PRESS RELEASE

NWP’s ESG Approach and Initiatives Receive Global Recognition from IFC EDGE of World Bank

In today’s commercial real estate sector, the full focus is on ESG – reporting, compliance, and standards. Simply benchmarking and reporting on a company’s real estate assets is no longer enough as concerned stakeholders and stricter regulations reshape the playing field.

But while most companies rush to comply, Dhawal Doshi, Head of Research & ESG at NWP Property, is not concerned. Having already committed a large part of NWP’s portfolio, 16 shopping malls, to EDGE certification, Dhawal notes that going green is not just good for the environment, but also good for business. NWP Property was established in 2015 as a joint venture between Warburg Pincus and PT City Retail Developments Tbk (IDX: NIRO). The company is now the fastest growing new-economy consumer infrastructure platform in Indonesia with the largest independent network of modern community-based shopping malls, as well as a growing pipeline of logistics distribution centers and warehouses. With a keen focus on sustainability, the company had its sights set on leading in this space from the outset. Today, NWP Property is leading the market in EDGE certification of retail malls in Indonesia.

NWP’s commitment to its ESG objectives of making a positive contribution to local communities was spearheaded by Dhawal and his team, who methodically deployed a thoughtful, data-driven approach to evaluate every development, acquisition, and operating asset regarding energy efficiencies against the cost and the impact of retrofitting these properties. The breadth and depth of diversity in NWP’s retail portfolio calls for a specific, asset-centric approach considering various factors such as size, space, utility, and financial returns. As a result, sustainability considerations are integrated into NWP’s development, operation, and budgeting process. Overall, green business practices have proven themselves to make financial sense for NWP.

“While we are pleased to receive recognition from IFC for our ESG team’s diligent efforts over the past few years, our journey on this path still has a long way to go. We look forward to continue learning and implementing new measures in improving efficiency and sustainability of all our assets”.

Dhawal Doshi, Head of Research & ESG at NWP Property

In 2016, when Dhawal began his journey at NWP, he realized he had to make a strong case for green building certification. While sustainability already was a key focus of the company, ESG results were initially not captured under a separate category. As a result, the company was unable to fully implement or highlight its sustainability efforts. Given Dhawal’s background in economics, he understood the need to work and gather his most important tool – data – if he was going to convince anyone to go green. This data would be converted to the most important metric, cost effectiveness.

The existing, older facilities in the company’s portfolio offered some clear opportunities, notwithstanding the challenges in terms of collecting data and telling the cost savings story, as well as the substantial upfront costs. On the other hand, the opportunities for green-field development projects were less obvious, and required careful energy modeling, benchmarking, and potential cost-benefit analysis. By systematically creating a process to translate the potential energy-saving opportunities into cost and savings, Dhawal and the team was able to create a solid foundation to expedite the company’s sustainability journey. Furthermore, he was also able to quickly replicate the learnings from one project to other properties.

At The Park Sawangan, a green-field development project in South Jakarta, the team utilized energy modeling to replace the initial design of an oil-based chiller into a magnetic-bearing electric water-cooled chiller for the AC system. The team also identified and installed other equipment such as five variable-speed drives (VSDs), chiller plant control systems, scale cleaning system, as well as building outer envelope modification and efficient lighting to improve energy efficiency.

These changes resulted in improving energy efficiency by approximately 30 % as compared to the EDGE baseline and around 50 – 60% better compared to other malls in the portfolio. These strategies were subsequently implemented at four new green-field development assets, thereby becoming the de-facto baseline construction standard for future developments, such as Citimall Cianjur 2, The Park Semarang and The Park Kendari.

At Citimall Cilegon, an older-generation acquisition asset, the team retrofitted an old and highly inefficient split-duct AC system into a water-cooled magnetic-bearing chiller, improving cooling efficiency by about 60% while also improving comfort level. Although the change of system involved large upfront investment and required diligent analysis to measure its impact, the process and approach of evaluating retrofitting opportunities at older operating assets has been replicated at several other assets, resulting in energy savings, while reducing carbon footprint. Case in point is Citimall Palu, a similar older-generation acquisition asset in Central-Sulawesi province, where the replacement of an existing AC system which was around 10 years old will more than double cooling efficiency.

At Pejaten Mall and Cirebon Super-Block, two of the largest and most iconic malls in the portfolio, NWP installed VSDs, re-sized pumps, chiller plant control systems, control valve and scale cleaning systems to optimize comfort level and improve cooling efficiency by about 20 – 25% from previous levels, generating an immediate reduction in operation cost. The two projects were identified for energy-based upgrades based on a review of their existing Energy Use Intensity (EUI) and potential impact on the asset and portfolio.

“Adopting green building practices is a smart move for businesses. IFC’s extensive experience has demonstrated that highly resource-efficient buildings can be designed and constructed with a low 0-3% additional cost with significant medium-long term savings on operations and maintenance. NWP has arrived at the same conclusion through their data analysis. By committing to decarbonize their portfolio, NWP is setting an example for the Indonesian retail sector. This serves as a vital reminder to investors, clients, and peers that every building, regardless of its size or sector, can play a role in promoting sustainability by adopting eco-friendly measures.”

Diep Nguyen-Van Houtte, Senior Manager, Climate Business Department, IFC

NWP has also extended its sustainability drive to include water and waste management. For example, at Citimall Cilegon and Citimall Palu, the team has successfully disposed of about 700 – 800 kilograms of highly climate-polluting R22 refrigerants, generated during the dismantling of its old AC system. The team is also implementing water cleaning and recycling techniques to re-use for various purposes and reduce water consumption by up to 30%. In addition, they are also evaluating other waste management and renewable energy solutions for imminent implementation, all of which are backed by data driven analysis for installation and operation.

