Indonesia's NWP Property bags $135m syndicated loan led by CIMB Singapore 

Indonesia's NWP Property bags $135m syndicated loan led by CIMB Singapore 

The Park Sawangan by NWP Property

Indonesian consumer infrastructure platform NWP Property on Thursday announced that it has secured a sustainability-linked syndicated loan facility (SLL) of $135 million from a group of lenders led by CIMB Bank Singapore.

NWP claims to own and operate Indonesia’s largest green-certified commercial real estate portfolio, with nine assets certified by the International Finance Corporation’s (IFC) EDGE standard and one by the Singapore Building and Construction Authority (BCA). Earlier this year, the firm launched a Sustainability-Linked Finance Framework to align its financing strategy with its focus on developing and operating energy-efficient buildings.

“The landmark SLL facility marks a pivotal point in our sustainability journey which started several years ago. Our methodical data-driven approach to sustainability, meticulously built over time, has received accolades from various key stakeholders in the industry,” said Dhawal Doshi, Head of Research & ESG at NWP.

Established in 2015 as a joint venture between Warburg Pincus and PT City Retail Developments, NWP (PT Nirvana Wastu Pratama) operates last-mile logistics facilities and distribution centres as well as an independent network of modern, community-based shopping malls.

NWP Property has over 50 shopping malls and logistics assets in its portfolio, totalling over 1 million square meters of gross floor area.

In May, DealStreetAsia reported that IFC was considering extending a $53-million loan facility to NWP to refinance the latter’s retail mall and hotel property assets in Indonesia.

Warburg Pincus is also understood to have been considering reducing its stake in the Indonesian infrastructure platform. According to sources, NWP is working on a fundraising exercise comprising primary and secondary transactions to provide Warburg with a partial exit from its nearly nine-year investment.

NWP had secured $200 million from the Korean Teacher’s Credit Union (KTCU) and a fund managed by CITIC Securities and Warburg Pincus in 2019.

Edited by: Deepshikha Monga

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