Indonesian mall developer raises funds for expansion

Singapore

NWP Retail, an Indonesian shopping mall developer backed by Warburg Pincus, has completed a US$200 million fundraising to help drive expansion across the country.

The Korean Teachers' Credit Union, Citic Securities One-Belt-One-Road Fund and Warburg Pincus invested in the financing round, according to a statement Monday from NWP Retail. Since its 2015 inception, the company has grown from four seed projects to 33 developments, the statement shows.

NWP Retail, co-founded by Warburg Pincus and PT City Retail Developments, seeks to double the number of projects in the country over the next two to three years, Jeffrey Perlman, head of South-east Asia at Warburg Pincus, said in an interview Monday.

New York-based Warburg Pincus has been investing in Asia's expanding property industry over the past few years. In the private equity firm's first Vietnam deal, it led a consortium in 2013 that bought 20 per cent of mall operator Vincom Retail JSC. It formed a joint venture last year to develop industrial properties in Vietnam and has invested in Hong Kong-based logistics firm ESR.

NWP Retail, with 140 employees in Jakarta, invests in modern multitenant shopping malls, seeking to take advantage of a burgeoning middle class and economic expansion in key Indonesian cities, according to Monday's statement. BLOOMBERG