Singapore & Jakarta, 15 April, 2016: PT Mega Manunggal Property Tbk (MMP), an Indonesian publicly listed logistics developer, and GIC, Singapore’s sovereign wealth fund, have entered into a partnership to develop a portfolio of quality logistics warehouses of up to 500,000m2 net leasable area (NLA) in Indonesia over the next three years, with a focus in the Greater Jakarta region and Greater Surabaya. The partnership aims to meet the increasing demand by companies for sophisticated inventory systems which cannot be fulfilled by traditional warehouses.

President Director & CEO of MMP, Fernandus Chamsi, said, “Through this partnership with GIC, MMP will be able to accelerate the development of logistic properties in the hope of achieving 500,000m2 of net leasable area in the next three years. The partnerships will also focus on increasing productivity, good operational and quality of our human resouces, as well as good corporate governance”.

Mr Loh Wai Keong, Managing Director and Co-Head Asia, GIC Real Estate, said, “This is our first investment in Indonesia’s logistics sector. We are attracted by the long-term growth of this sector, which is underpinned by the strong consumption of Indonesia’s rapidly rising middle class. We are pleased to partner MMP, one of Indonesia’s top modern logistics players. We believe GIC’s knowledge and experience investing in logistics both in Asia as well as other global markets will add value to this partnership.”