Parque Arauco Announces Its First Multifamily Project in Peru and Its Fifth in the Region

SANTIAGO, Chile--(BUSINESS WIRE)--The subsidiary of Parque Arauco S.A. (PARAUCO.SN), Arauco Holding Peru S.A.C. agreed on Friday, January 6, 2023, to sign an investment contract with Desarrolladora del Pacífico S.A.C. to carry out its first multifamily project in Peru, in the city of Lima. The agreement includes the purchase by Arauco Holding Peru of 80% of the shares of Inmobiliaria La Mar 1292 S.A.C., the company that will develop the project. The purchase of the shares is subject to the fulfillment of a series of precedent conditions, usual in transactions of this nature.

Additionally, the agreement considers a purchase option for Arauco Holding Peru of the remaining 20% ​​owned by Desarrolladora del Pacífico, at different times once the operation of the project begins.

The project includes the construction of a 13-story building on Avenida La Mar, near the Miraflores boardwalk, on the border with San Isidro, one of the most exclusive and vibrant sectors of Lima. This area is renowned for having some of the best restaurants of the city and is located close to the Lima Golf Club.

The estimated cost of the project is approximately USD 16 million and includes the purchase of a 1,025 m² lot and the tower will consist of 141 residential units totalling 7.400 m² for rent. The project will include 292 m² of leasable area for commercial use. The project will have amenities such as a swimming pool, gym, coworking room, meeting room, pet area, barbecue area, gastronomic area, 151 parking spaces and 146 bicycle racks.

In charge of the management and supervision of the project will be Desarrolladora del Pacífico, a company with more than 17 years of experience in the development and execution of residential projects. The real estate company has been recognized in recent years and consecutively, with the Best Place to Live certification, a quality seal that brings together the best real estate companies in the country.

Alejandro Camino, Country Manager of Parque Arauco Division Peru, mentioned, “We are excited to announce our first Multifamily project in Peru, which, in addition to being one of the first buildings of its kind in the country, allows us to continue with our investment strategy in this industry, adding to the four multifamily projects already announced for Chile and Colombia. As a company, we continue to bet on the development and growth of Peru, generating a quality housing offer in a country with a young and growing population, and in cities with a significant deficit of formal housing.”

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.