JAKARTA - Property developer Nirvana Wastu Pratama (NWP) Retail is set to acquire five shopping centres owned by Lippo Group for US$ 124 million.
Two of the shopping centres, Pejaten Village in South Jakarta and Binjai Supermall in Binjai, North Sumatra, will be acquired from Lippo Indonesia Retail Trust for US$ 92 million while the remaining three, Central Plaza in Bandar Lampung, Lampung; Duta Plaza in Denpasar, Bali; and Cimanggis Square in Depok, West Java will be purchased from entities owned by PT Multipolar Tbk (MLPL) for US$ 31.5 million.
In an official statement, NWP Retail CEO Timothy Daly said that the acquisition marks a milestone in the developer’s rapid expansion. “It will strengthen the company’s presence across key markets in tier 1 and tier 2 cities in Indonesia,” he said as quoted by Bloomberg, Thursday (2/1).
In addition, Mr Daly also said that the company will continue to explore potential and attractively-priced acquisitions and development opportunities across Indonesia.
Established in 2015, NWP Retail is a joint venture between US-based private equity firm Warburg Pincus and PT City Retail Developments. The company’s portfolio includes over 50 projects in Java, Sumatra, and Sulawesi. (MS)