BOGOTA, Colombia--(BUSINESS WIRE)--Parque Arauco closed on the acquisition of a controlling stake (52.5%) in Parque Alegra Centro Comercial, a shopping mall located in Barranquilla, Colombia from Colvalor, an investment vehicle managed by Ospinas y Cia and Grupo Pegasus. Total investment for Parque Arauco will be COP$114,600 million (USD$34 million). The remaining 47.5% of the asset may be acquired as of the start of the malls’ fifth year of operation through put and call options.
Parque Alegra is a large-scale asset with a 52,000 sqm GLA and a total construction cost of around COP$400,000 million (USD$118 million). It will generate close to 1,200 direct and indirect jobs during construction and will open its doors 2021. Parque Alegra will be one of the largest shopping malls on the Colombian Caribbean coast and will bring along new economic and social development opportunities for the community. Through a modern and inclusive environment, the shopping mall will bring new entertainment and retail formats to the surrounding neighborhood and city.
Construction recently started and the asset is expected to open in the second half of 2021. It is located in the south of Barranquilla on Calle 30, one of the city’s main roads connecting the north and the south of Barranquilla. Anchor stores include a department store (Falabella), a supermarket (Olimpica), a movie theatre (Cine Colombia) and a kids’ entertainment area (Playland). Parque Alegra will have more than 300 stores, a food court, a restaurant area, ample common areas, and underground parking. It is expected to be one of the best shopping malls in the Colombian Caribbean region.
Parque Alegra is currently being developed and commercialized by Ospinas y Cía, a leading Colombian real estate developer with more than 85 years of experience. Parque Arauco, which manages more than 150,000 sqm of GLA in Colombia, will operate the shopping mall.