After a few years of harnessing data from existing malls and using the EDGE calculation application, Dhawal and his team are now able to make a ROI plan for green building certification for all of NWP’s malls. By using data from their existing renovation projects, NWP can produce even more realistic forecasts for future projects. The team has also adopted a culture of continuous learning to improve energy efficiency and reduce operation costs while simultaneously improving the health and safety measures of projects.

Under Dhawal’s leadership, eight properties have already been EDGE-certified, and with eight more in the process of certification (with more to come), the company will continue to be a great example of sustainable leadership in the commercial real-estate market.

Link to original article:
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NWP PROPERTY OPENS THE PARK SEMARANG – LARGEST MALL IN TOWN – BRINGING WORLD-CLASS TENANTS

Semarang, March 16, 2023 – The Park Semarang, the largest shopping center in Semarang City with the widest range of high-quality tenants, was officially inaugurated by the Mayor of Semarang, Mrs. Hevearita G. Rahayu, on Thursday, March 16, 2023.

The Park Semarang is the 34^th asset owned and operated by NWP Property, one of the largest shopping center developers in Indonesia, with a diversified portfolio of malls including The Park Sawangan, Cirebon Super Block (CSB), and Pejaten Mall in Java.

Occupying an exceptionally strategic location, The Park Semarang is located at Jalan Madukoro Raya, Blok E1 No. 10-11, Tawang Mas Village, West Semarang District, Semarang City. It provides convenient access to visitors throughout the city with its prime location on the main road connecting the Semarang city center with Ahmad Yani Airport.

“We are grateful to finally open The Park Semarang mall, long awaited by the people of the city. It is a landmark development bringing many popular national and international brands under one roof” said Teges Prita Soraya, Director of The Park Semarang Mall – PT Nirvana Wastu Jaya Pratama, a subsidiary of PT NWP Property.

The 4-storey modern mall is designed with international green-building standards on a land area of 27,000 m²with a total Gross Floor Area (GFA) of 57,000 m² and a total Net Leasable Area (NLA) of 37,000 m². It provides parking capacity for ~1,200 motorcycles and ~1,000 cars.

The Park Semarang indulges visitors with more than 120 international, national, and local tenants. Some of them include Matahari Department Store, H&M, Lulu Hypermarket, Marks & Spencer, Mango, Cinema XXI, Fun World, Happy Time, Mega Sport Stations, Max Fashion, Minimal, Charles & Keith, Pedro, Levi’s, MOC, Manzone, Gingersnaps, Mothercare, ELC, Kidz Station, Mr.DIY, Frank & Co, The Palace, Birkenstock, Staccato, Sociolla, Marhen J, Pedro, Urban Republic, Puma, Adidas, New Era, Mr. DIY, Nobby, Debiuryn, Havaianas, Fit Flop, iBox, Samsung, and many more.

Visitors at the mall are also presented with a variety of culinary options from food and beverage (F&B) tenants such as Solaria, Pepper Lunch, Kimukatsu, Golden Lamian, Tong Tji Tea House, J.Co, Mako, and various other local culinary choices from Semarang’s Small and Medium Enterprises (SMEs).

“Currently we have achieved above 80% occupancy for tenants that have either opened or will open shortly. We are delighted to provide local Semarang entrepreneurs with the opportunity to stand alongside many national and international brands that operate tens or even hundreds of stores in Indonesia and worldwide. We continue with our commitment to serve the local community in every market that we operate in and are confident to make positive economic and social contributions to the city and region,” explained Teges.

NWP-backed Indonesian Logistics Platform Cella Management Logistics Breaks Ground on Two New Projects

Cella was established in March 2022 as a strategic joint venture between Warburg Pincus-backed NWP Property, CRE Asia, and industry veteran Bonny Setiawan
With the two new projects, Cella currently has three high-quality logistics projects with a total of over 200,000 sqm of net leasable area under construction to meet the robust demand for logistics
The newly launched projects testify to the exceptional execution capabilities and position Cella as one of the fastest-growing logistics platforms in Indonesia
Leveraging NWP Property’s strong new-economy consumer infrastructure platform in Indonesia, Cella is well-positioned to build the largest modern logistics portfolio in Indonesia

Jakarta, 21 June 2023 – Cella Management Logistics (“Cella”), an Indonesia-focused pureplay logistics real estate platform, announced the groundbreakings of two modern logistics projects in Indonesia – a two-storey facility in Cakung, East Jakarta, with close to 100,000 sqm of net leasable area (NLA) and a single-storey facility in Cileungsi, Bogor, with a close to 65,000 sqm NLA.

Both projects are strategically located in urban infill areas, which are highly sought-after by major tenant groups such as third-party logistics (3PL) companies, last-mile providers, and fast-moving consumer goods (FMCG) companies. Designed to provide tenants with maximum operational efficiency, the facilities will be built with high construction quality and sustainability standards targeting IFC’s affiliated EDGE certification, including a 12 to 14-meter clear ceiling height, an up to 4 tons per sqm floor loading capacity, and sustainability features such as solar panels and energy-efficient equipment. Both projects have been partially pre-committed by leading customers, reflecting the strong underlying demand for high-grade modern logistics assets.

Apart from these two projects, Cella is also on track to complete its first logistics project in Q3, 2023. Strategically located in Cikarang, West Java, the project features a state-of-the-art facility spanning a 40,000 sqm NLA, built-to-suit for DHL Supply Chain, the global market leader in contract logistics solutions. With 14 meters in ceiling height and 4 tons per sqm of floor capacity, the facility will support DHL Supply Chain’s expansion in Indonesia, amidst the rapidly increasing e-commerce penetration and logistics activities in the country.

