- The commercially leasable area acquired in this expansion (Phase IV) is 3,596 m2.
- This stage of the commercial area has 69 units available for rent; 24 warehouses and 46 shops, with the only store being a notable feature.flagship’ From the H&M store in the city.
- With this new acquisition, Pei further strengthens its presence in El Tesoro, adding a total of 9,415 square meters, which represents 13.53% of the shopping center’s total area.
- Pei’s commercial real estate portfolio spans 334,363 square meters, with 41,178 square meters located in Medellín.
Bogotá, March 2021. The commercial area of Phase IV of El Tesoro Shopping Center in Medellín was acquired by Pei, real estate investment vehicle, the leading company in Colombia, managed by Pei Asset Management, for 26.42% at a price of COP 29,322 million.
This expansion phase, which began operations in the second half of 2020, features 69 rentable units; 24 warehouses and 46 retail spaces, in which 65 new brands have been activated, including the flagship store of the multinational H&M. This new expansion also added 800 parking spaces to the shopping center. It also includes a significant section of complementary services such as medical, beauty, and health services, with a modern Cedimed headquarters standing out.
By achieving the goal of El Tesoro to be a multi-format commercial center, this new stage will benefit from the traffic generated by the new medical tower, the Novotel hotel (238 rooms for business and high-spending tourists), and the event center for more than 800 people.
Regarding this, Jairo Alberto Corrales, President of Pei Asset Management, commented: “With this acquisition, we are fulfilling prior investment commitments made by the fund, which focus on long-term strategies and consolidating our presence in an asset, a category, and a city that we know well and that have shown positive signs of recovery in recent months.”
Pei’s investments in The Treasury
The real estate investment vehicle Pei has had properties within the El Tesoro shopping center in its portfolio since 2007. These include the movie theater area, which is leased to Cinemark, with a leasable area of 2 5,819 square meters.
By acquiring the new stage of 26.42%, Pei consolidates a total of 9,415 m2 in the shopping center, positioning them as the owner of 13.53% of the total leasable area of El Tesoro.
It is important to note that the shopping center is recognized for having one of the best commercial and entertainment offerings in Medellín, and as one of the most important shopping complexes in the country.
Medellín as a relevant market for trading assets
As a result, through its geographic diversification strategy, Pei has established a commercial real estate portfolio in the city of Medellín, which, including this acquisition, totals 41,178 square meters of leasable area.
This portfolio includes presence in El Tesoro shopping center, 60% of the leasable area space in Ideo shopping center, some Success stores, as well as commercial spaces located in Santafé shopping center and other locations occupied by Davivienda branches in the city.
In this way, Medellín positions itself as the market where 12.3% of the total leasable area of Pei’s commercial assets are located.
Pei Asset Management, real estate investment vehicle management company
Pei Asset Management is a company specializing in the structuring and comprehensive management of investment vehicles in Colombia. It holds the highest rating for Portfolio Management Efficiency (G-aaa) awarded by BRC Standard & Poor’s since 2009.
For the past 14 years, Pei Asset Management has been characterized by contributing to the well-being of society through the democratization of investment opportunities, creating physical spaces that benefit the community, and supporting the growth of its partners.
Their expert team works daily to build and maintain long-term relationships with investors, tenants, and other stakeholders.
Pei, real estate investment vehicle, leading company in Colombia
Currently, Pei Asset Management manages the real estate portfolio of Pei, a leading real estate investment vehicle in Colombia, valued at approximately $COP 6.9 trillion. This includes approximately 146 properties representing around 1.05 million square meters of leasable area, located in 30 cities and municipalities across the country.
The diversified portfolio, characterized by its asset types, geographic location, and tenants, includes the following categories: corporate, logistics, industrial, commercial, specialized, and accommodation.
Pei offers a solid investment alternative with attractive returns, high liquidity, and a priority on building long-term relationships with its over 4,500 investors and 1,200 tenants.