NWP RETAIL FURTHER EXPANDS ITS MARKET LEADING POSITION IN INDONESIA WITH EXPECTED ACQUISITIONS OF TWO SHOPPING MALLS
JAKARTA, 31st Dec 2019 – PT. Nirvana Wastu Pratama (“NWP Retail” or the “Company”), Indonesia’s largest independent retail shopping mall platform, backed by Warburg Pincus, has entered into a conditional sale and purchase agreement with relevant Indonesian subsidiaries of Singapore-listed Lippo Malls Indonesia Retail Trust (“LMIRT”) to acquire two shopping malls for a total purchase price of approximately Rp 1.30 trillion US$ 92 million.
The transaction includes two prime retail assets located in Tier-1 and Tier-2 cities in Indonesia, with an average occupancy of over 90%: Pejaten Village, an 89,157 square meters GFA mall located near the prime Kemang area of Jakarta city, and Binjai Supermall, approximately a 36,000 square meters GFA mall in Binjai, a satellite city of Medan, Indonesia’s largest city outside Java.
Mr. Timothy Daly, President Director and CEO of NWP Retail, “This acquisition represents a milestone in NWP Retail’s rapid expansion. It will strengthen the Company’s presence across key markets in Tier-1 and Tier-2 cities in Indonesia and further expand its market leading position as Indonesia’s largest independent retail shopping mall platform.”
Over the past 4 years, the Company has successfully grown its platform from four seed assets in 2015 to over 40 assets today. This latest transaction will add a gross floor area (“GFA”) of approximately 125,000 square meters to NWP’s portfolio, expanding its current platform to 1.2 million square meters GFA.
Mr. Daly said, “NWP Retail has executed a clear and consistent strategy since its founding, pillared on Indonesia’s strong consumption growth story. Our unique strength lies in the ability to create value through a scalable and well-managed platform and to generate synergies across different retail asset classes. The Company continues to seek high-potential, attractively priced retail acquisitions and development opportunities across key markets in Indonesia”.
Earlier this year, NWP raised nearly US$200 million in its latest round of equity fundraising from the Korean Teachers’ Credit Union (“KTCU”), the CITIC Securities One-Belt-One-Road (“CSOBOR”) Fund and Warburg Pincus. The fundraise was one of the largest ever for a private real estate company in Indonesia, and will enable NWP Retail to accelerate its growth in Indonesia’s capital constrained market.