- 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 is led by Mr. Timothy Daly, who has 30 years of retail real estate 
experience across the US, Asia and Europe and was the former Head of 
International Development at Simon Property Group, Inc., the world's largest 
retail REIT.  NWP Retail has built a fully-integrated team of 140 staff based 
in Jakarta, with capabilities spanning all major functions including sourcing, 
acquisition, development, leasing and asset management.  Under Mr. Daly's 
leadership, the company has developed a proven multi-format business model 
tailored to the needs of specific segments and local markets.  NWP Retail has 
also been at the forefront of addressing a structural shift in consumer 
preferences towards experiential and lifestyle retail, creating a "new economy" 
approach to the development of modern retail across Indonesia. 

Mr. Timothy Daly, President Director and CEO of NWP Retail, commented, "I would 
personally like to welcome our new shareholders, KTCU and the CSOBOR Fund.  
Their investment is a strong validation of our highly differentiated business 
model, our exceptional growth story and the huge potential ahead. We are 
experiencing a transformational period for modern retail across Indonesia and 
NWP Retail is uniquely positioned to be a strong consolidation force in a 
fragmented and undersupplied market.  We look forward to partnering with the 
new investors on our journey to build the leading, pre-eminent real estate 
platform in Indonesia."

Mr. Jeffrey Perlman, Managing Director and Head of Southeast Asia of Warburg 
Pincus, said, "With this round of financing, NWP Retail is well-positioned in a 
capital constrained environment to further accelerate its outsized growth.  
Modern retail continues to remain meaningfully undersupplied with over 70% of 
the top 200 cities still unmalled today, and NWP Retail has the opportunity to 
build on its position as the leading independent retail developer, owner and 
operator in Indonesia.  We look forward to continuing to work with Tim Daly and 
the new investors to deliver on our vision to bring "new economy" modern retail 
to all corners of Indonesia." 

Indonesia is the fourth most populous country in the world with a population of 
260 million, and is the largest economy in Southeast Asia accounting for 
approximately 40% of the region's GDP. According to the World Bank, Indonesia 
has reported consistent real annual GDP growth of over 5% over the past 5 
years. In most of the urban areas that NWP Retail targets, GDP growth has been 
higher than the national average, and in some cases, as high as 8-10% per 
annum. Additionally, the middle class population is expected to double in the 
next few years, supporting robust consumption growth. According to statistics 
published by the Economist Intelligence Unit, Indonesia has surpassed the GDP 
per capita threshold of US$ 3,000 in 2010, a key inflection point for 
institutional level consumption growth. 

Mr. Rui Zhao, Managing Director of CSOBOR Fund said, "CSOBOR Fund seeks strong 
investment partnerships with reputable local management teams, making NWP 
Retail a natural fit in Indonesia. As we anticipate a continued upward trend in 
retail consumption, we look forward to assisting the company to expand its 
retail footprint in Indonesia and further into Southeast Asia. As a private 
equity investment fund of CLSA, we are able to leverage CLSA's extensive 
investment expertise and resources." 

A spokesperson of KTCU, commented, "NWP Retail offers a rare opportunity to 
invest behind the continued growth of the emerging middle class consumer in the 
fourth most populous country in the world. We have seen this story play out in 
markets across emerging Asia and we are excited to partner with NWP Retail as 
it continues to grow and become the market-leading modern retail platform in 
Indonesia."

Media Enquiries:

NWP Retail
Ni Putu Puspita Wulandari
+62 878 0962 6305
puspita.wulandari@edelman.com

Warburg Pincus
Mingxia Li
+86 10 5923 2569
Mingxia.li@warburgpincus.com

SOURCE:  Warburg Pincus