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NWP RETAIL FURTHER EXPANDS ITS MARKET LEADING POSITION IN INDONESIA WITH EXPECTED ACQUISITIONS OF TWO SHOPPING MALLS

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.

NWP RETAIL FURTHER EXPANDS ITS MARKET LEADING POSITION IN INDONESIA WITH EXPECTED ACQUISITIONS OF THREE SHOPPING MALLS

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.

PLAZA JEMBATAN MERAH IS OFFICIALLY REBRANDED TO CITIPLAZA BOGOR

Plaza Jembatan Merah is officially re-branded to Citiplaza Bogor in December 27th, 2019.

NWP Retail acquired Plaza Jembatan Merah in December 2015, and started the renovation and re-branding process from June 2019.

Located in the economic center of Jalan Veteran, Bogor, the mall has GFA of 3,572 sqm and NLA of 2,457 sqm. It is NWP Retail first asset that use Citiplaza brand, and the second mall that was officiated this year after the opening of Citimall Dumai.

With the new brand and look, Citiplaza Bogor now boasts more various tenants, such as Superindo with its new look and expansion area, CFC, Mokko Factory, Fun City, Gunung Agung Bookstore, and also Fladeo.

Citiplaza Bogor aims to support local entrepreneurs and contribute positive impacts in local economy through taxes, and opening more jobs to Bogor residents.

THE PARK SAWANGAN WILL START OPERATION IN JULY 2020

The Park Sawangan is expected to open in July 16, 2020. Major anchor tenants such as H&M, Lulu Hypermarket, Uniqlo and Matahari Department Store have already started fitting out, and expected to open with the Grand Opening of the mall.

The Park introduces a new retail paradise boasting a total area of 52,000 sqm within a dynamic setting. It is home to major department stores, modern supermarket, Medium Sized Units, cinema and restaurants which together bring an exciting curation of lifestyle. Changing the future of retail, the prime destination aims to fulfil the greater demands on shopping, leisure and entertainment options in Depok and its surroundings.

It is strategically located on a major road of Cinangka Raya in Sawangan district of Depok city in the southern part of Jakarta. Its proximity and clear visibility benefit the daily commuters, as the road is conveniently accessible from and to Tangerang, Bogor, Depok and Jakarta.

CITIMALL DUMAI COMMENCES OPERATION

Citimall Dumai, a four-story shopping mall with GFA of 23,215 sqm and NLA of 14,466 sqm, located in Dumai City, Riau Province, North East of Sumatra commences operation on December 20th, 2019. It is officiated by the Mayor of Dumai, Drs. H. Zulkifli AS Msi.

Citimall Dumai is the 11th mall within NWP Retail portfolio that uses “Citimall” brand, after Baturaja, Lahat, Prabumulih, Sukabumi, Cianjur, Sampit, Ketapang, Kuala Kapuas, Citimall Pangkalanbun, and Gorontalo.

“After one year of construction, we are happy to add Citimall Dumai as our 16th operating malls. It hosts several national tenants, such as Matahari Department Store, Ace Hardware, Cinema XXI, Farmer’s Market, Fun World, Kidzilla, Optik Seis, Richeese Factory, Janji Jiwa, Montato, Bread Talk, J.Co, Mokko Donuts, KHU Fashion, CFC and Roti ‘O. ” said Teges Prita Soraya, NWP Retail Head of Commercial Marketing.

“We also accommodates local small businesses with our Retail Development Programs. Local fashion brands can rent 6 sqm retail spaces in Lubna and His Store shops, while local F&B tenants can have their food stalls in Foodciti,” Teges added.

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.”

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 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 BEGINS CONSTRUCTION OF THE PARK SEMARANG, CENTRAL JAVA

NWP Retail begins construction of The Park Semarang on Thursday, 24 Jan 2019. The landmark mixed-use project is a joint venture with PT. Putra Wahid Land, a strong and experienced local developer and co-developer of Cibinong City Mall in Bogor.

The Park Semarang will consist of the largest retail project in Semarang with a GFA of over 70,000 sqm and an international-brand 4-Star flagship hotel. It is strategically located on the main road in close proximity to the new airport terminal and with convenient accessibility to the city center.

With the grand opening scheduled for September 2020, it will see several popular national and international tenants including H&M, with other anchor tenants including department store, supermarket, cinema and specialty stores to be announced shortly.

MALLS UNDER CONSTRUCTION & DEVELOPMENT