Cella was established in March 2022 as a strategic joint venture between Warburg Pincus-backed NWP Property, CRE Asia, and Bonny Setiawan to build a pure-play logistics real estate platform to serve the severely under-penetrated logistics real estate sector in Indonesia. Under the leadership of Bonny Setiawan as CEO, the best-in-class management team has over 17 years of industry experience and a proven track record with over 500,000 sqm of land transactions and 3250,000 sqm of logistics developments. Cella has emerged as a fast-growing player in Indonesia’s logistics real estate market as well as a trusted partner to its clients. With a strong local team of around 20 professionals, Cella has full in-house execution capabilities, ranging from land sourcing and development, to leasing, asset management, and property management. The team has built trusting relationship with key tenants across a wide range of industries and identified robust demand from the tenants.

Bonny Setiawan, CEO of Cella Management Logistics, said, “We are extremely pleased to break ground on the two projects. The ability to launch two projects within just a month is a testament to our exceptional execution capabilities as well as the significant market demand for high-grade modern logistics assets. With our highly experienced team and the strong backing of our blue-chip logistics real estate investors – CRE Asia and NWP Property, we are uniquely placed to deliver unparalleled warehousing solutions to meet the evolving demand of our clients.”

Kevin Kow, NWP Property’s CEO, said, “We are impressed by the strong business momentum and robust pipeline that Cella has built since its establishment and its commitment to excellence in its business pursuit. The three strategic projects under construction will cement Cella’s position as a key player in Indonesia’s logistics real estate market. Built on its vision to drive and redefine the industry and its deep experience in logistics real estate, we believe that Cella is poised to deliver continued growth and success in the years ahead. We are proud to see that together with Cella, NWP Property represents the largest consumer infrastructure business in Indonesia, giving us the scale to best serve our clients.”

Tadahide Kameyama, CRE’s President, commented that, “The modern logistics real estate market in Indonesia is severely underpenetrated, with its industrial peers China and Japan having 10 and 40 times the warehouse space per capita respectively, as compared to Indonesia. The significant growth driven by the expansion of demand from e-commerce, 3PLs, and FMCG tenants, will continue to bring tremendous growth opportunities to experienced and trusted players, like Cella. CRE is pleased to be partnering with Cella on this exciting journey.”

Cakung Modern Logistic Warehouse Groundbreaking Ceremony

Narogong Modern Logistic Warehouse Groundbreaking Ceremony

About Cella Management Logistics:

Cella Management Logistics is a warehouse development company dedicated to creating exceptional logistics spaces. The company was established in March 2022 as a joint venture between NWP Property and CRE Asia. With a highly experienced team boasting over 10 years of expertise and a remarkable track record of successful projects, the company focuses on delivering state-of-the-art facilities that cater to the evolving needs of businesses. Cella Management Logistics is committed to driving growth and providing innovative solutions to support the expansion of the logistics industry.

About NWP Property:

PT Nirvana Wastu Pratama (NWP Property) is one of Indonesia’s largest and fastest-growing new-economy consumer infrastructure platforms in Indonesia with exposure to community retail and logistics infrastructure. Since its inception in 2015 as a joint venture between Warburg Pincus and PT City Retail Developments, NWP Property has experienced rapid growth. As of June 2023, it manages 52 operating, under construction and under development projects across Indonesia, totaling ~1.24 million sqm of potential gross floor area.

About CRE Asia:

CRE Asia is a subsidiary of CRE Inc. (CRE), an established and largest independent industrial developer based out of Japan. Founded in 2009, CRE has established a strong presence in Japan, Singapore, and Thailand. CRE has also formed CRE Logistics REIT, a J-REIT which has 21 assets in its portfolio with a valuation of approximately JPY159 Bn as of April 2023.

Another First Shopping Mall in Town, NWP Property Opens Citimall Bontang, Its 33rdProperty in Indonesia

Bontang, 11 December 2022 – Inaugurated by Bontang Regent, Basri Rase, S.I.P, NWP Property opened its 33rd property, Citimall Bontang. Located in East Kalimantan Province, Citimall Bontang is the first and largest shopping mall in town, centrally situated along the city’s main road, Jenderal Soedirman Road. Citimall Bontang has a Gross Floor Area (GFA) of 16,526 m² and a Net Leasable Area (NLA) of 12,501 m², with a parking capacity of over 230 motorbikes and 320 cars.

Citimall Bontang is home to a diverse mix of national tenants, many of which have opened their first stores in the city. These include Matahari Department Store, Happy Time, Optik Seis, Bata, The Body Shop, Fore Coffee, Jiwa Toast & Jiwa Tea, Ichiban Sushi, Ta Wan, Samsung, Erafone, My Salon, Guardian, Everbest, and Cinema XXI.

Now Open: The Park Kendari, The Largest Shopping Mall in Southeast Sulawesi

Kendari, 8 December 2022 – Governor of Southeast Sulawesi, H. Ali Mazi, S.H. officially opened The Park Kendari, Southeast Sulawesi’s largest destination for shopping, entertainment and leisure. Conveniently located in the city’s central commercial district, the mall occupies a Gross Floor Area (GFA) of 38,380 m² and Net Leasable Area (NLA) of 26,161 m², and is the region’s newest home to a range of international, national and local tenants. The mall is also developed with international green-building certification standards, reflecting NWP’s commitment to sustainability.

