DIRE CIPTADANA's first initial retail asset portfolio is Solo Grand Mall, a
retail mall which is strategically located in Solo. The number of visitors
Grand Mall Solo in May 2013 reached 546,000 people. This number
increased by 7.7% compared to the same period in 2012. Meanwhile
Grand Mall Solo occupancy rate was maintained above 90%. 2
DANA INVESTASI REAL ESTATE (DIRE) CIPTADANA
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Product Dana Investasi Real Estate (DIRE) Ciptadana (This product is
an investment product which is called Real Estate
Investment Trusts (REITs)). These products are offered to
institutional and retail high net worth individuals with a
minimum investment of $ 1 billion.
Founded 28 November 2012
Total investor 110
Asset Solo Grand Mall
Mutual funds This product like a mutual funds, but it is not a stock
portfolio, this is the physical building. The revenue obtained
from rents the mall, and then distributed to the investment
for every three-month for each units as dividends. While the
mall owners may be able to get a money from build a mall
elsewhere.
CIPTADANA INDONESIA GROWTH
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The line graph compares the percentage of performance
Ciptadana Indonesia growth and Asia pacific single country over
a period of 5 years. In 2011 performance Ciptadana Indonesia
growth increased sharply until 120% compare to Asia pacific
single country decrease until 20%.
LIPPO MAPLETREE BACKGROUND
Lippo Group : • 19 May 2001 - Lippo-Mapletree Indonesia Retail Trust (LMIRT)
• rising from Rp. 19,277 billion in 2001
• Base in Singapore
• Growth 6.3 %
• Use 60 % from investor , 40 % from mapletree
• Buy Lippo mall in Jakarta, Bali,Surabaya, Medan dan Palembang
• Asset : Residential/Township, Retail Malls, Hospitals, and Hotels
• financial adviser : Bank of America Merrill Lynch – Investment Banking Division
• FREIT (First Real Estate Investment Trust). • Base in Singapore
• Growth Potential 12%
• Buy
• Indonesia: 8 hospitals, 1 integrated hospital & hotel, and 1 hotel & country club
• Singapore: 3 nursing homes
• South Korea: 1 hospital
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LIPPO-MAPLETREE INDONESIA RETAIL TRUST
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LIPPO MAPLETREE FIRST REIT 7
MALAYSIA AND SINGAPORE REIT COMPANY
Perdana gapura prima & Amanah
Raya Berhad
Keppel Land and Alpha
Logo
Industry Property Property
Founded
reit
2007 ( Malaysia ) 2006 ( Singapore )
Portfolio Landed House
Apartment
Building
investment US$ 250 million $677.0 million
TOP 5 REITS COMPANY IN USA
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Simon
Property
Group
Public Storage HCP Inc. Ventas Inc. Equity
Residential
Logo
Industry Property (Mall) Real estate
investment
trust
Real estate
serving the
healthcare
Leases nursing
homes and
other health
care
properties
Acquisition,
development
and
management
of multi-family
residential
properties
Founded (REIT) Dec 2013 Dec 2012 Oct 2012 Dec 2011 Dec 2012
Portfolio - Regional
Malls,
Premium
Outlets
- The Mills
- Communit
y / Lifestyle
Centers
- Internation
al
Properties
Storage - Senior
housing
- Life
science
- Medical
office
- Post-
acute/skill
ed nursing
- Hospital
- Seniors
housing
- Healthcare
properties
Apartment
building
Investment $ 44,390 $ 3,562,500 $ 456,961 $ 74,488 $ 50,000
Scheme and Dire
GENERAL SCHEME
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1
Dana Investasi Real Estate (DIRE) Scheme
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DIRE (in Kontrak Investasi
Kolektif)
