DUTCH property fund Rodamco has agreed to buy a half stake in a shopping centre to be built northeast of the Indonesian capital, Jakarta, in the latest move in its Asian property investment trail.
The other half of the Jakarta Megamall will be held by Lippo Group, Rodamco's partner in another Indonesian project.
Rodamco said it would invest US$70 million in the Jakarta Megamall, which will be partly financed through loans.
The Dutch group expects the project to yield an annual investment of at least 13 per cent after opening in late 1997.
Rodamco, one of the world's biggest property investors, began its buying spree last year when it announced plans to invest 4.5 billion guilders (about HK$22 billion) in Far Eastern and European property markets over the next two years.
Last November, it invested 50 million guilders by acquiring a 25 per cent stake in another shopping mall in Jakarta, the Lippo Group's giant Lippo Village.