NWP Indonesia (IFC-47974)

Countries
  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 28, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
PT NIRVANA WASTU PRATAMA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 53.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 106.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2024

Disclosed by Bank May 28, 2024


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment is an up to IDR 851 billion (US$53 million equivalent) sustainability-linked loan (SLL) facility to various subsidiaries of PT Nirvana Wastu Pratama (NWP or the Company) with a maturity of up to 11 years. The loan will be used for the refinancing of NWP’s retail mall and hotel property assets in Indonesia. NWP is a rapidly expanding consumer real estate platform focused on retail and logistics properties in Indonesia. It currently has 53 properties – 36 in operation and 17 under development – with a combined gross floor area (GFA) of 1.24 million square meters (sqm) upon completion. NWP is backed by strong institutional investors, led by Warburg Pincus (majority ownership of 54%), a leading global private equity firm with a proven track record of investing in Asia real estate across multiple asset classes.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B Project according to IFC’s Policy on Environmental and Social Sustainability (2012) as the project is expected to have limited number of specific environmental and social impacts which are manageable with implementation of good international industry practices (GIIP), standards, procedures, guidelines and design criteria. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project cost is estimated at US$106 million which will be funded by (i) the proposed IFC A Loan of up to US$53 million, and (ii) financing from other financial institution.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

NWP was established in 2015 as a joint venture between Warburg Pincus (through its affiliate, Adventure Holdings BV) and PT City Retail Developments Tbk, a publicly listed company on the Indonesian Stock Exchange. In 2019, NWP raised an additional US$200 million equity from Warburg Pincus, Korean Teacher's Credit Union (KTCU), and CITIC, of which the transaction formed the current ownership structure with Warburg Pincus becoming the largest controlling shareholder with a 53.78% stake in the Company. Currently, the Company’s shareholding is as follow: (i) Warburg Pincus – 53.78%, (ii) PT City Retail Developments Tbk – 32.48%, (iii) KTCU – 10.30%, and (iv) CITIC – 3.44%.

Warburg Pincus is a leading global private equity firm with a proven track record of investing in Asia real estate across multiple asset classes. Today, Warburg Pincus is a globally integrated private partnership focused solely on private equity with more than US$84 billion in assets under management (AUM) and US$62 billion in total assets. Warburg Pincus' Asia real estate AUM stands at approximately US$7 billion.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

PT Nirvana Wastu Pratama
Busra Buskari
Head of Group Treasury - Associate Director
+62818187250
busra.buskari@nwpproperty.com
Menara Jamsostek. 8th Floor. North Tower. Jl. Jendral Gatot Subroto Kav 38, Jakarta 12710 Indonesia
www.nwpproperty.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works