NWP RETAIL FURTHER EXPANDS ITS MARKET LEADING POSITION IN INDONESIA WITH EXPECTED ACQUISITIONS OF THREE 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 three separate conditional sale and purchase agreements to acquire three shopping malls for a total purchase price of approximately Rp 440 billion US$ 31.5 million.
The transaction includes three prime retail assets located in Tier-1 and Tier-2 cities in Indonesia with an average occupancy of over 90%: Central Plaza, an 18,916 square meters GFA mall in Bandar Lampung, one of Indonesia’s largest cities with a population of ~1 million people in South Sumatra, is to be acquired from PT Prima Gerbang Persada; Duta Plaza, a 12,668 square meters GFA mall in the residential stronghold of Denpasar city in Bali, is to be acquired from PT Mega Duta Persada; and Cimanggis Square, a 27,938 square meters GFA mall in Depok, a large city of 2 million people in Greater Jakarta area, is to be acquired from PT Surya Asri Lestari.
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 60,000 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.