- Pei completed the purchase of a 50% stake in Jardín Plaza Cúcuta Shopping Center.
- The shopping center has a leasable area of 31,325 m2 and 180 commercial premises.
- Jardín Plaza Cúcuta opened to the public in 2019 and with this acquisition becomes the top commercial asset of Pei’s portfolio in Norte de Santander.
Bogotá D.C., April 2020. Pei, the country’s leading real estate investment vehicle, managed by Pei Asset Management, completed Jardín Plaza Cúcuta Shopping Center’s incorporation to its commercial assets portfolio. Jardín Plaza Cúcuta is the second under the Jardín Plaza brand, where PEI has investments.
With this acquisition, Pei and its business partners seek to replicate in Cúcuta their successful business and management model, which has been in place in the city of Cali for over 20 years.
The property, which commenced operations in 2019 and is located in the capital of Norte de Santander, has a leasable area of 31,325 m2 and 180 commercial premises. Pei acquired a 50% stake thereof, corresponding to 16,265 m2, with an investment amounting to COP $83,503 MM.
Jardín Plaza Cúcuta’s innovative commercial mix between local, domestic, and international brands, recreational areas with food courts and restaurants, and a particular open-air architectural design with integrated vegetation to its halls, make it a very appealing shopping center.
Jairo Alberto Corrales, Pei Asset Management’s President remarked that, “Jardín Plaza Cúcuta’s acquisition allows us to increase Pei’s assets portfolio geographical diversification in Colombia, while bringing to other cities, at the same time, the positive impact that these real estate spaces generate for their communities’ dynamics and well-being”.
With this purchase, Pei’s consolidation further progresses, with an assets portfolio consisting of 146 Corporate, Commercial, Logistics, Industrial, Specialized, and Accommodation properties in 30 cities in Colombia –representing over 1 million m2 of leasable area and valued in excess of COP 6.5 billion–. This confirms the vehicle’s commitment to contribute to the country’s economic development in the different sectors.