On March 25th, Parque Arauco, a leader in commercial real estate, announced that its Colombian subsidiary has signed a collaboration agreement with contractor and real estate developer IC Constructora S.A. for developing a multi-family residential property in Bogota, Colombia.
The project, “Proyecto Calle 72,” comprises the development of a residential property with an approximate total GLA of 6,500 m2 and 1,500 m2 of residential and commercial space, respectively. The 7-storey building is slated to house 132 apartments and 111 parking spaces. It will also have amenities like a gym, a game room, laundry room, a BBQ area, and a panoramic rooftop terrace. The construction will begin this year and it is expected to be completed in 2024.
This agreement marks the beginning of our investments in stand-alone properties of an asset class distinct from shopping malls. We believe that multi-family properties will grow strongly in Colombia over the next few years. We are convinced that investing in this type of real estate will contribute to reinforcing our strategic growth and profitability pillars. On the other hand, obtaining expertise in multi-family will allow us to continue developing successful shopping centers in central areas of important cities in the region, densifying and increasing the profitability of these commercial projects. We are actively looking for other multi-family projects in Peru and Colombia that will positively impact our EBITDA in these countries.”
Eduardo Pérez Marchant, General Manager of Parque Arauco International