Real estate asset
(min. 80%) Aset yang berkaitan dengan real estat
Ex. Stock
Cash or cash equivalent
(max. 20%)
Aset real estat (min. 50%)
Ex. Buildiing
Investor
Investment Manager
Trustee (Bank custody)
Tenant
Cash flow
Dividend, interest
income, and
principal
repayment of
shareholders’
loans
Management
fees
Trustee’s fees Acts on
behalf of
Investor
Management
services
Tenancies
Rental
Payment
GOVERNMENT POLICY
• Bapepam-LK published policy No IX.C.15, No IX.C.16, No. IX.M.1, No IX.M.2. 2007
• Indonesia Stock Exchange published policy No I-O about listing DIRE procedure 2012
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GOVERNMENT POLICY 14
Peraturan Nomor IX. C. 15 •Mengatur tentang
beberapa persyaratan administratif yang harus dipenuhi dalam penyampaian pernyataan pendaftaran DIRE KIK kepada Bapepam-LK
Peraturan Nomor IX.C.16 •Prosepektus
penawaran unit penyertaan DIRE KIK dimuat beberapa informasi khusus, antara lain:
a. Informasi mengenai DIRE KIK seperti pendirian, penawaran unit penyertaan, penjelasan imbal hasil sewa (rental yield) yang diperoleh dari aset berupa real estat dan pengelolaannya
b. Informasi kebijakan investasi dan tujuan investasi DIRE KIK, serta kebijakan mengenai pembagian hasil investasi (jika ada)
c. Informasi mengenai special purpose company atau SPC (jika ada)
d. Metode penilaian aset real estat dan aset yang berkaitan dengan efek.
Peraturan Nomor IX.M.l •Pengelolaan KIK antara lain:
DIRE KIK dapat menginvestasikan dananya dengan atau tanpa menggunakan SPC, yaitu perseroan terbatas yang sahamnya dimiliki oleh DIRE KIK paling kurang 99,9% dari modal disetor.
DIRE KIK dapat menawarkan unit penyertaannya baik melalui maupun tidak melalui penawaran umum.
DIRE KIK dapat mencatatkan unit penyertaannya di bursa efek.
DIRE KIK hanya dapat berinvestasi pada aset real estat, aset yang berkaitan dengan real estat di wilayah Indonesia (efek), dan atau kas atau setara kas dengan ketentuan aset real estat dimaksud bukan tanah kosong atau properti yang masih dalam tahap pembangunan.
DIRE KIK wajib berinvestasi pada aset real estat paling kurang 50% dari Nilai Aktiva Bersih (NAB),
Dalam hal DIRE KIK melakukan investasi pada aset real estat dan efek yang diterbitkan oleh perusahaan real estat, maka investasi tersebut paling kurang 80% dari NAB dengan ketentuan investasi pada aset real estat paling kurang 50%, dan atau kas dan setara kas tidak lebih dari 20% dari NAB.
Peraturan Nomor IX.M.2 •Kebijakan
pembentukan clan penggunaan SPC (jika ada)
larangan Manajer Investasi (MI) pengelola DIRE KIK. Membeli tanah kosong atau berinvestasi di properti yang masih dalam pembangunan, disamping larangan yang berlaku bagi MI pengelola reksa dana.
Kewajiban bank kustodian untuk menghitung NAB DIRE KIK paling kurang sekali dalam satu bulan.
BARRIER
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•USA, Australia, Hong Kong, Japan, and Singapore’s government liberated income tax.
•Barriers in Indonesia: sales tax, value added tax, income tax, etc.
Tax benefit uncertainty
•Low awareness of DIRE among public
Low demand for DIRE
CIPTADANA NET ASSET VALUE
Company Instrument Period NAV (per
unit)
Unit
Ciptadana XCID:IJ November
2012
IDR 100 4,200 billion
December
2012
IDR 106.19
June 2013 IDR 109.8
January 2014 IDR 113.95
XCID:IJ August 2013 IDR 110 12 Million
June 2014 IDR 102 1 k
Lippo LMET.SI June 2013 SGD 0.51 2,795 million
June 2014 SGD 0.41 1,355 million
Simon
Property
Group
SPG: US June 2013 $ 156.067 2,426 million
June 2014 $ 166.77 1,352 million
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