The Park Kendari’s strong and diverse tenant mix consists of Matahari Department Store, Hypermart, Fun World, Kidzilla, Sports Station, Guardian, BNB, Urban Surf, Minimal, Manzone, MOC, Optik Seis, Optik Melawai, Erafone, Samsung and Digimap. Other tenants such as The Palace, Cinema XXI and H&M are expected to open shortly. The mall also has a variety of F&B options such as JCO, Mako, Solaria, Ichiban Sushi, Ta Wan, Ramen 1, and Fore Coffee. In addition to these national tenants, The Park Kendari hosts more than 15 diverse local fashion and F&B tenants, as well as a spa and wedding gallery, creating a true one stop shopping destination for all.

NWP Property Opens Its 31st Property, The First in Bondowoso Regency

Bondowoso, 28 October 2022 – NWP Property opened Citiplaza Bondowoso in the presence of Bondowoso Regent, Drs. K.H. Salwa Arifin, who officially inaugurated the shopping mall. Located in East Java Province, Citiplaza Bondowoso is the first modern shopping mall in the Regency, and is strategically situated on the main road connecting the city center. The mall has a Gross Floor Area (GFA) of 10,456 m² and a Net Leasable Area (NLA) of 7,769 m², with sufficient parking capacity of 200 cars and 200 motorbikes.

Citiplaza Bondowoso hosts a range of well-known national tenants, all of which have opened their first stores in the region at the mall. Our tenants include Matahari Department Store, Hyfresh Supermarket, Happy Time, Tong Tji, Kebab Turki Baba Rafi, Tea Break, Gramedia Exhibition, B-FIT, Gabino, Mr. DIY, My Salon and Cinepolis. Furthermore, NWP continues to offer strong support for local businesses by providing commercial space to several local entrepreneurs and F&B tenants at Citiplaza Bondowoso.

NWP Property Names Kevin Kow as CEO and President Director

Jakarta, September 2022 – NWP Property (“NWP” or “the Company”), Indonesia’s largest and fastest-growing omni-channel commerce infrastructure platform backed by Warburg Pincus, announced today that the Company has appointed Kevin Kow, previously NWP’s Chief Investment Officer, as the Company’s new CEO and President Director, effective immediately. Kow will succeed Timothy Daly, the previous CEO and President Director, who will become a Commissioner of the Board of NWP.

Kow brings a wealth of experience in the real estate and investment industry, previously representing Morgan Stanley and then CLSA as the Head of the Singapore & Southeast Asia in both firms. In the recent three years, he was the Chief Investment Officer at NWP, where he spearheaded the acquisition of 8 assets, comprising 7 shopping malls with a total net lettable area of over 140,000 square meters and a hotel. Kow was instrumental in the formation of NWP’s logistics business and its joint venture with CRE Asia, as well as the execution of the $150mm corporate facility arranged with Credit Suisse in 2020.

Commenting on his appointment, Kow says, “It is my privilege to lead NWP during its time of strategic evolution. NWP Property has grown tremendously, from 4 seed assets since its inception in 2015 to 52 assets today across the Indonesian archipelago. We recently expanded into the logistics sector, which reflects our commitment to the two major themes of consumption infrastructure – retail and logistics assets. I look forward to working closely with the experienced and talented management team as NWP embarks on its new phase of growth.”

With the appointment of Kevin Kow to the top leadership position, the newly re-configured property group, which recently added logistics business to its growing community retail mall portfolio base, will continue to pursue opportunities in modern institutional-grade assets serving the emerging middle-class.

Last month, NWP also appointed Bonny Setiawan as the CEO of NWP Logistics and Alphonzus Widjaja as the CEO of NWP Retail.

Widjaja is a leading veteran with over 20 years’ experience in the Indonesian real estate industry. Prior to joining NWP, he was the CEO of Retail and Hospitality division at Sinar Mas Land for over 9 years. He also served as Director and Chief Operating Officer at Agung Sedayu Group and as the General Manager at Pakuwon Group. Widjaja is currently the Chairman of APPBI, Indonesia’s shopping center association.

Setiawan brings extensive industry knowledge and an exceptional track record in the logistics real estate sector. He was highly regarded as the driving force behind the development of the modern logistics sector in Indonesia. Previously, he was the CEO at Mega Manunggal Property (MMP), one of the first modern publicly listed logistics players in the country. He was appointed the CEO of the logistics joint venture between NWP and CRE Asia, established in March 2022.

NWP Property’s In-House Legal Team Named One of Asia’s Top 15 NWP Scores Big in Asia’s Top Law Awards

JAKARTA May 18, 2022 — Today, NWP Property (“NWP”) is delighted to announce that its in-house legal team led by Dinasti Brian Harahap (Group General Counsel & Chief Legal Officer) has been named one of “Asia’s Top 15 In-House Teams for 2022” by Asian Legal Business (“ALB”).

ALB selects in-house teams for this commendation based on notable work, innovation, contribution to the overall business, as well as other factors which recognize the exceptional performance of private practitioners and in-house counsels throughout Asia.

Before joining NWP, Mr. Harahap spent a decade in private practice with international magic circle firm Clifford Chance, both in its Singapore office as well as its affiliated Jakarta Office, Linda Widyati & Partners. Prior to that, he started his legal career at ABNR Counsellors at Law, in Jakarta. Mr. Harahap’s practice areas are in Real Estate, Inbound and Outbound Investments, Cross Border Transactions, Corporate and M&A, Financing, and Aviation.

In 2020, Mr. Harahap was nominated as a finalist of ALB’s In-House Counsel of the Year Indonesia law awards, and in 2021 was also listed in ALB’s annual list of Indonesia’s Rising Stars.

In other legal recognition kudos, NWP has been nominated as finalist in two categories at ALB’s Prestigious 2022 South-East Asia Law Awards.

As a finalist for the “Construction and Real Estate In-House Team of the Year Award”, NWP is joined in this coveted list by leading global and regional real-estate consultancies, and prestigious real estate owners and developers.

