Alpha Investment Partners Limited, PT Asuransi Jiwa Manulife Indonesia and PT Mega Manunggal Property Tbk have entered into a new venture which will focus on Indonesia's fast-growing logistics property sector. Comprising Keppel-MMP Indonesia Logistics Fund Private Limited and an Indonesian parallel fund and co-investment capital from Manulife, the Venture has an initial target size of USD 200 million and brings together the best-in-class capabilities of these three companies to jointly acquire and manage high quality logistics properties in Indonesia. The Venture is subject to the fulfillment of certain condition precedents, including the completion of the acquisition of the initial portfolio described below. Alpha, a private fund manager under Keppel Capital Holdings Pte. Ltd., will be the investment manager of the Venture, while MMP, a listed and leading logistics space provider in Indonesia, will be the strategic advisor to Alpha and property manager of the Venture's logistics properties. The Venture has received initial capital commitments of approximately USD 93 million (IDR 1,376 billion) from venture partners, including PT Asuransi Jiwa Manulife Indonesia. As part of the agreements, the Venture intends to acquire stakes in four modern and high quality stabilised logistics assets in Greater Jakarta from MMP as its initial portfolio. The initial portfolio comprises three single-tenanted properties and one multi-tenanted logistics property with a total net lettable area of over 163,000 sqm. These assets with an occupancy of more than 96%, serve established tenants in the consumer goods, logistics and e-commerce industries, such as Unilever, Li & Fung and DHL. The sale of these four assets by MMP to the Venture, subject to conditions, has been approved by MMP's shareholders at an Extraordinary General Meeting held on 20 December 2019.