DIRE 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.
A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and timberlands. Some REITs engage in financing real estate. The law providing for REITS was enacted by the U.S. Congress in 1960. The law was intended to provide a real estate investment structure similar to the structure mutual funds provide for investment in stocks. REITs are strong income vehicles because, to avoid incurring liability for U.S. Federal income tax, REITs generally must pay out an amount equal to at least 90 percent of their taxable income in the form of dividends to shareholders.
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%.
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