Jakarta. Leading real estate developer Agung Podomoro Land (APLN) announced on Wednesday that it has successfully completed the sale of the upscale business and residential estate Neo Soho Mall in West Jakarta to NSM Assets Indonesia for Rp 1.44 trillion ($92.8 million), including taxes.

The signing of the sale and purchase agreement, which encompasses ownership certificates for 152 residential units and stores at Neo Soho Mall, took place at a notary office the previous day.

Agung Podomoro was represented during the signing by its subsidiary, Tiara Metropolitan Indah (TMI), which operates the mall.

"TMI will utilize a portion of the proceeds to acquire 4.3 million series B shares in NSM Assets Indonesia, thereby increasing its stake in NSM to 28.58 percent," Agung Podomoro said in a filing.

The remaining proceeds will be allocated to Agung Podomoro as dividends, which will, in turn, be used to repay debts amounting to Rp 850 billion to Bank Danamon Indonesia, as per the company's statement.

"This transaction will have no impact on the company's operations, legal standing, financial condition, and business continuity. In fact, the company will derive financial benefits from it," Agung Podomoro said.