Lippo Malls Indonesia Retail Trust is announcing a temporary shutdown (except for essential services) of 11 retail malls within the Greater Jakarta region, Bandung and Bali, from March 27 to April 09.

While the local authorities have not explicitly imposed any regulations to direct the closure of the malls, the decision to close the malls was made in consideration of the Indonesian Government’s call to curb the spread of the Covid-19 virus together with input from counterparts in the shopping mall industry. To date, more than 30 retail malls have closed or announced plans for temporary closure across Indonesia.

Rental fees will be suspended during the closure and will impact the trust Q2 income and distribution.