- Pei placed its Second Ordinary Bonds Issuance for COP 500,000 MM, with demand of COP 644,950 MM, exceeding the offered amount by 1.61 times.
- The Nuestro Cartago shopping center joined the commercial asset portfolio; the acquisition of a 58% stake in the Nuestro Cartago shopping center corresponds to a leasable area of 10,190 m².
- In October, Pei launched a renewed version of its website.
Bogotá, November 2019. Pei Asset Management, Pei’s real estate manager, held the year’s fourth teleconference, presenting investors with the third-quarter 2019 results for the management of the leading real estate investment
investment vehicle in Colombia.
The call was led by Jairo Corrales, President of Pei Asset Management, and Jimena Maya, Investor Relations Manager, who presented the audience with a detailed report on the real estate portfolio’s management indicators and the financial portfolio’s management indicators.
Highlights included, among other topics, the Second Ordinary Bonds Issuance, which took place on November 7, 2019. With this issuance, Pei reached a total of 1 trillion pesos in Ordinary Bonds placed. The issuance made it possible to extend debt maturities, increase fixed-rate exposure, and reduce debt refinancing risk.
During the third quarter, two acquisitions were made: the first, the 11th floor of the One Plaza building in Medellín, with a leasable area of 965 m² for COP 6,664 million, which expanded the available space for current tenants looking to grow their operations at the asset; and the second, the acquisition of a 58% stake in the Nuestro Cartago shopping center, with a leasable area of 10,190 m² for COP 50,324 MM.
Nuestro is today the largest shopping center in northern Valle del Cauca, and its addition to Pei’s portfolio strengthens the vehicle’s geographic diversification strategy.
The call also highlighted the update to Pei’s website, a change aimed at giving investors, tenants, and the general public a more comprehensive tool aligned with international best practices in information disclosure.
It is also worth noting that the third quarter of 2019 closed with COP 5.9 trillion in assets under management and a leasable area of 971 thousand m2, represented in 2,052 lease contracts.
As part of portfolio real estate management, lease contracts were renewed for close to 50,000 m², and another 17,000 m² was leased in the commercial and logistics categories, mostly in Bogotá and its surrounding area.
It was also noted that in 2019 the cash flow delivered to investors reached COP 218,000 million, putting the year’s dividend yield at 5.33%.
Regarding TEIS liquidity, average daily trading volume during 2019 stood at COP 3,302 million.
Finally, the call closed with a Q&A session with investors, addressed by the Pei Asset Management team.