The organization Parque Arauco SA (Parauco.SN) announced the start of the first phase of the Megaplaza Independencia reconversion and expansion project, its most important asset in Peru with an extension of 109,500 m² of leasable area. The estimated total investment amounts to US$33 million and an EBITDA contribution of US$11.5 million is expected.
Within the projections, the company will seek to form the largest gastronomic district in the north of Lima and the construction of a large central square that will be a contribution to the community. A new zone for telecommunications service operators will also be created and internal circulation will be improved.
“It is with great enthusiasm that we are announcing the expansion of our main asset in Peru, a project that adds to the already announced expansion of our main asset in Chile, Parque Arauco Kennedy, and the recent announcement of the start of construction of Parque La Molina in Peru, our second lifestyle shopping center, in addition to Larcomar”, informed Eduardo Pérez Marchant, general manager of Parque Arauco.
The execution will begin in the second half of 2023 and it is expected to gradually open by the end of 2026. In addition, they indicated that in the next few days the plans for the following phases will be communicated, which will incorporate new retail space in addition to residential rental (multifamily).
Independence Megaplaza receives more than 2 million customers monthly and includes stores such as Falabella, Ripley, Oechsle, Tottus, Sodimac, H&M and Zara.
“We are convinced that this new investment in our iconic asset Megaplaza Independencia will contribute to improving the lives of the people of Lima Norte, an area where our mall plays a fundamental role in providing a spacious and safe space for public use for the community, reinforcing thus our commitment to continue contributing to the development of Peru”, commented Alejandro Camino, general manager of Parque Arauco Peru Division.
Currently, Parque Arauco has 55 real estate assets in Chile, Peru and Colombia, which add up to 1,123,500 m² of total commercial area. Peru occupies 35% of the surface, below Chile (47%) and above Colombia (18%).
Next projects
It should be noted that Parque Arauco will inaugurate the Parque La Molina shopping center in the coming months, which was built under the lifestyle concept, so that it can meet the needs of the inhabitants of said district. In addition, it had an investment of US$60 million and has an area of 16,000 m2 of leasable area.
Source: Larepublica
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