In another award category, NWP’s Senior Legal Counsel T. Anggrasyah Reza was shortlisted as a finalist in the “Young Lawyer of the Year (In-House) Award” category, joined by the region’s next generation of legal leaders, including those from global and regional digital, banking, communications and consumer brand companies.

Mr. Reza joined NWP from a private practice background in 2019 and is an in-house counsel with over 12 years of experience, proficient in handling M&A transactions, with extensive knowledge in Real Estate, Inbound Foreign Investment & Corporate Matters, Digital Commerce and Data Privacy.

Mr. Harahap added, “These commendations are testimony to NWP Property’s best-in-class management team comprised of industry-leading experts from Indonesia and around the world, as well as our legal colleagues within NWP. We are honored to be recognized by our peers and colleagues in the legal industry.”

Asian Legal Business (ALB) is owned by Thomson Reuters, the world’s leading source of intelligent information for business and professionals. With its portfolio of leading titles, law awards, in-house legal summits and online services, ALB provides authoritative and unbiased insights and unmatched networking and business development opportunities to legal professionals throughout the Asia-Pacific.

The ALB Law Awards are the pre-eminent legal awards in Asia-Pacific, held annually in Hong Kong, Singapore, Japan, Korea, Malaysia, Indonesia, India, the Philippines and China. The Awards are comprised of months of intensive research and culminate in a black-tie Awards Ceremony in each of the markets.

NWP Property Group Launches Augmented Reality Powered Experiences at Leading Malls

Latest Online + Offline Innovation from NWP and Trilio Super App

Jakarta, April 18, 2022 — Today, NWP Property Group (NWP) announces the launch of Augmented Reality (AR) powered experiences at selected malls, in collaboration with industry leading Trilio Super-App (Trilio), a first for any retail venue in Indonesia.

In one experience, Trilio members become “Token Hunters”. Using social media clues, members search for hidden secret tag locations throughout participating malls. Upon discovering a secret tag, the Trilio member can unlock the token, which is automatically transferred to the member’s account. Tokens can be redeemed for various rewards ranging from Rp. 50.000 cashback to free food and drink menus at the participating mall restaurants.

In another experience launched at The Park Sawangan, Trilio members can try to “Catch a Holiday Bonus”. Using Trilio, members can see a stream of envelopes cascading from the ceiling of The Park Sawangan. If a member “catches” a special holiday envelope without touching any of the others, they are rewarded and a QR code sent to their account, which can be immediately redeemed for various on-mall perks.

“We are committed to delivering fun and safe online plus offline experiences to our members and retail guests, as well as driving and supporting innovation for the growing Indonesian retail market and the local communities our malls serve.” commented Melanie Alshab, COO of NWP Property Group.

NWP Property Awarded International Green Certifications for 2 Retail Assets — Citimall Baturaja and Citimall Lahat

Jakarta, April 13^th, 2022 — Today, NWP Property (“NWP”) announces it has been awarded internationally acclaimed EDGE Green Certification for two of its Sumatra assets – Citimall Lahat and Citimall Baturaja. EDGE is a leading global green certification sponsored by IFC, a member of the World Bank Group.

The malls were rated based on three different ESG criteria: Energy, Water, and Embodied Materials, and benchmarked against regional peers.

Compared to a regional base case for similar properties and asset types, each asset individually saves over 1,000 tons of CO2, equivalent to adding approximately 6,000 new trees every year, or saving enough fuel to circumnavigate the earth 100 – 120 times. Annual water savings is equivalent to the capacity of about 20 Olympic size pools.

To calculate the base case scenario, IFC’s software driven approach uses customized granular data at the local level through the support of country-based institutions that provide market studies and data collection. It also uses information gleaned from typical building practices as well as national and local building performance codes.

Melanie Alshab, NWP Chief Operating Officer & Senior Advisor to the Board of Commissioners noted “ESG has always been central to decision-making at NWP and continues to evolve rapidly in its role as a core business function. We are pleased to see our efforts gain international recognition and these certifications are a testimony to NWP’s disciplined commitment to ESG.”

For more information on ESG at NWP, please visit www.nwpproperty.com/esg.

The Park Sawangan Becomes First Mall in NWP Portfolio to Achieve International Green Energy Rating — Sets High Standards for Other Real Estate Assets

Jakarta, March 23^rd, 2022 — Today, NWP Property Group (“NWP”) is pleased to announce that The Park Sawangan has been awarded an international green certification by Edge, sponsored by IFC, part of The World Bank Group.

The malls were rated based on three different ESG criteria: Energy, Water, and Embodied Materials, and benchmarked against regional peers.

Compared to a regional base case for similar properties and asset types, the assets save over 2,500 tons of CO2, equivalent to adding approximately more than 15,000 new trees every year or saving enough fuel to circumnavigate the earth over 300 times. Water savings is equivalent to the capacity of approximately 70 Olympic size pools annually.

Designed, constructed and operated with energy efficiency as a priority, the asset has the distinction of operating one of the most efficient cooling systems in Indonesia per leading experts. Incorporating this advanced technology benefits both NWP and retailer community of The Park Sawangan, who also benefit from this energy saving engineering.

NWP is committed to sustainability and considers ESG as a central tenet of its business strategy.

Melanie Alshab, Chief Operating Officer & Senior Advisor to Board of Commissioners of NWP Property noted “Obtaining a green certification for a real estate asset is never an easy process, but it is doubly challenging in an emerging market, where ESG and sustainability standards are quickly evolving, thus requiring innovation to meet certain criteria that are simply more easily achieved in other markets. The Park Sawangan is a signature asset in the NWP portfolio and the Edge green certification further enhances its credentials.”

