by Ulisari Eslita
PT Mega Manunggal Property (MMP) teams up with Singapore-based Keppel Corp. Ltd.’s Alpha Investment Partners and Asuransi Jiwa Manulife Indonesia to set up an Indonesia-focused logistic property venture with a $200 million initial target size. At the moment, the venture has received initial capital commitments of about $93 million from venture partners.
The initial portfolio for the joint venture will comprise four properties with a combined net lettable area of more than 163,000 sqm. The properties are over 96% leased to tenants, including Unilever, DHL and Li&Fung.
Alpha Investment Partners will manage the venture’s investments, while Mega Manunggal Property will be the strategic adviser to Alpha and manager of the venture’s properties.
“By setting up this platform, MMP has just taken its first step in implementing an asset-light strategy to recycle capital from its stabilised portfolio. We are very pleased to collaborate with Alpha and Manulife, two of the world’s leading institutions, as it will not only enable us to monetise our assets but also offer capital sustainability to support MMP in capturing opportunities in the growing modern logistics property market in Indonesia,” said Bonny Budi Setiawan, CEO of MMP.