SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (PARAUCO.SN) announces a collaboration agreement with Hasta Capital and Kubik Lab to develop its third multifamily residential property in Colombia, its second in Bogota. These residential towers for rent will be located at the intersection of Calle 94 with Carrera 15, in the exclusive El Chicó area, a sector close to embassies, restaurants, hotels and other services.
The project will require an investment of approximately USD 23 million, including the purchase of a 2,964 m2 plot of land and the construction of 2 towers with 158 residential units. The units will vary between studios, 1 bedroom, and 2 bedroom apartments, ranging in size between 40 to 86 m2 and totalling 10,114 m2 for rent. The project also includes 325 m2 of leasable area for commercial use.
This new residential rental development for Parque Arauco is located a few blocks from Parque de la 93, a privileged location in the heart of El Chicó, one of the most traditional and exclusive neighborhoods of Bogota. El Chicó combines luxury residential buildings, some of the main corporate corridors, shopping centers, restaurants and nightlife, making it a vibrant and constantly developing sector.
To develop this project, Parque Arauco is partnering with Hasta Capital, a company that has extensive experience in the development and management of multifamily projects in the US and Latin American markets, and with Kubik Lab, Colombian company dedicated to the design, construction and promotion of innovative and environmentally friendly architectural projects.
Parque Arauco will have 95% of the fiduciary rights of the Parking Trust and the Administration Trust of the project, Hasta Capital will have 4.9%, and Kubik will have 0.1%. In the future, subject to specific conditions that must be met within a certain time frame after the opening, Parque Arauco will be able to acquire the 5% owned by its partners.
Eduardo Pérez Marchant, CEO of Parque Arauco, mentioned, “During the upcoming years we plan to implement a responsible and mixed growth strategy between retail real estate and other property uses such as multifamily. We are convinced that multifamily property use will rapidly grow in our region over the next few years and will contribute to the future profitable growth of Parque Arauco. Additionally, the expertise we are acquiring with multifamily properties will contribute to the development of our portfolio of shopping centers since we will be able to incorporate these projects in some of our assets.”
This project complements the two previous multifamily initiatives in Colombia that were announced earlier in the year by Parque Arauco. The first project, also in Bogotá, is the development of a multifamily residential building for rent which consists of 132 units and requires an investment of USD 11 million. The second initiative, announced in June, is the development of a multifamily project in Medellin consisting of 300 units and requiring USD 23 million investment.
Currently, Parque Arauco has 1.124.500 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. For more details, visit the company’s website: www.parauco.com.