For more information on ESG at NWP, please visit www.nwpproperty.com/esg.

Warburg Pincus-backed NWP Property and CRE Asia Establish a Joint Venture Focusing on Modern Logistics Real Estate Opportunities

Jakarta, March 22, 2022 — Today, PT Nirvana Wastu Pratama (“NWP Property”), Indonesia’s largest and fastest-growing New Economy enabled consumer infrastructure platform co-founded by Warburg-Pincus and led by its CEO Timothy Daly, CRE Asia Pte. Ltd. (“CRE Asia”), a consolidated subsidiary of CRE, Inc., led by its president Tadahide Kameyama, and Bonny Setiawan (“Mr. Setiawan”), an Indonesian entrepreneur and experienced logistics professional, announced to establish a joint venture (the “Venture”) to capture the booming opportunities in modern, big-box logistics real estate in Indonesia. Mr. Setiawan has been appointed as the CEO of the Venture.

With a common conviction that modern logistics real estate is meaningfully undersupplied in Indonesia, this strategic partnership is formed to establish a best-in-class, big-box logistics platform to meet the significant growth driven by the expansion of omni-retail platforms, rising needs from third-party logistics companies (3PLs) and fast-moving consumer goods company (FMCG) tenants.

NWP Property’s robust capabilities in scaling its “online to offline” (or “O2O”) consumer infrastructure platform that enables both online commerce via its last-mile logistics facilities as well as offline purchases via the largest independent network of modern community-based shopping malls, will be complemented by CRE’s institutional experience in logistics and regional networks as well as Mr. Setiawan’s expertise in building modern logistics platforms. The Venture has secured its first modern, pre-leased built-to-suit warehouse in Jakarta which is expected to commence construction in the second-half of the year.

Mr. Timothy Daly, NWP Property’s CEO and President Director, said, “NWP welcomes this exciting platform to our consumer infrastructure ecosystem. We are thrilled to partner with CRE and Mr. Setiawan. The supply of Indonesian warehouse space is meaningfully behind its industrial peers, such as China and Japan, who have 10-40 times the warehouse space per capita, respectively, compared to Indonesia. The durable megatrends driving the demand for holistic omni-commerce infrastructure will accelerate into the next decade, and we see unparalleled synergies in this Venture alongside our existing last-mile fulfillment center platform and our growing community retail platform.”

Mr. Tadahide Kameyama, CRE’s President, said, “We are delighted to establish strategic partnership with Warburg Pincus, NWP Property, and Mr. Setiawan. Warburg Pincus is one of the most established and successful institutional investors in the world and has proven track record of supporting successful real estate businesses in Southeast Asia. We look forward to working together with NWP Property and Warburg Pincus to expand our operations in Indonesia.”

Mr. Bonny Setiawan, the Venture’s CEO, said, “The investment thesis into the Indonesian logistics real estate market is beyond doubt. There is a significant opportunity to develop high-quality logistics assets to serve the growing demand companies including e-commerce and FMCG operators. I am excited to leverage NWP’s existing O2O ecosystem and experienced management team to develop the largest network of modern distribution centers in Indonesia.”

Warburg Pincus-Backed NWP Property Appoints Adhy Wibisono as Chief Financial Officer

Jakarta, January 2022 – NWP Property (“NWP” or the “Company”), largest and fastest growing new economy institutional omni-commerce infrastructure platform co-founded by Warburg Pincus, today announced that it has appointed Adhy Wibisono as its Chief Financial Officer and Director.

Adhy brings a wealth of expertise and experience, with more than 20 years in international finance, corporate governance, and commercial leadership in the US, Europe, and Asia. Most recently as CFO of GoPay, Gojek’s digital financial services arm, Adhy was a key member of the management team that established and led the expansion of Gojek’s consumer financing business.

Prior to GoPay, the Penn. State MBA graduate served as CFO of Combiphar, one of ASEAN’s leading healthcare companies, during its transformation into a consumer healthcare company. Previously based in the US and Europe, Adhy assumed commercial and financial leadership roles in then–private equity portfolio companies, The Hertz Corporation and inVentiv Health (now part of Syneos Health), where he was instrumental in driving operational improvements, facilitating the portfolio companies’ successful exits via IPO or merger.

Mr. Timothy Daly, President Director and CEO of NWP, stated, “I am delighted to welcome Adhy to NWP’s senior leadership team. Adhy has a unique background and solid track-record in the industry. His appointment comes at a transformative time, as NWP redefines the state-of-the-art retail infrastructure in the fourth most populous country in the world.”

On his appointment, Mr. Adhy Wibisono commented, “I am excited to join NWP at this critical juncture for the company, the industry, and Indonesia. Given the large market size, rising middle-class, favorable demographics, and the under-penetrated modern commercial real estate and digital infrastructure, Indonesia’s ‘online plus offline’ consumer ecosystem is poised to chart a new evolution. NWP is uniquely positioned to accelerate growth and benefit from these dynamics in the largest market in Southeast Asia, which is on track to becoming one of the top 10 global economies over the next decade.”

NWP’s Citimall Cianjur 2 Officially Opened with Strict Health Protocol, Supporting Local Entrepreneurs, And Implementing Latest Online Plus Offline Application

Cianjur, 15 December 2021 – Regent of Cianjur, Mr. H. Herman Suherman officially opened Citimall Cianjur 2, which is the most complete modern shopping center in Cianjur Regency, on Wednesday, 15 December 2021.

It occupies a strategic location, right in the intersection of the main routes to Puncak, Jakarta, Sukabumi, and Bandung.

Cianjur 2 is modernly designed with a building height of 3 floors and 1 basement, with a GFA of 14,237 m2 and NLA of 9,669 m2, on a land area of 6,998 m2.

