Bogotá, August 2026. Pei, Colombia’s leading real estate investment alternative, closed the first half of 2026 with solid operating and financial results and continued to advance in its real estate investment cycle. During the period, the vehicle strengthened its capital structure through the prepayment of debt using proceeds from the partial divestment of Centro Comercial Plaza Central and subsequently entered into an agreement to acquire Terranum’s real estate portfolio, a transaction that would support value creation and portfolio diversification and remains subject to approval by the Investors’ Assembly.
Investment Cycle and Strengthening of the Capital Structure
During the second quarter of 2026, Pei advanced in a significant stage of its real estate optimization strategy, delivering positive financial results. Following the receipt of COP 459.0 billion from the divestment of a 51% stake in Centro Comercial Plaza Central, the vehicle allocated COP 306.8 billion to the prepayment of financial obligations, strengthening its capital structure and reducing its leverage ratio to 26.4% of assets under management.
Against a backdrop of rising interest rates in the economy, this transaction reduced Pei’s exposure to debt indexed to the Indicador Bancario de Referencia (IBR), lowered accumulated financial expenses by COP 12.2 billion compared to the same period of the previous year, and strengthened the vehicle’s financial capacity.
As the next step in this strategy, on July 9, Pei entered into an agreement to acquire Terranum’s real estate portfolio, initiating a stage focused on value creation, strengthening portfolio diversification, and consolidating its cash-generating capacity.
As a result of the vehicle’s performance, Pei announced the distribution of COP 65.0 billion in Distributable Cash Flow (DCF) for the second quarter, equivalent to COP 1,302 per investment security, corresponding to the period from April to June 2026, with payment scheduled for August 18.
Financial Results
Cumulative operating revenues for the first half of the year reached COP 425.9 billion, representing a 5.3% increase compared to the same period of the previous year. This performance was driven by the stability of the portfolio, the indexation of lease agreements, and active management focused on maintaining high occupancy levels and income quality.
Net Operating Income (NOI) reached COP 362.1 billion, representing a 6.0% increase compared to the first half of 2025, while the NOI margin stood at 85.03%, improving by 62 basis points compared to the same period of the previous year. This performance reflects efficient operations and effective management of the vehicle’s costs and expenses. EBITDA, meanwhile, reached COP 302.1 billion, with an EBITDA margin of 70.94%.
Operating Results
During the first half of the year, Pei maintained favorable commercial activity, achieving the lease-up of 7,767 m² and a lease renewal rate of 95.8%.
Real estate indicators remained stable, with physical vacancy at 6.72% and economic vacancy at 7.25%. In the corporate segment, the leasing of space in assets such as Calle 74, Capital Towers, Calle 26, and WBP stood out, contributing to a reduction in the segment’s physical vacancy rate to 10.93%. Likewise, Capital Towers reached occupancy of approximately 96%, consolidating its position as one of the best-performing assets within the corporate category.
Capital Markets
In an environment characterized by persistent inflationary pressures and an increase in the monetary policy rate by Banco de la República, Pei’s investment security maintained a stable performance compared to the end of the previous quarter. During the first half of the year, the vehicle recorded an Average Daily Trading Volume (ADTV) of COP 1.7 billion.
The investor base reached a record 11,339 participants, representing a 27.6% increase compared to the same period of the previous year and reflecting market confidence in Pei’s management strategy and its ability to generate long-term value.
Pei’s performance during the first half of 2026 reflects a consistently executed strategy: optimizing the portfolio, strengthening its financial structure, and advancing toward a new stage of investment. This disciplined approach to capital allocation, combined with the ability to anticipate market opportunities, strengthens Pei’s positioning to continue expanding its portfolio and consolidating an increasingly diversified, efficient, and competitive real estate platform.
About Pei (PEI CB Equity)
Pei is a structured real estate investment alternative managed by Pei Asset Management for more than 19 years. As a pioneer in Colombia’s capital markets, Pei has more than 11,300 investors and has consolidated a portfolio of high-quality income-generating assets comprising more than 1.15 million m² of leasable area, with a diversified base of approximately 1,500 tenants and a presence in 32 cities and municipalities across the country. The portfolio is valued at more than COP 10.1 trillion and includes four asset categories: corporate, commercial, logistics, and specialized.