BOGOTA, Colombia–(BUSINESS WIRE)–Parque Arauco closed on the acquisition of a controlling stake (52.5%) in Parque Alegra Centro Comercial, a shopping center situated in Barranquilla, Colombia from Colvalor, an funding car managed by Ospinas y Cia and Grupo Pegasus. Complete funding for Parque Arauco will probably be COP$114,600 million (USD$34 million). The remaining 47.5% of the asset could also be acquired as of the beginning of the shops’ fifth 12 months of operation by means of put and name choices.
Parque Alegra is a large-scale asset with a 52,000 sqm GLA and a complete development price of round COP$400,000 million (USD$118 million). It can generate near 1,200 direct and oblique jobs throughout development and can open its doorways 2021. Parque Alegra will probably be one of many largest purchasing malls on the Colombian Caribbean coast and can convey alongside new financial and social improvement alternatives for the neighborhood. By means of a contemporary and inclusive setting, the shopping center will convey new leisure and retail codecs to the encircling neighborhood and metropolis.
Building lately began and the asset is anticipated to open within the second half of 2021. It’s situated within the south of Barranquilla on Calle 30, one of many metropolis’s predominant roads connecting the north and the south of Barranquilla. Anchor shops embrace a division retailer (Falabella), a grocery store (Olimpica), a film theatre (Cine Colombia) and a youngsters’ leisure space (Playland). Parque Alegra may have greater than 300 shops, a meals courtroom, a restaurant space, ample widespread areas, and underground parking. It’s anticipated to be among the finest purchasing malls within the Colombian Caribbean area.
Parque Alegra is presently being developed and commercialized by Ospinas y Cía, a number one Colombian actual property developer with greater than 85 years of expertise. Parque Arauco, which manages greater than 150,000 sqm of GLA in Colombia, will function the shopping center.