In managing and controlling the number of visitors entering the mall, Citimall Cianjur placed a number of automatic counters with Real Time People Counting technology at each entrance.

It has a diversified tenant rooster with a strong mix of national and international tenants such as Matahari Department Store, Gokana, Chatime, Kasoem Vision Care, The Body Shop, Ichiban Sushi, OB FIT, Guardian, Samsung, Oppo, L Beauty Salon and Ta Wan, Fore Coffee, Nobby, Erafone, Mi Store, Happy Time, and Cinema XXI.

Citimall Cianjur 2 also implemented TRILIO Super-App, which can be used to enjoy Free Wifi, Navigation while inside the mall, and interact with Virtual Customer Service through the Chat feature. Visitors can ask for all information about the mall, submit complaints and feedback, as well as shop online with ShopChat and Jastip services.

This Trilio application can also be used to buy tickets online for various offline events at Citimall, one of which is the Korean Wonderland event, which is taking place on the 2nd floor from December 15, 2021 to February 14, 2022.

NWP Continues to Expand in 2021 and Acquires Prime South-Jakarta Shopping Mall

Jakarta, April 2021: NWP announces the acquisition of Kalibata City Square, a prime shopping mall located in an in-fill residential area of South Jakarta. It is NWP’s newest acquisition project in 2021.

The 2-level mall serves as a retail mall component of a superblock consisting of ~13,500 apartment units and ~35,000 residents above the mall, surrounded by a captive catchment of 650,000 within 5-10 min drive time.

It has a diversified tenant rooster with a strong mix of national and international tenants such as Farmers Market, Ace Hardware, Mr DIY, Cinepolis, Gold’s Gym, Sports Station, Fun World, Ichiban Sushi etc.

With this acquisition, NWP expands presence and increases footprint in a key Tier-1 market of South-Jakarta.

THE PARK SAWANGAN OFFICIALLY OPENS WITH COVID-19 PREVENTION TECHNOLOGY

Depok, 3 July 2020 – NWP Retail opens a new shopping mall The Park Sawangan, in Depok, Greater Jakarta, on July 3rd, 2020.
Designed by renowned architecture firm, Callison RTKL, the mall has a total floor area (GFA) of 56,528 m2 and a leasable area (NLA) of 36,000 m2.
Located in a very strategic site, The Park Sawangan is in the middle of a major residential area of Sawangan and Bojongsari, passed by Jalan Raya Parung Ciputat, Kec. Bojongsari Kota Depok, which serves as a link between Depok, Tangerang, Bogor and Jakarta.
The mall is home to various international and national brands such as Uniqlo, H&M, Lulu Hypermarket, Ace Hardware, Informa, Matahari Department Store, Cinema XXI, Funworld, Toys Kingdom, The Body Shop, Fisik Sport, Erafone, Samsung, House of Towel, Batik Keris, Solaria, Marugame Udon, Samsung, Bakso Lapangan Tembak, Kokumi, Starbucks, Kopi Kenangan, Brunbrun and Chatime.
The mall has implemented various features and practices to prevent the spread of covid in addition to frequent deep cleaning and through disinfection. It includes Real Time People Counting, Touchless handwashing facilities, and Automatic temperature check technology at every mall entrance; Touchless elevators and water taps; Air Disinfection Device using UV-C wavelength installed in AHU to sterilize airborne viruses and bacteria throughout the mall, Automated UV Surface Disinfectant on every escalator handrail; Physical distancing markings across flooring, escalators and elevators; Trilio Super-App to facilitate pre-registration check-in, check-out, as well as to facilitate contact tracing; Touchless navigation with free Wi-Fi connectivity and Virtual Customer Service using Trilio.

NWP RETAIL FURTHER EXPANDS ITS MARKET LEADING POSITION IN INDONESIA WITH 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.

NWP RETAIL FURTHER EXPANDS ITS MARKET LEADING POSITION IN INDONESIA WITH 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.

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.

NWP RETAIL APPOINTS KEVIN KOW AS CHIEF INVESTMENT OFFICER

New Hire Strengthens Leadership Team and Accelerates Retail Real Estate Expansion Across Indonesia

NWP Retail, one of the largest and fastest-growing retail real estate platforms in Indonesia, which includes co-founder Warburg Pincus as its largest shareholder, announced today that Kevin Kow has been appointed as Chief Investment Officer in Indonesia. Kow joins the NWP Retail leadership team after a successful career in real estate private equity in Asia.

Kow was an 11-year stalwart in Morgan Stanley’s Real Estate Investing team, last serving as Head of Singapore, spearheading investment strategies across Southeast Asia. He subsequently joined CLSA Real Estate, where he also served as Head of Singapore and Southeast Asia. Over his career, he has closed over USD 2.5 billion of transactions.

Timothy Daly, President Director and CEO of NWP Retail, stated “I am delighted to welcome Kevin to our leadership team, as we continue to expand our business across the archipelago. Kevin brings a stellar track record of deal making and real estate transactions across Asia Pacific, and we look forward to leveraging Kevin’s experience to enhance our investment strategy and efforts in Indonesia.”

Kow is firm in his conviction. “The investment thesis into Indonesia retail is undeniable – a fast growing middle class and increased consumption in the world’s 4th most populous country. NWP Retail’s portfolio includes Tier 1 assets and extends into Tier 2 and 3 cities, which directly benefit from improved household spending power. These are cities whose next phase of maturity naturally creates a higher demand for brick and mortar retail malls.”

“From a supply perspective, the market is highly fragmented and under-served. Many cities are still without modern mall formats. We have developed new malls and from the swift take up from tenants and shoppers, we have seen proof of the strength of demand,” said Kow.

