Pei consolidates 100% ownership of the Plaza Central shopping center

• With an additional investment of COP 106 billion.
• The Plaza Central shopping center has a leasable area of 75,000 m², 4 floors, and close to 3,000 parking spaces.

Bogotá D.C., February 2019. Pei, the leading real estate investment vehicle in Colombia, managed by Pei Asset Management, confirmed the full purchase of the Plaza Central shopping center.

Pei, which had already invested in the shopping center, today announces the acquisition of the remaining stake, becoming the asset’s sole owner with 100%.

Among the advantages of Pei being the sole owner are administrative control over the asset and decision-making over the retail mix, allowing for faster implementation of commercial and operating strategies for the shopping center that benefit its various audiences.

The transaction reaffirms the vehicle’s interest in making long-term investments, understanding the evolution of the real estate market and identifying opportunities with appreciation potential, as is the case with this shopping center, which brought added value to the area.

The retail complex has 75,000 m² of leasable area and offers a variety of retail options with its 340 stores, 252 brands, and 60 internationally recognized restaurants.

With this transaction, Pei aims for the shopping centers under its management to become experience-driven destinations. Plaza Central’s success stems from being a mixed-use asset offering retail, dining, entertainment, wellness, and healthcare options, which is its most important differentiator.

Central Gourmet is the shopping center’s dining promenade, which with 11,000 m² and 30 brands from Europe, Asia, the United States, Peru, Argentina, Mexico, and Colombia, is ranked number one in the city, according to the First Satisfaction Study of Shopping Center Dining Offerings by Mall & Retail.

After three years of operation, Plaza Central is a commercial landmark in western Bogotá, with a 95% satisfaction rating from the asset’s visitors and visitor growth exceeding 10% in the past year.

“It is very important for us to be part of this project as a benchmark for the shopping center sector in the country. In addition, we want visitors to have an appealing offering in terms of retail mix, sustainability, and different service centers all in one place,” said Jairo Corrales, president of Pei Asset Management.

Plaza Central currently holds LEED Silver certification (Leadership in Energy & Environmental Design), the world’s most important recognition for sustainable buildings, thanks to its environmentally friendly initiatives.

Among these initiatives, Plaza Central has 6,022 m² of vegetation that requires no irrigation, as it is watered through rainwater drip systems. It also saves 40% of drinking water through a rainwater harvesting system — initiatives that support the sustainability efforts Pei pursues as the asset’s owner.