Cencosud Shopping S.A. announced on March 25 that it has entered into an agreement to acquire a 51 percent stake in Plaza Central Shopping Center, located in Bogotá, Colombia. The deal is valued at COP 459 billion, which is approximately USD 124.5 million.
The acquisition is part of Cenco Malls’ strategy to strengthen its regional growth and consolidate its portfolio across Latin America. The company said the transaction will reinforce its presence in Colombia, which it considers a key market for expansion.
According to the announcement, the transaction was made with PEI (Patrimonio Estrategias Inmobiliarias), described as Colombia’s largest real estate investment vehicle. PEI will retain a strategic partnership role by holding a 49 percent stake in Plaza Central after the deal closes.
Plaza Central Shopping Center has been operating for ten years and is considered an iconic retail property due to its location and commercial strength. It serves an area with a high concentration of middle-income consumers and benefits from good road connectivity as well as direct access to public transportation.
Sebastián Bellocchio, CEO of Cenco Malls, said: “This transaction marks a milestone for Cenco Malls, as it represents the acquisition of our first iconic asset and reinforces our growth and regional consolidation strategy. Plaza Central strengthens both the quality of our portfolio and our presence in Colombia.”
The closing of this transaction remains subject to customary conditions for deals of this type, including approval from antitrust authorities.
