NWP RETAIL APPOINTS KEVIN KOW AS CHIEF INVESTMENT OFFICER
New Hire Strengthens Leadership Team and Accelerates Retail Real Estate Expansion Across Indonesia
NWP Retail, one of the largest and fastest-growing retail real estate platforms in Indonesia, which includes co-founder Warburg Pincus as its largest shareholder, announced today that Kevin Kow has been appointed as Chief Investment Officer in Indonesia. Kow joins the NWP Retail leadership team after a successful career in real estate private equity in Asia.
Kow was an 11-year stalwart in Morgan Stanley’s Real Estate Investing team, last serving as Head of Singapore, spearheading investment strategies across Southeast Asia. He subsequently joined CLSA Real Estate, where he also served as Head of Singapore and Southeast Asia. Over his career, he has closed over USD 2.5 billion of transactions.
Timothy Daly, President Director and CEO of NWP Retail, stated “I am delighted to welcome Kevin to our leadership team, as we continue to expand our business across the archipelago. Kevin brings a stellar track record of deal making and real estate transactions across Asia Pacific, and we look forward to leveraging Kevin’s experience to enhance our investment strategy and efforts in Indonesia.”
Kow is firm in his conviction. “The investment thesis into Indonesia retail is undeniable – a fast growing middle class and increased consumption in the world’s 4th most populous country. NWP Retail’s portfolio includes Tier 1 assets and extends into Tier 2 and 3 cities, which directly benefit from improved household spending power. These are cities whose next phase of maturity naturally creates a higher demand for brick and mortar retail malls.”
NWP RETAIL RAISES US$200 MILLION FROM KTCU, CSOBOR FUND AND WARBURG PINCUS
Represents one of the largest fundraises ever for a private real estate company in Indonesia
NWP Retail, one of the largest and fastest-growing retail real estate platforms in Indonesia, which includes co-founder Warburg Pincus as its largest shareholder, announced today that the company has completed its latest round of equity fundraising totaling approximately US$200 million, from the Korean Teachers’ Credit Union (“KTCU”), the CITIC Securities One-Belt-One-Road (“CSOBOR”) Fund and Warburg Pincus.
Co-founded by Warburg Pincus and PT City Retail Developments Tbk (IDX: NIRO) in 2015, NWP Retail focuses on developing multi-tenanted modern shopping malls across key cities in Indonesia to capitalize on the significant growth in these areas being driven by rapid urbanization, emerging middle-class consumption and outsized economic expansion.
Since inception, NWP Retail has grown rapidly to become one of Indonesia’s largest real estate platforms today, with a portfolio of 33 projects covering approximately 800,000 square meters of gross floor area (“GFA”). The platform has expanded its footprint by eight fold in three years, from four seed projects to 33 projects today.
NWP RETAIL BEGINS CONSTRUCTION OF THE PARK SEMARANG, CENTRAL JAVA
NWP Retail begins construction of The Park Semarang on Thursday, 24 Jan 2019. The landmark mixed-use project is a joint venture with PT. Putra Wahid Land, a strong and experienced local developer and co-developer of Cibinong City Mall in Bogor.
The Park Semarang will consist of the largest retail project in Semarang with a GFA of over 70,000 sqm and an international-brand 4-Star flagship hotel. It is strategically located on the main road in close proximity to the new airport terminal and with convenient accessibility to the city center.
With the grand opening scheduled for September 2020, it will see several popular national and international tenants including H&M, with other anchor tenants including department store, supermarket, cinema and specialty stores to be announced shortly.
NWP RETAIL COMMENCES CONSTRUCTION AT THE PARK SAWANGAN, DEPOK CITY
The Park introduces a new retail paradise boasting a total area of 52,000 sqm within a dynamic setting. It is home to major department stores, modern supermarket, Medium Sized Units, cinema and restaurants which together bring an exciting curation of lifestyle. Changing the future of retail, the prime destination aims to fulfil the greater demands on shopping, leisure and entertainment options in Depok and its surroundings.
It is strategically located on a major road of Cinangka Raya in Sawangan district of Depok city in the southern part of Jakarta. Its proximity and clear visibility benefit the daily commuters, as the road is conveniently accessible from and to Tangerang, Bogor, Depok and Jakarta.
The project is expected to open in Dec-2019 and continues to gain strong leasing momentum. Major anchor tenants such as H&M, Lulu Hypermarket and Matahari Department Store have already signed commitments to open at the mall, while other major international and national anchor tenants are expected to be announced shortly.
MATAHARI DEPARTMENT STORE COMMENCES OPERATION AT CITIMALL PRABUMULIH
On 21st December 2018, Matahari Department Store (MDS) opened at Citimall Prabumulih on the First Floor occupying an area of ~ 5,500 m2.
Hyfresh supermarket will open on the Ground Floor at the mall in March 2019, occupying an area of over 1,400 m2.
Citimall Prabumulih is the tenth NWP Retail malls in Indonesia with Citimall brand, after Ketapang in West Kalimantan, Pangkalan Bun, Sampit and Kuala Kapuas in Central Kalimantan, Lahat and Baturaja in South Sumatra, Cianjur and Sukabumi in West Java and Citimall Gorontalo in Gorontalo Province.
The mall occupies total area of 21,416 m2 and NLA of 16,764 m2 with wide array of tenants including NWP Retail themed-incubators from clothing to F&B such as California Fried Chicken, Lubna, His Store, Kulina Kitchen and a Gadget and IT center, The Box.