PT Nirvana Wastu Pratama

Formed in 2015, NWP Retail is a joint venture between Warburg Pincus and PT City Retail Developments Tbk (NIRO), formed to build and develop a best-in-class retail platform in Indonesia. The Venture focuses on developing multi-tenanted modern shopping malls in Indonesia to capitalize on the country's significant growth potential which is driven by rapid urbanization, emerging middle-class consumption and outsized economic expansion.

This strategic partnership is founded on a common vision to expand NWP Retail's footprint across high potential areas for retail development throughout Indonesia.

With rising middle class, favorable demographics and increasing urbanization, along with a large population base, Indonesia presents significant opportunities for growth of the retail industry. The opportunity to create a strong institutional-grade retail-real estate portfolio is also supported by the fact that Indonesia lacks an adequate supply of modern and investment-grade retail stock, as well as national level developers focused on producing such assets. At the same time, tenants at all levels continue to expand throughout the country, which leads to a gap in adequate retail supply.

In addition to working with national and international level tenants, a significant part of NWP Retail's business model is also providing innovative space and concepts for local businesses. With the development of modern retail space and concept, NWP Retail provides opportunities for local residents and businesses to experience and engage in modern trade, and encouraging micro businesses to flourish in a modern environment non-existent in the market before. Our success is determined not only by opening stores, but also by ensuring the long-term operation and sustainability of the asset, delivering value for all stakeholders including investors, tenants, partners, and the local community.