SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (SSE:PARAUCO); (Bloomberg:PARAUCO:CI) (“Parque Arauco”) announces the opening of Mall Marina expansion (operated by Marina Group) in Viña del Mar and with it, welcomes the first H&M Home store to Chile.
The official inauguration of the Mall Marina expansion occurred last Thursday with the opening of H&M, Bath & Body Works and Prune, among many other stores. Attendance surpassed expectations and the mall expansion received over 34,500 visitors in its first day. The opening of H&M, in particular, was highly anticipated as it features an H&M Home store, the first of this format to open in Chile.
This expansion adds 19,000 m2 of retail GLA to the mall, in addition to a 10,000 m2 office tower set to open in 2019. The total investment, including the office tower, is projected to be approximately US$98 million.
Mall Marina belongs to the Marina Group, of which Parque Arauco has 50% participation. Currently, Marina Group has a portfolio of assets with 137,500 m2 of GLA and has another 18,000 m2 in the pipeline with Mall Marina office tower and the expansion of Mall Curicó. In addition, Marina Group manages approximately 108,000 m2 of GLA owned by third parties, including Mall del Centro, a mall in Concepción, Chile, and Mall Barrio Independencia in Santiago, Chile.
Parque Arauco has 1,028,500 m2 of total consolidated 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 7 regional shopping centers, 1 neighborhood center, 4 premium outlet malls and 14 strip centers in Chile; 6 regional shopping centers, 10 neighborhood centers, 2 premium outlet malls and 3 strip centers in Peru; 3 regional shopping centers and 1 premium outlet mall in Colombia, as well as a land bank to contribute to the company’s future growth plans. For more details, visit the company’s website: www.parauco.com.