SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) (“Parque Arauco”) announces the face-lifting of Parque Lambramani shopping center in Arequipa, in the south of Peru.
Following the successful face-lifting of Larcomar and InOutlet Faucett in Peru, the company has initiated a face-lifting project at Parque Lambramani that is expected to improve the tenant sales and EBITDA of the mall. The project will require a total investment of ThPEN $39,500 (approximately US$ 11.8 million dollars) and contemplates changes to the infrastructure of the mall, such as enclosing the open spaces, improving lighting and adding new modern floors. The second phase of this project will include an improvement in the commercial mix, such as strengthening the gastronomic and entertainment offerings in the mall.
Parque Arauco has 833,000 m2 of total GLA in Chile, Peru, and Colombia. The company inaugurated its first shopping center in Chile in 1982, entered Peru in 2005 and Colombia in 2008. The company’s assets include six regional shopping centers, three premium outlet malls and twelve strip centers in Chile; six regional shopping centers, six neighborhood centers, two premium outlet malls and two strip centers in Peru; and two regional shopping centers in Colombia as well as a large land bank to support the company’s future growth plans. For more details, visit the company’s website: www.parauco.com.