SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (SSE:PARAUCO) (Bloomberg: PARAUCO:CI) (“Parque Arauco”) announces another milestone in the expansion of Parque Arauco Kennedy. The company announced an investment of UF 2.2 million (approximately 100 million dollars), for a second phase of its expansion of the Parque Arauco Kennedy mall.
The first phase of the expansion was announced in 2016 and includes a five star Hilton Hotel in Chile, a convention center as well as a 25,000 m2 flagship Falabella store.
The new phase of the project considers the reconversion of the existing Falabella store, adding 10,000 m2 of additional retail to the mall. Additionally, the project will have a 14 floor, 15,000 m2 tower.
The entire project started its construction in 2017 and is expected to be opened in different phases, between 2021 and 2024, offering a new range of experiences to our clients.
Parque Arauco has 1,012,000 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 seven regional shopping centers, four premium outlet malls and fourteen strip centers in Chile; six regional shopping centers, ten neighborhood centers, two premium outlet malls and two strip centers in Peru; and three regional shopping centers, and one outlet 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.