- The leasable retail area acquired in this expansion (Phase IV) is 3,596 m2.
- The retail zone in this phase has 69 leasable units: 24 warehouses and 46 retail units, including the city’s only H&M flagship store.
- With this new acquisition, Pei adds to its presence at El Tesoro, consolidating a total of 9,415 square meters, corresponding to 13.53% of the mall’s total area.
- Pei’s commercial asset portfolio reaches 334,363 square meters, of which 41,178 m2 are in Medellín.
Bogotá, March 2021. A 26.42% stake in the retail zone of Phase IV of the El Tesoro shopping center in Medellín was acquired by Pei, the leading real estate investment vehicle in Colombia, managed by Pei Asset Management. The transaction was carried out for COP 29,322 million pesos.
This expansion phase, which began operating in the second half of 2020, has 69 leasable units — 24 warehouses and 46 retail units — where 65 new brands have opened, including the anchor store of multinational H&M. This new expansion also added 800 parking spaces to the shopping center’s total. It also includes an important section of complementary services such as medical, beauty, and health services, notably a modern Cedimed facility.
In keeping with El Tesoro’s goal of being a multi-format shopping center, this new retail phase will benefit from visitor traffic generated by the new medical tower, the Novotel-brand hotel (238 rooms for business travelers and high-spending tourists), and the Events Center for more than 800 people.
On this, Jairo Alberto Corrales, president of Pei Asset Management, said: “With this acquisition, we are fulfilling investment commitments the vehicle previously made, focused on the long term and on consolidating our presence in an asset, a category, and a city we know well and that have shown a positive path of reactivation in recent months.”
Pei’s investments at El Tesoro
The Pei real estate investment vehicle has held retail units belonging to the El Tesoro shopping center in its portfolio since 2007. These include the cinema zone, leased to Cinemark, with a leasable area of 5,819 m².
Adding the 26.42% acquisition of the new phase, Pei consolidates a total of 9,415 m2 at the shopping center, making it the owner of 13.53% of El Tesoro’s total leasable area.
It is worth noting that the shopping center is recognized for having one of the best retail and entertainment offerings in Medellín and as one of the country’s most important shopping complexes.
Medellín as a key market for retail assets
In line with its geographic diversification policy, Pei has built a portfolio of retail properties in Medellín that, including this acquisition, reaches 41,178 square meters of leasable area.
This portfolio includes a presence at the El Tesoro shopping center, 60% of the leasable area of the Ideo shopping center, several Éxito stores, as well as retail units located at the Santafé shopping center and other units occupied by Davivienda branches in the city.
As a result, Medellín stands as the market where 12.3% of the total leasable area of Pei’s commercial portfolio assets is located.
Pei Asset Management, manager of real estate investment vehicles
Pei Asset Management is a company specialized in the structuring and comprehensive management of investment vehicles in Colombia. It has held the highest Portfolio Management Effectiveness rating, G-aaa, awarded by BRC Standard & Poor´s since 2009.
For 14 years, Pei Asset Management has been characterized by its contribution to society’s well-being, democratizing investment opportunities, creating physical spaces that benefit the community, and driving the growth of its partners.
Its expert team works daily to build and maintain long-term relationships with investors, tenants, and other stakeholders.
Pei, the leading real estate investment vehicle in Colombia
Pei Asset Management currently manages the real estate asset portfolio of Pei, the leading real estate investment vehicle in Colombia, valued at COP 6.9 trillion. It comprises 146 properties representing close to 1.05 million m2 of leasable area, located in 30 cities and municipalities across the country.
The diversified portfolio, notable for its variety of asset types, geographic locations, and tenants, includes the following categories: corporate, logistics and industrial, commercial, specialized, and hospitality.
Pei offers a solid investment alternative with attractive returns and high liquidity, prioritizing the building of long-term relationships with its more than 4,500 investors and 1,200 tenants.