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.

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.

The Project will be located across several provinces in Indonesia, including Greater Jakarta, East Kalimantan, West Kalimantan, South Kalimantan, Central Kalimantan, and South East Sulawesi.