Courts Asia subsidiary acquires Jakarta building; terminates 2 megastore leases

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SINGAPORE (Jan 15): Courts Asia’s Indonesian subsidiary is acquiring a new property but ending two existing megastore leases as part of the group’s ongoing review of its store network and store format in the country.

In a Tuesday filing, Courts Asia says PT Courts Retail Indonesia Courts (PTCRI) has acquired KHI Megastore in Jakarta for S$9.4 million from seller PT Garwita Sentra Utama, which is a subsidiary of Singapore Exchange-listed Sinarmas Land.

Concurrently, PTCRI is terminating the existing lease for Courts Kota Harapan Indah (KHI) Megastore which is...(click on link for full story on theedgesingapore.com)