OUE Lippo Healthcare Ltd, a hospital operator backed by the family, agreed to buy 10.6% of Singapore-listed First REIT, according to a statement Tuesday, which confirmed an earlier Bloomberg News report. It will buy the stake for about S$103 million (US$75 million) from PT Lippo Karawaci, an Indonesian developer controlled by the Riadys, it said in a Singapore exchange filing.

The company plans to raise about S$150 million in a rights issue to fund the purchase, the filing shows. OUE Lippo Healthcare will offer existing investors 1 new share for each share they already own at 6.75 Singapore cents apiece, representing a 28% discount to the stock’s theoretical ex-rights price.

OUE Lippo Healthcare and its controlling shareholder, OUE Ltd, will also buy full control of First REIT’s manager for a total of S$99 million. OUE Lippo Healthcare will get a 40% stake in the manager, while OUE will hold 60%, according to the filing.

Oversea-Chinese Banking Corp is sole financial adviser to OUE Lippo Healthcare on the acquisition, as well as manager of the proposed rights issue.

Moody’s Investors Service warned earlier this month that Lippo Karawaci is among Indonesian companies that are most vulnerable to weakness in the local currency. Lippo Karawaci’s debt is largely denominated in dollars while its cash flow is in rupiah, and additional weakness in the currency could have economy-wide effects, according to Moody’s.