Indonesian retail shopping mall platform NWP Retail is set to acquire five shopping malls, two owned by local subsidiaries of Singapore-listed Lippo Malls Indonesia Retail Trust.
The two Lippo Malls will be purchased for a total price of IDR1.30 trillion (US$92 million), while the other three mall purchases total approximately IDR440 billion (US$31.5 million). The Lippo malls are located in Pejaten Village just out of Jakarta, and Binjai – a satellite city of Medan. The remaining three malls are in Bandar Lampung, Denpasar, and Depok.
“This acquisition represents a milestone in NWP Retail’s rapid expansion,” said NWP Retail president director and CEO Timothy Daly. “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.”
NWP has expanded from four seed assets in 2015 to more than 40 today.
“NWP Retail has executed a clear and consistent strategy since its founding, pillared on Indonesia’s strong consumption growth story,” added Daly. “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, one of the largest ever for a private real estate company in Indonesia.