Warburg Pincus backs $200m investment in Indonesia's NWP
Warburg Pincus has backed a $200 million funding round for Indonesian shopping mall developer NWP Retail.
CITIC Securities and Korean Teachers’ Credit Union also contributed. CITIC is participating via a fund focused on China’s One Belt One Road (OBOR) infrastructure agenda known as CSOBOR that is managed by the bank’s global investment platform CLSA.
NWP, also known as Nirvana Development, was founded by Warburg Pincus and Jakarta-based City Retail Developments in 2015 to provide multi-tenanted modern shopping malls that would capitalize on urbanization and consumption growth in large Indonesian cities. The platform is said to have expanded eightfold in the past three years from four seed projects to a portfolio of 33 malls.
“Modern retail continues to remain meaningfully undersupplied with over 70% of the top 200 cities still un-malled today,” Jeffrey Perlman, managing director and head of Southeast Asia at Warburg Pincus, said in a statement. “NWP Retail has the opportunity to build on its position as the leading independent retail developer, owner and operator in Indonesia.”
Platform-based portfolio build-outs are an established investment approach for Warburg Pincus across various industries. Recent activity includes the establishment of Vivtera, an India-based platform for investment globally in business process management. Last year, Warburg Pincus worked with local partners to establish platforms focused on logistics in China and Vietnam.
CSOBOR is said to make deployments in a range of $20-50 million with an inclusive approach to infrastructure development opportunities related to OBOR. Target sectors include consumer, technology, media and telecom, healthcare and education. Last year, CSOBOR invested E-Shang Redwood, a pan-Asian logistics company and fund manager that collaborated with Warburg Pincus on the private equity firm’s China logistics platform.
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