JAKARTA: Astra’s property business line (“Astra Property”) through PT Saka Industrial Arjaya (“SIA”) has signed a conditional Shares Sale and Purchase Agreement in connection with the plan to acquire PT Mega Manunggal Property Tbk (“MMP”) (“CSPA”), an industrial and logistics property developer company listed on the Indonesia Stock Exchange. 

Based on the CSPA, SIA will acquire around 83.67% of shares in MMP from PT Suwarna Arta Mandiri, a major shareholder of MMP and certain other minority shareholders of MMP, subject to the fulfillment of conditions precedent. If the transaction under the CSPA is completed, SIA will become the new controlling shareholder of MMP and in line with the Indonesian capital market regulations SIA will carry out a Mandatory Tender Offer.

Once completed, this acquisition will become a strategic step for Astra Property to continue expanding its business in Indonesia's rapidly expanding industrial property market, and industrial & logistics infrastructure as a new source of growth for the Astra Group.

Indonesia’s industrial property sector has experienced robust growth of c.9% p.a. in recent years, substantially outpacing national GDP growth. Driven by strong demand from logistics, e-commerce, FMCG, and manufacturing sectors, warehousing needs are projected to grow by 8–10% annually through 2030, providing attractive long-term investment potential (Source: Industry participants interview, Knight Frank, JLL, Cushman & Wakefield, MMP Report). 

“MMP’s strategically located warehousing assets complement our existing portfolio, and align with our vision of becoming a diversified, Indonesia-focused property manager.  With an experienced team bringing a proven track record, and an established tenant base, including leading local and multinational companies, MMP provides Astra Property a robust growth platform and warehouse management and development expertise,” said President Director of Astra Property Wibowo Muljono.

MMP group currently operates 13 warehouses across key industrial hubs in Greater Jakarta and Surabaya, with approximately 546,000 sqm of net leasable area. Additionally, MMP group holds approximately 45 hectares of landbank across Greater Jakarta and Surabaya for future expansion. MMP can therefore provide both a recurring income stream and an asset base that would enable it to pursue capital recycling and funds management for third party capital, in future. 

Currently, Astra Property, in joint venture with ESR, a leading Asia-focused real estate investor and manager, has two warehouses—Cikarang Logistics Park 1 and 2—in GIIC and KITIC. These properties cover a total land area of 17.3 hectares, offering 108,000 sqm of net leasable area, and are fully-tenanted.

Astra Property remains committed to continuous innovation, delivering best-in-class industrial and logistics solutions for its business partners, and providing exceptional service to customers throughout Indonesia. This expansion not only underscores the Astra Property’s business growth but also represents a tangible contribution in improving national logistics efficiency—an essential enabler in driving Indonesia’s economic acceleration. 

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For further information, please contact:

Brigietta Putri

Head of Corporate Communications Astra Property

Email: brigietta.putri@astraproperty.co.id

Website (https://astraproperty.co.id/)

Instagram (@astraproperty)