PT Nirvana Wastu Pratama (“NWP Property”), Indonesia’s largest and fastest-growing New Economy enabled consumer infrastructure platform co-founded by Warburg-Pincus and led by its CEO Timothy Daly, CRE Asia Pte. Ltd. (“CRE Asia”), a consolidated subsidiary of CRE, Inc., led by its president Tadahide Kameyama, and Bonny Setiawan an Indonesian entrepreneur and experienced logistics professional, announced to establish a joint venture to capture the booming opportunities in modern, big-box logistics real estate in Indonesia. With a common conviction that modern logistics real estate is meaningfully undersupplied in Indonesia, this strategic partnership is formed to establish a best-in-class, big-box logistics platform to meet the significant growth driven by the expansion of omni-retail platforms, rising needs from third-party logistics companies (3PLs) and fast-moving consumer goods company (FMCG) tenants.
NWP Property’s robust capabilities in scaling its “online to offline” (or “O2O”) consumer infrastructure platform that enables both online commerce via its last-mile logistics facilities as well as offline purchases via the largest independent network of modern community-based shopping malls, will be complemented by CRE’s institutional experience in logistics and regional networks as well as Mr. Setiawan’s expertise in building modern logistics platforms. The Venture has secured its first modern, pre-leased built-to-suit warehouse in Jakarta which is expected to commence construction in the second half of the year. NWP Property was established in 2015 as a joint venture between Warburg Pincus and PT City Retail Developments Tbk. NWP Property’s New Economy enabled consumer infrastructure platform enables both online commerce via its last-mile logistics facilities and distribution centers, as well as offline commerce via the largest independent network of modern community-based shopping malls in Indonesia. Since inception, NWP Property has grown rapidly to become one of Indonesia’s largest real estate platforms today. The platform has expanded its footprint by thirteenfold in six years, from four seed projects to over 50 projects today, covering over one million square meters of gross floor area.