Bogotá, June 2024. Pei, a leading real estate investment company, will begin the redevelopment of its corporate office building located on Carrera 11 with Calle 90 in Bogotá. This project will mark a significant milestone as the first redevelopment of the company’s real estate portfolio in one of the city’s most prominent areas.
The redevelopment aims to carry out an intervention to make the most of the property’s real estate potential, increasing the leasable area by nearly 27%, adding a ground-floor retail level, and incorporating a sustainability certification process for the asset. The initiative involves demolishing the current buildings — one of 7 floors and another of 3 floors — to make way for new construction offering better specifications, meeting the growing demand for high-end corporate offices.
«This project, part of Pei’s strategy to optimize its real estate portfolio, will increase revenue through increased leasable area and higher rental income, capitalizing on an asset located in one of the best areas of Bogotá,» said María Alejandra Cardozo, Investment and New Business Manager at Pei Asset Management.
During the construction phase of the new building, the current tenant, Seguros del Estado (a subsidiary of Mutua Madrileña), will be temporarily relocated to another property owned by Pei, which will be adapted to their needs with the m4 service, a comprehensive real estate offering that will include not only suitable physical space but also furniture and custom designs.
This asset began its lifecycle more than 40 years ago and was incorporated into Pei’s portfolio in 2007 through a sale and leaseback transaction. The transformation of the asset at 11 on 90 street in Bogotá highlights Pei’s interest in enhancing the profitability of its portfolio assets, while also contributing to the urban development of the city and the evolution of the Colombian real estate market.
About Pei (PEI CB Equity)
Pei is a structured and managed real estate investment alternative offered by Pei Asset Management, with over 6,500 investors. It has consolidated a portfolio of high-quality income-generating assets covering more than 1.14 million square meters of leasable area, with a diversified base of over 1,350 tenants and presence in more than 30 cities and municipalities across the country. The portfolio is valued at over 9.4 trillion pesos and includes four asset categories: corporate, commercial, logistics, and specialized use properties.