- Pei completed the purchase of 50% of the Jardín Plaza Cúcuta shopping center.
- The mall has a leasable area of 31,325 m2 and 180 retail units.
- Jardín Plaza Cúcuta, which opened to the public in 2019, becomes Pei’s first commercial asset in Norte de Santander.
Bogotá D.C., April 2020. Pei, the leading real estate investment vehicle in the country, managed by Pei Asset Management, completed the addition to its commercial asset portfolio of the Jardín Plaza Cúcuta shopping center, the second under the Jardín Plaza brand.
With this acquisition, Pei and its business partners seek to replicate the successful commercial and management model used for more than 20 years in Cali, now in the city of Cúcuta.
The property, which began operating in 2019 and is located in the capital of Norte de Santander, has a leasable area of 31,325 m2 and 180 retail units, of which Pei acquired a 50% stake, corresponding to 16,265 m2, with an investment of COP 83,503 MM.
The innovative retail mix of local, national, and international brands, along with recreational food areas and restaurants, makes Jardín Plaza Cúcuta appealing; it also features a distinctive open-air architectural design with integrated vegetation throughout its walkways.
“The acquisition of Jardín Plaza Cúcuta allows us to increase the geographic diversification of Pei’s asset portfolio within Colombia, while bringing to other cities the positive impact these real estate spaces generate for the dynamics and well-being of their communities,”, said Jairo Alberto Corrales, president of Pei Asset Management.
With this purchase, Pei continues to build a portfolio comprising 146 assets across Corporate, Commercial, Logistics and Industrial, Specialized, and Hospitality categories, in 30 cities across Colombia, representing more than 1 million m2 of leasable area, valued at more than COP 6.5 trillion, reaffirming the vehicle’s commitment to contributing to economic development in different regions of the country.