- The Nuestro Cartago shopping centers chain, arrives to Cartago, Valle del Cauca, a city with an important expansion potential, to strengthen its added value commercial offer.
- Nuestro Cartago Shopping Center has a leasable area of 17,710 m2, where PEI’s interest amounts to 70% on 124 stores, corresponding to a leasable area of 14,557 m2.
Bogotá D. C., October 2019. Pei, the leading real estate investment vehicle in the country, managed by Pei Asset Management, incorporates Nuestro Cartago Shopping Center in its commercial assets portfolio. Nuestro Cartago has a leasable area of 17,710 m2 and began operations on September 19, 2019.
Currently, Nuestro Cartago, is the largest shopping center in the North of Valle, and came to Cartago to strengthen the trade’s growth in the region, reconfirming Pei’s investment focus and value-generation objectives in Colombia’s intermediate cities. The cost of the transaction amounted to COP 50,324 MM. With this purchase, the real estate investment vehicle acquired a 70% interest on 124 stores in the shopping center, corresponding to a leasable area of 14,557 m2.
“Just as our investments in intermediate cities such as Monteria and Cúcuta, we are sure that urban centers such as Cartago –located within the large group of cities in Colombia with populations above 100,000 inhabitants–, are a real opportunity to develop modern and comprehensive commercial offers such as Nuestro Cartago”, stated Jairo Corrales, Pei Asset Management’s President.
Firms Vector Group and Ménsula Ingenieros S.A. were in charge of building the shopping center. The construction lasted 17 months. The property is located to the northeast of the city of Cartago, on a main road (Carrera 5th), close to Cartago’s greatest residential growth area.
Nuestro Cartago Shopping Center includes the main retail brands in Colombia in its commercial offer and, at its opening, had a physical occupation of 89%, highlighting its value contribution to both the properties and their tenants. The anchor brands present at Nuestro Cartago Shopping Center are Supermercados La 14, Royal Films, Sky Park. and Surtitodo.
Nuestro Cartago Shopping Center’s users have access to a number of entertainment services and a boulevard with a wide gastronomic offer. In addition, users have available an educational center and a health center, which reinforce the shopping center’s supplementary services’ offer.
“Cartago is an intermediate city with significant potential for commercial expansion. The city’s population has a high purchasing power and no shopping centers. Pei’s premise is to continue to strengthen its portfolio, expanding through successful chains such as Nuestro in the intermediate cities”, stated Luisa González, Pei Asset Management’s Investments Manager.
Pei has established a long-term strategic alliance with the project’s promoter, Jaguar Capital, with whom it is already successfully operating Nuestro Montería Shopping Center, consolidating its opening. In addition, the opening of third shopping center in Bogotá –by the end of 2020–, is within the existing expansion projections.
With this acquisition, Pei continues to diversify its real estate portfolio with first-level assets, completing 82 commercial assets and a total of 143 properties distributed in 30 municipalities and cities throughout the country. These assets represent over 980 thousand m2 of leasable area, whose value exceeds COP 5,9 billion.