Siloam Moves to Acquire 14 Hospital Properties From First REIT

Jakarta — PT Siloam International Hospitals Tbk (SILO) and its subsidiary PT Megapratama Karya Bersama are moving to acquire 14 hospital-property companies from First Real Estate Investment Trust in a transaction valued at about Rp9 trillion, according to company-related reporting published in August 2026.

The planned deal is structured in two stages. The first stage covers eight assets under conditional sale-and-purchase agreements and is valued at about Rp5.12 trillion, while the second stage covers six assets under a put-option mechanism and is valued at about Rp3.88 trillion, according to reports citing the company’s disclosure.

Among the assets listed in the first stage is Siloam Hospitals Denpasar, giving the proposed transaction a direct Bali connection. The second stage includes properties in other Indonesian markets such as Labuan Bajo, Makassar, Yogyakarta and Lippo Cikarang.

Return of hospital properties to Siloam

The assets were previously part of a sale-and-leaseback structure in which First REIT held the properties while Siloam continued operating them, according to reporting on the transaction. The proposed acquisition would bring the properties back under Siloam-related ownership if completed.

First REIT’s own disclosure in April 2026 said it had entered into conditional agreements to divest eight hospital properties to Siloam for about S$389.2 million, with a separate put option covering the remaining six hospitals. The trust said completion was expected in August 2026.

Independent reporting in August said the Indonesian portfolio includes eight hospital assets in the first tranche — Lippo Village, Kebon Jeruk, Manado, Denpasar, Purwakarta, Kupang, Sriwijaya and Baubau — and six in the second tranche: Lippo Cikarang, MRCCC, Makassar, TB Simatupang, Labuan Bajo and Yogyakarta.

What the company said about the deal

The company’s disclosure, as cited by local business media, put the total transaction value at about Rp9 trillion and described the two-stage structure. The reports said the first tranche would use conditional sale-and-purchase agreements, while the second tranche would depend on the exercise of put options.

Contemporary reporting also said the deal was intended to reclaim operating hospital properties that Siloam had long used, rather than expand into new geographic markets. The Denpasar asset is the only Bali property identified in the proposed portfolio.

Separately, reporting on Siloam’s latest results said the company had 4,310 operational beds, 317,900 inpatients and 4.35 million outpatient visits, with occupancy at 64.2 percent. It also said first-quarter 2026 revenue rose 7.9 percent year on year to Rp3.28 trillion, net profit increased 13.8 percent to Rp280 billion, and EBITDA climbed 11.8 percent to Rp731.5 billion.

The reports did not say the acquisition had been completed. They described it as a planned transaction subject to the terms of the agreements and the usual corporate approvals.

For Bali, the immediate significance lies in the prospective transfer of Siloam Hospitals Denpasar. If completed, the deal would shift ownership of the facility from First REIT’s portfolio to Siloam-related control, while the hospital’s day-to-day operations would remain part of Siloam’s network.

Government or regulatory approval timelines were not detailed in the reporting reviewed, but the transaction was presented as a corporate acquisition still moving through its disclosed stages.

Sources

• Liputan6
• Bisnis
• First REIT
• Kontan Investasi