– Represents one of the largest fundraises ever for a private real estate company in 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 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., 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.