“While the Indonesian retail potential may be evident, there are few groups capable of unlocking it. NWP Retail’s management team, with Timothy Daly and Melanie Alshab in particular (both former executives at Simon Property Group), have a tremendous track record, not just in retail globally, but also particularly in developing economies,” he said. “On top of that, we’ve got Warburg Pincus, a sophisticated US private equity fund as a sponsor backing NWP Retail in Indonesia. Not only does Warburg Pincus believe in Indonesia and back us with capital, their expertise acts as a catalyst to accelerate the company’s growth trajectory.”

“The partnership between NWP Retail, Warburg Pincus and its shareholders is extremely powerful and I’m excited to join. My role is to lead NWP’s investment strategy across Indonesia and help the firm improve the overall retail landscape,” said Kow.

Since inception, NWP Retail has grown rapidly to become one of Indonesia’s largest real estate platforms, with a portfolio of 33 projects covering approximately 800,000 square meters of gross floor area (“GFA”). The platform has expanded its footprint by eight-fold in three years, from four seed projects to 33 projects today.

NWP Retail Raises US$200 Million from KTCU, CSOBOR Fund and Warburg Pincus

Represents one of the largest fundraises ever for a private real estate company in IndonesiaJakarta, February 11, 2019 – NWP Retail, one of the largest and fastest-growing retail real estate platforms in Indonesia, which includes co-founder Warburg Pincus as its largest shareholder, announced today that the company has completed its latest round of equity fundraising totaling approximately US$200 million, from the Korean Teachers’ Credit Union (“KTCU”), the CITIC Securities One-Belt-One-Road (“CSOBOR”) Fund and Warburg Pincus.Co-founded by Warburg Pincus and PT City Retail Developments Tbk (IDX: NIRO) in 2015, NWP Retail focuses on developing multi-tenanted modern shopping malls across key cities in Indonesia to capitalize on the significant growth in these areas being driven by rapid urbanization, emerging middle-class consumption and outsized economic expansion.

Since inception, NWP Retail has grown rapidly to become one of Indonesia’s largest real estate platforms today, with a portfolio of 33 projects covering approximately 800,000 square meters of gross floor area (“GFA”). The platform has expanded its footprint by eight fold in three years, from four seed projects to 33 projects today.

NWP Retail is led by Mr. Timothy Daly, who has 30 years of retail real estate experience across the US, Asia and Europe and was the former Head of International Development at Simon Property Group, Inc. (NYSE: SPG), the world’s largest retail REIT. NWP Retail has built a fully-integrated team of 140 staff based in Jakarta, with capabilities spanning all major functions including sourcing, acquisition, development, leasing and asset management. Under Mr. Daly’s leadership, the company has developed a proven multi-format business model tailored to the needs of specific segments and local markets. NWP Retail has also been at the forefront of addressing a structural shift in consumer preferences towards experiential and lifestyle retail, creating a “new economy” approach to the development of modern retail across Indonesia.

Mr. Timothy Daly, President Director and CEO of NWP Retail, commented, “I would personally like to welcome our new shareholders, KTCU and the CSOBOR Fund. Their investment is a strong validation of our highly differentiated business model, our exceptional growth story and the huge potential ahead. We are experiencing a transformational period for modern retail across Indonesia and NWP Retail is uniquely positioned to be a strong consolidation force in a fragmented and undersupplied market. We look forward to partnering with the new investors on our journey to build the leading, pre-eminent real estate platform in Indonesia.”

Mr. Jeffrey Perlman, Managing Director and Head of Southeast Asia of Warburg Pincus, said, “With this round of financing, NWP Retail is well-positioned in a capital constrained environment to further accelerate its outsized growth. Modern retail continues to remain meaningfully undersupplied with over 70% of the top 200 cities still unmalled today, and NWP Retail has the opportunity to build on its position as the leading independent retail developer, owner and operator in Indonesia. We look forward to continuing to work with Tim Daly and the new investors to deliver on our vision to bring “new economy” modern retail to all corners of Indonesia.”

Indonesia is the fourth most populous country in the world with a population of 260 million, and is the largest economy in Southeast Asia accounting for approximately 40% of the region’s GDP. According to the World Bank, Indonesia has reported consistent real annual GDP growth of over 5% over the past 5 years. In most of the urban areas that NWP Retail targets, GDP growth has been higher than the national average, and in some cases, as high as 8-10% per annum. Additionally, the middle class population is expected to double in the next few years, supporting robust consumption growth. According to statistics published by the Economist Intelligence Unit, Indonesia has surpassed the GDP per capita threshold of US$ 3,000 in 2010, a key inflection point for institutional level consumption growth.

Mr. Rui Zhao, Managing Director of CSOBOR Fund said, “CSOBOR Fund seeks strong investment partnerships with reputable local management teams, making NWP Retail a natural fit in Indonesia. As we anticipate a continued upward trend in retail consumption, we look forward to assisting the company to expand its retail footprint in Indonesia and further into Southeast Asia. As a private equity investment fund of CLSA, we are able to leverage CLSA’s extensive investment expertise and resources.”

A spokesperson of KTCU, commented, “NWP Retail offers a rare opportunity to invest behind the continued growth of the emerging middle class consumer in the fourth most populous country in the world. We have seen this story play out in markets across emerging Asia and we are excited to partner with NWP Retail as it continues to grow and become the market-leading modern retail platform in Indonesia.”

Media Enquiries:

NWP Retail
Ni Putu Puspita Wulandari
+62 878 0962 6305
puspita.wulandari@edelman.com

Warburg Pincus
Mingxia Li
+86 10 5923 2569
Mingxia.li@warburgpincus.com

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