Jardine Matheson’s Astra acquires majority stake in Indonesian industrial property firm MMP

Astra acquires 83.67% of MMP.

Astra Property, through its subsidiary PT Saka Industrial Arjaya (SIA), has completed the acquisition of a majority stake (83.67%) in PT Mega Manunggal Property Tbk (MMP).

The acquisition was completed at a purchase price of $0.0452 (Rp580.6) per share. Following the transaction, SIA will carry out a mandatory tender offer in line with Indonesian capital market regulations.

Astra Property said the move supports Astra Group’s strategy to expand in the industrial and logistics infrastructure sector, particularly in modern warehouses, which are expected to see steady growth driven by demand from logistics, e-commerce, FMCG, and manufacturing industries.

MMP operates 13 warehouses across Greater Jakarta and Surabaya with a total net leasable area of 546,000 square meters. Its tenants include companies from e-commerce, FMCG, and third-party logistics sectors. MMP also holds around 45 hectares of landbanks in key industrial areas for future development.

Earlier this year, Astra Property partnered with ESR, an Asia-focused real estate investor and manager, to acquire two fully tenanted warehouses—Cikarang Logistics Park 1 and 2—located in GIIC and KITIC, covering 17.3 hectares with 108,000 sqm of net leasable area.

The acquisition of MMP strengthens Astra Property’s position in Indonesia’s industrial and logistics property market and supports its goal of delivering sustainable growth and value for stakeholders.

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