Ciputra Development Acquires 15% Stake in Metropolitan Land

PT Ciputra Development Tbk (“the Company”) announced that its wholly owned subsidiary, PT Ciputra Nusantara, has acquired 1,148,268,950 shares of PT Metropolitan Land Tbk (“MTLA”) on November 9, 2021. This is equivalent to 15% of the issued and paid up capital of MTLA. The transaction is executed at Rp320 per share.

MTLA is a property company with more than 25 years of experience. Its flagship projects include real estate projects Metland Menteng and Metland Puri, and shopping malls Metropolitan Mall Bekasi and Grand Metropolitan Mall. MTLA’s property development segment consists of over 600 hectare land bank across 8 projects located in Greater Jakarta area with a strategy of focusing towards middle income class in satellite cities around Jakarta. Furthermore, MTLA develops 2 mixed-use projects, namely M Gold Tower in Bekasi, West Java, and Kaliana Apartment in Bogor, West Java. As of September 2021, MTLA has booked Rp1.1 trillion marketing sales.

On the recurring income segment, MTLA has 4 shopping malls with more than 120,000 square meter net leasable area. MTLA also manages 5 hotels comprising of 653 rooms. As of September 2021, revenues from recurring income segment reached Rp206 billion, equivalent to 35% of total revenue.

Mr. Candra Ciputra, President Director of PT Ciputra Development Tbk, commented on the transaction: “Ciputra Development is enthusiastic about this strategic investment and prospect of future partnerships with PT Metropolitan Land Tbk. This transaction strengthens our geographical diversity and ability to deliver high growth sustainably. We will have more opportunities to better capitalize on market demand arising from the economic recovery and create enhanced value for our shareholders.”