SINGAPORE, NEW YORK and JAKARTA, Indonesia, March 22, 2022 /PRNewswire/ — Today, PT Nirvana Wastu Pratama (“NWP Property“), Indonesia’s largest and fastest-growing New Economy enabled consumer infrastructure platform co-founded by Warburg-Pincus and led by its CEO Timothy Daly, CRE Asia Pte. Ltd. (“CRE Asia“), a consolidated subsidiary of CRE, Inc., led by its president Tadahide Kameyama, and Bonny Setiawan (“Mr. Setiawan“), an Indonesian entrepreneur and experienced logistics professional, announced to establish a joint venture (the “Venture“) to capture the booming opportunities in modern, big-box logistics real estate in Indonesia. Mr. Setiawan has been appointed as the CEO of the Venture.

With a common conviction that modern logistics real estate is meaningfully undersupplied in Indonesia, this strategic partnership is formed to establish 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 fast-moving consumer goods company (FMCG) tenants. 

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

Mr. Timothy Daly, NWP Property’s CEO and President Director, said, “NWP welcomes this exciting platform to our consumer infrastructure ecosystem. We are thrilled to partner with CRE and Mr. Setiawan. The supply of Indonesian warehouse space is meaningfully behind its industrial peers, such as China and Japan, who have 10-40 times the warehouse space per capita, respectively, compared to Indonesia. The durable megatrends driving the demand for holistic omni-commerce infrastructure will accelerate into the next decade, and we see unparalleled synergies in this Venture alongside our existing last-mile fulfillment center platform and our growing community retail platform.”

Mr. Tadahide Kameyama, CRE’s President, said, “We are delighted to establish strategic partnership with Warburg Pincus, NWP Property, and Mr. Setiawan. Warburg Pincus is one of the most established and successful institutional investors in the world and has proven track record of supporting successful real estate businesses in Southeast Asia. We look forward to working together with NWP Property and Warburg Pincus to expand our operations in Indonesia.”

Mr. Bonny Setiawan, the Venture’s CEO, said, “The investment thesis into the Indonesian logistics real estate market is beyond doubt. There is a significant opportunity to develop high-quality logistics assets to serve the growing demand companies including e-commerce and FMCG operators.  I am excited to leverage NWP’s existing O2O ecosystem and experienced management team to develop the largest network of modern distribution centers in Indonesia.”

About NWP Property

NWP Property was established in 2015 as a joint venture between Warburg Pincus and PT City Retail Developments Tbk (IDX: NIRO).  NWP Property’s New Economy enabled consumer infrastructure platform enables both online commerce via its last-mile logistics facilities and distribution centers, as well as offline commerce via the largest independent network of modern community-based shopping malls in Indonesia. Since inception, NWP Property has grown rapidly to become one of Indonesia’s largest real estate platforms today. The platform has expanded its footprint by thirteenfold in six years, from four seed projects to over 50 projects today, covering over one million square meters of gross floor area (“GFA”).  

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than US$73 billion in assets under management. The firm’s active portfolio of more than 235 companies is highly diversified by stage, sector, and geography. Founded in 1966, Warburg Pincus has raised 20 private equity and 2 real estate funds, which have invested more than US$100 billion in over 1,000 companies in more than 40 countries.

Warburg Pincus began investing in Southeast Asia in 2013, and has since committed over US$3 billion in the region. The firm has built a strong track record as an investor in Indonesia, having backed successful businesses such as GoTo, NWP Property, Online Pajak and Kredit Pintar (through Advance Intelligence Group). Additionally, Warburg Pincus is also one of the largest and most active investors in the Asian real estate sector, where its portfolio companies include ESR, DNE, Princeton Digital Group and others.

About CRE Inc

CRE is engaged in the management and operation of approximately 1,600 properties, mainly logistics facilities, with a total area of approximately 6 million square meters in Japan. CRE is one of the largest domestic management companies specializing in logistics real estate. CRE provides one-stop total services ranging from logistics real estate development and tenant leasing to post-completion asset management and property management. CRE is currently developing 11 logistics facilities with a total area of approximately 510,000 square meters in Japan. In ASEAN, CRE entered Indonesia last year, our fourth country following Singapore, Thailand, and Vietnam.

About Bonny Setiawan

Bonny is an Indonesian entrepreneur and modern logistics professional who most recently served as CEO of PT Mega Manunggal Property Tbk (MMP), one of the pioneers of Indonesia modern logistics warehouse. Bonny has over 20 years of experience in real estate, investment, and financial services, and was Former Executive Director at UBS and Senior Vice President at Danareksa Sekuritas.

Media Contacts

NWP Property
Romil Singh, Financial PR Singapore
Tel: +65 9116 0900

Warburg Pincus
Lisa Liang, Senior Vice President, Head of Marketing and Communications, China and Southeast Asia

CRE Inc 
Tel: +81-3-5572-6600 ( Representative number)
Company website:
CRE Warehouse Search Site: