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Tag: jakarta
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Five Firms Seek to Buy Thiess’s Cinere-Serpong Toll Road Concession
Five investors are interested in acquiring an 80 percent stake in the Jakarta Outer Ring Road (JORR) II project from Thiess Contractors Indonesia after the company was unable to work on the concession due to financial difficulty.
State-controlled toll-road operator Jasa Marga is among the interested bidders, said its president director Adityawarman over the weekend. The company competes with Astratel Nusantara, an infrastructure unit of Astra International, and Indonesian integrated infrastructure company Nusantara Infrastruktur.
Jasa Marga set aside Rp 2 trillion ($153 million) to acquire the toll road concession and officially proposed a bid to Thiess — a private contractor working in the resource, infrastructure and energy sectors. Jasa Marga offered to take a 55 percent stake, while Waskita Karya would own 35 percent, and Jakarta Propertindo, another construction firm, would take 5 percent.
Based on data by the Toll Road Regulatory Agency (BPJT), Thiess owns 80 percent of the Cinere-Serpong toll road and Waskita Karya owns the remaining 20 percent.
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PE boost for Indonesian malls
A US-based private equity investor has committed up to US$200 million in a joint venture to roll out shopping malls in Indonesia.
Nirvana Development, which describes itself as “an emerging real estate developer and operator” in Indonesia, has formed a joint venture with an affiliate of Warburg Pincus, a leading global private equity firm focused on growth investing.
WP, will commit US$125 million initially with an option to invest up to an additional US$75 million in the JV, which will build and develop a “best-in-class retail platform in Indonesia”.
In a statement, Nirvana said the venture will focus on developing hypermarket-anchored shopping malls across second- and third-tier cities in Indonesia to capitalise on the growth opportunities coming from rapid urbanisation, emerging consumption and outsized economic growth in these areas.
“This strategic partnership is founded on a common vision to expand Nirvana’s operations to benefit from one of the world’s fastest growing domestic retail sectors in a time when it is still vastly under-penetrated across the archipelago. The venture will be seeded with four operating assets and several pipeline projects, which are currently under development.”
The long-term vision is to create one of the leading retail platforms in Indonesia with institutional-grade malls in cities with sizable population centers and growing disposable incomes.
“With this plan, we will seek to enhance and expand our retail relationships to further deliver quality service and growth to our tenants and stakeholders,” said Wilson Effendy, Nirvana’s CEO.
“As we seek to scale quickly over the next few years, we look forward to benefiting from the wealth of experience and solid track record of the Warburg Pincus team in building out retail platforms globally and in Asia.”
Jeffrey Perlman, Warburg Pincus MD, added: “With a rapidly expanding middle class and a nascent modern retail sector outside of Jakarta, there is a meaningful opportunity to contribute to Indonesia’s consumption transformation. We are confident Nirvana’s strong local sector knowledge and operational experience, together with Warburg Pincus’ proven ability to assist our partners in realising their full potential, will enable us to benefit from Indonesia’s long-term economic growth and emerging middle class.
“Under the leadership of Mr Effendy and his strong management team, the new venture is poised to become one of the pre-eminent retail platforms in Indonesia.”
Subject to shareholder approval and the satisfaction of certain closing conditions, the parties expect the transaction to close at the beginning of the second quarter of 2015.
Nirvana Development, headquartered in Jakarta, has business activities spanning shopping centers, real estate, hotels and other sectors. The company’s key projects consist of Cirebon Super Block in Cirebon, The Park Solo in Solo, Borneo City Sampit Mall, Borneo Mall in Pangkalan Bun and Borneo City Ketapang Mall in Kalimantan.
Warburg Pincus has been active in Asia since 1994. Internationally, it has a proven track record as an investor in the consumer and retail sector, including retail brands Intime Department Store, Red Star Macalline, Mattel, Neiman Marcus, and Poundland.
Warburg Pincus’ portion of the equity for the Venture will come from Warburg Pincus Private Equity XI, which includes the consumer and retail investments in CAR Inc, China Kidswant and Vincom Retail.
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Inside Grand Central Jakarta
Thailand-based Central Department Store Group has opened its first department store in the Indonesian capital Jakarta.
With 9.5 million inhabitants, Jakarta is the largest city in Southeast Asia and Central’s commitment to the city reflects the company’s belief that department stores, executed well, have a strong future in retail.
“I believe in the department store industry,” explains Central’s president, Yuwadee Chirathivat. “But the stores must be exciting and innovative.”
The 17,000sqm store marks the continuation of a successful partnership with German architects Blocher Blocher Partners (BBP) dating back 13 years. BBP has shared with Inside Retail Asia the challenges and execution of the new store’s design.
Like most department stores, the ground floor is anchored by cosmetics and women‘s designer fashion departments – two premium worlds, joined by luxurious shades of gold.
“In the designer department, the brand highlights are enclosed by a wire-mesh structure interwoven with elaborate floral patterns. In this way, a kind of house-in-house is created; a principle that is repeated on all storeys,” explain partners Dieter Blocher, Wolfgang Mairinger, Jürgen Gaiser, Angela Kreutz and Anja Pangerl, who worked on the project.
In the women‘s fashion world on the first floor, an ornamental metal construction forms the setting for the Who-is-Who of the Southeast Asian designer scene.
“The leitmotif of the surrounding sales floor: a modern interpretation of cassette walls, conveying timeless elegance and a contemporary sense of class. At times, in the classic look of dark turquoise, sometimes entirely in a modern mosaic style.
“Here, too, slatted panels on the ceiling indicate the transition to the next department, the shoe and bag division. An eye-catcher: polygonal ceiling elements continuing seamlessly on the rear walls. Harmonising with the polygonal, high-gloss white furniture and pedestals, which flatter the premium merchandise with their sculpture-like appearance.
“On the second floor, the jeans/unisex and men’s department meet each other – two young, rugged looks. Tiles, raw wood, wallpaper and dark expanded metal in the jeans division blending with fishbone parquet and wooden ceiling slats in the central men’s casual area.
In the adjoining men’s business department, concrete walls alternate with metal curtains. Here, the house-in-house is designed as a gently curving diamond-shaped structure in wood, revealing at the core changing rooms, clad with clinker bricks.
“Things get really colourful in the children’s department on the third floor. With yellow walls, colourful glass elements set into sloping furniture, butterfly appliqués and abstract animals. As a contrast, the home division presents itself as deliberately reserved – with an interplay of light and dark accents.”
