ACQUISITION - OSAKA. Hankyu Hanshin Properties Corp (the company), the group’s comprehensive real estate developer based in Osaka, acquired Central Park Mall, a largescale commercial facility in West Jakarta, Indonesia (the property) on September 22, 2022.
The Property was acquired by investing in the local entity that owns the Property through newly the Company’s established subsidiary.
The Property is conveniently located in the western part of Jakarta metropolitan area (one of the most economically developed areas in Southeast Asia), and close to the entrance of toll road that connects Soekarno-Hatta International Airport and the central areas of Jakarta.
In addition, one of the features of this Property is a large open space, a movie theater, a university, and other facilities that allows it to attract a diverse range of customers from a wide area.
Furthermore, the Property is used by many residents, office workers, hotel guests, and others in "Podomoro City", a large-scale mixed-use development area where the Property is located, and is regarded as a representative large-scale commercial facility in West Jakarta area.
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President Hankyu Hanshin Properties Corp., MOROTOMI Ryuichi, said, “Indonesia has continued to achieve economic development against the backdrop of a robust consumer market expansion supported by an abundant population.
In particular, further growth is expected in Jakarta metropolitan area, where the population of the middle class and above, which is the main target of this Property is expected to increase significantly over the medium to long term.”
The Company established CPM Assets Japan LLC (CPMAJ) as a wholly owned subsidiary, and through CPMAJ, the Company invested in PT CPM Assets Indonesia (CPM), which owns the Property.
JOIN will invest in CPMAJ and the Company will receive a refund of investment, which will make the ownership ratio 51%. In addition, as the Company is a major investor in CPM through CPMAJ, the Company will dispatch its directors and employees to CPM to lead the operation and management of the Property.
Going forward, the Company will contribute through its accumulated expertise (know-how) in real estate business to take the lead in the operation and management of the Property, thereby enhancing the value of the Property and building a foundation for leasing business in the ASEAN region.
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