A joint venture between Warburg Pincus and City Retail Developments based in Indonesia has raised $200 million to develop multi-tenanted modern shopping malls in major cities across the country.
The move underscores the ambition of the joint venture, NWP Retail, to tap into Indonesia’s outsized economic expansion, rise in middle-class consumption and rapid urbanisation.
With over 265 million people, Indonesia is the world’s fourth most populous country, but slow internet speeds and a high cost of logistics have hampered growth of e-commerce, meaning that offline retail businesses continue to thrive.
Retailers in the fashion and entertainment industry, for example, are expanding rapidly across several...
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