Singapore, 13 June 2024 – NWP Property (“NWP”), a leading consumer infrastructure platform in Indonesia, has secured its inaugural USD Sustainability-Linked Syndicated Loan Facility (“SLL”) of $135 million from a group of lenders led by CIMB Bank Singapore. This marks a significant milestone for NWP as they become the frontrunner in adopting sustainable practices within the commercial real estate sector in Indonesia. NWP owns and operates Indonesia’s largest green-certified commercial real-estate portfolio with 9 assets certified by IFC’s EDGE and 1 asset certified by Singapore BCA.
NWP launched its Sustainability-Linked Finance Framework earlier this year to align the company’s financing strategy with its mission to develop and operate a portfolio of sustainable and energy-efficient buildings. The SLL issued under this framework sets predefined sustainability targets for NWP, with the aim of improving the environmental impact of the assets in the portfolio. The SLL goes beyond green building certifications and focuses on broader sustainability goals, in line with the company’s ESG roadmap and targets for the next 3 to 5 years.
Mr. Dhawal Doshi, Head of Research & ESG at NWP, expressed his enthusiasm about this milestone and said, “The landmark SLL facility marks a pivotal point in our sustainability journey which started several years ago. Our methodical data driven approach to sustainability, meticulously built overtime, has received accolades from various key stakeholders in the industry. Sustainable financing from leading financial institutions is a strong recognition of our previous efforts and will propel the team to continue our sustainability journey.”
According to Mr. Nikolaus Dharmawan, Chief Financial Officer at NWP, “Sustainability has been a dominant theme over recent years. This landmark deal is one of the first of its kind for the commercial real-estate sector in Indonesia. Our associated framework and commitments in the facility highlight the increasing importance placed by the financial industry on credible and measurable sustainability practices in the real estate sector. We are thankful to CIMB and SGS for their trust and support.”
Mr. Victor Lee, CEO of CIMB Singapore, congratulated NWP and shared that, “As the lead bank and sustainability coordinator, CIMB Singapore is pleased to support NWP in their sustainability journey. This affirms our commitment towards creating value for our clients with solutions, practices and projects that foster sustainable development. We take pride in being the ‘go-to’ bank for our clients and businesses in ASEAN as they take steps to transition towards a more sustainable future.”
Ms. Priyanka Mehta, Head of Sustainability & ESG Services at SGS Singapore, emphasized the importance of NWP's initiative in driving sustainability within the commercial real-estate sector, stating, "SGS is delighted to support NWP in this facility, which demonstrates the growing importance of sustainable finance in Southeast Asia. Our role as Second-Party Opinion provider ensures that NWP's sustainability framework is robust, and aligned with international standards, providing confidence to CIMB and the wider market.”
NWP is setting a precedent for sustainability business practice in Indonesia. Its pioneering efforts in securing a Sustainability-Linked Loan Facility of this nature and scope underscore the growing importance of sustainability in the real estate landscape, signalling a shift towards more responsible and resilient business practices in Indonesia and beyond. This landmark collaboration between NWP, CIMB Singapore, and SGS Singapore paves the way for a more sustainable future in the region.
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About CIMB Bank
CIMB is one of ASEAN’s leading banking groups and Malaysia’s second largest financial services provider, by assets. Listed on Bursa Malaysia via CIMB Group Holdings Berhad, it had a market capitalisation of approximately RM62.4 billion as of 31 December 2023. It offers consumer banking, commercial banking, wholesale banking, transaction banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in eight ASEAN nations (Malaysia, Indonesia, Singapore, Thailand, Cambodia, Vietnam, Myanmar and Philippines). Located in ASEAN’s global financial gateway, Singapore is one of our most important markets with approximately 1,000 employees serving over 500,000 customers with retail, commercial and wholesale banking products and solutions.
About NWP
NWP Property is one of Indonesia’s largest and fastest-growing consumer infrastructure platforms with exposure to community retail and logistics infrastructure. NWP Property’s portfolio of modern retail assets consists of the largest independent network of modern community-based shopping malls in Indonesia, while its growing logistics warehouses business is supported by New Economy demand growth drivers. Since its inception in 2015 as a joint venture between Warburg Pincus and PT City Retail Developments, NWP Property has experienced rapid growth. Currently NWP Property has over 50 shopping malls and logistics assets in its portfolio totaling over 1 million square meters of gross floor area ("GFA").
About SGS
We are SGS – the world’s leading testing, inspection and certification company. We are recognized as the global benchmark for quality and integrity. Our 96,000 employees operate a network of 2,700 offices and laboratories, working together to enable a better, safer and more interconnected world.
For media queries, please contact mediasg@cimb.com.
