Nirvana Wastu Pratama, or NWP Retail, a shopping mall developer backed by Warburg Pincus and PT City Retail Developments, has acquired a set of five malls for approximately rupiah 1.74 trillion ($123.5 million).
The buyers purchased it from entities affiliated with Indonesia-based Lippo Malls Indonesia Retail Trust, which owned two properties, Pejaten Village in Jakarta and Binjai Supermall in Binjai, a satellite city of Medan; and entities owned by PT Multipolar, which owned three of the assets, Central Plaza in Bandar Lampung, Duta Plaza in Bali, and Cimanggis Square in Depok, a city in the greater Jakarta area.
“This acquisition represents a milestone in NWP Retail’s rapid expansion,” said Timothy Daly, CEO of NWP Retail. “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 Retail
