NWP Property and CRE Asia launch joint venture

Today, PT Nirvana Wastu Pratama, Indonesia’s largest and fastest-growing New Economy enabled consumer infrastructure platform, and CRE Asia Pte. Ltd. announced plans to form a joint venture to take advantage of Indonesia’s burgeoning prospects in modern, big-box logistics real estate. Mr. Setiawan has been named the Venture’s new CEO.

This strategic partnership was formed with the belief that modern logistics real estate is significantly undersupplied in Indonesia. The goal is to create a best-in-class, big-box logistics platform to meet the significant growth driven by the expansion of omni-retail platforms, rising needs from third-party logistics companies (3PLs), and tenants from fast-moving consumer goods companies (FMCG).

CRE’s institutional experience in logistics and regional networks, as well as Mr. Setiawan’s expertise in building modern logistics platforms, will complement NWP Property’s robust capabilities in scaling its “online to offline” (or “O2O”) consumer infrastructure platform, which enables both online commerce via its last-mile logistics facilities and offline purchases via the largest independent network of modern community-based shopping malls. In Jakarta, the Venture has secured its first modern, pre-leased built-to-suit warehouse, which will begin building in the second half of the year.