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.

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.

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.

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.

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