Bogotá, June 2024. Pei, the country’s pioneering real estate investment vehicle, will begin the redevelopment of the corporate office building located at Carrera 11 with Calle 90 in Bogotá. This project will mark a milestone as the portfolio’s first redevelopment in one of the city’s most prominent areas.
The redevelopment aims to carry out an intervention to make the most of the property’s real estate potential, increasing the leasable area by nearly 27%, adding a ground-floor retail level, and incorporating a sustainability certification process for the asset. The initiative involves demolishing the current buildings — one of 7 floors and another of 3 floors — to make way for new construction offering better specifications, meeting the growing demand for high-end corporate offices.
‘’This project, part of Pei’s strategy to optimize its real estate portfolio, will increase revenue through greater leasable area and higher rents, enhancing an asset located on one of Bogotá’s best corners,’’ said María Alejandra Cardozo, Investments and New Business Manager at Pei Asset Management.
During the new building’s construction phase, the current tenant, Seguros del Estado, a subsidiary of Mutua Madrileña, will be temporarily relocated to another Pei asset, which will be fitted out to its needs through the m4 service — a comprehensive real estate offering that will include not only the appropriate physical space but also custom furniture and designs.
This asset began its life cycle more than 40 years ago and was added to Pei’s portfolio in 2007 through a sale-and-lease-back transaction. The transformation of the asset at Carrera 11 with Calle 90 in Bogotá highlights Pei’s focus on enhancing the profitability of its portfolio assets, while also contributing to the city’s urban development and the evolution of Colombia’s real estate market.
About Pei (PEI CB Equity)
Pei is a real estate investment alternative structured and managed by Pei Asset Management, with more than 6,500 investors. It has built a portfolio of high-specification, income-generating assets totaling more than 1.14 million m2 of leasable area, with a diversified base of more than 1,350 tenants and a presence in more than 30 cities and municipalities across the country. The portfolio is valued at more than 9.4 trillion pesos and comprises four asset categories: corporate, commercial, logistics, and specialized use.