SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) has announced new additions to its development pipeline as well as its portfolio. The company has announced it will begin development of its first outlet mall in Colombia and its seventh neighborhood shopping center in Peru. It has also added the second strip center to its portfolio in Peru and begun construction on the third, both located in Lima.
Parque Arauco has begun development on Arauco Premium Outlet Bogota, which will be located in the township of Sopó, just outside of Bogota. The project will require a total investment of COP 74 billion (US$41 million) and will incorporate 13.000 m2 of GLA. Parque Arauco will own 100% of the premium outlet mall which will begin operating during the second half of 2016. This will be the company´s seventh outlet mall as it currently owns and operates three in Chile and is constructing the fourth and operates one in Peru, and is constructing the second.
MegaPlaza Express Jaén will be developed in the city of Jaen in the northeast of Peru. The neighborhood shopping center will be the city´s first formal retail option and will be developed jointly by Parque Arauco and Grupo Weise, with each company owning 50% of the asset. The shopping center will offer 14,500 m2 of GLA and will require a US$ 14 million dollar investment. It will be inaugurated during the second half of 2016.
Additionally, Parque Arauco has incorporated its second strip center in Peru, Viamix Las Malvinas. The 2,000 m2 strip center was added to the portfolio during the second quarter. The company has also begun development of what will be its third strip center in Peru, Viamix Colonial. The strip center will include just under 3,000 m2 of GLA, require an investment of US$ 7 million, and be inaugurated during the second half of 2016. Both assets are located in the city of Lima.
Parque Arauco has 816.000 m2 of total GLA in Chile, Peru, and Colombia. The company inaugurated its first shopping center in Chile in 1982, entered Peru in 2006 and Colombia in 2008. The company´s assets include six regional shopping centers, three premium outlet malls and eleven strip centers in Chile; six regional shopping centers, six neighborhood centers, one premium outlet mall and two strip centers in Peru; and two regional shopping centers in Colombia, as well as a large land bank in all three countries to support the company´s future growth plans. For more details, visit the company´s website: www.parauco.com.
