Chilean development company to open new locations in Colombia, Peru

Chile's Parque Arauco S.A. recently announced it will begin developing its first outlet mall in Colombia and its seventh neighborhood shopping center in Peru.

Parque Arauco began development on Arauco Premium Outlet Bogota, which will be located in Sopó, just outside of Bogota. The project will require a total investment of COP 74 billion. Parque Arauco will own 100 percent of the premium outlet mall, which will begin operating during the second half of 2016. This will be the company's seventh outlet mall.

MegaPlaza Express Jaén will be developed in Jaen, a city in northeastern Peru. The neighborhood shopping center will be the city´s first formal retail option and will be developed jointly by Parque Arauco and Grupo Weise, with each company owning 50 percent of the asset. The shopping center, which will require a $14 million dollar (USD) investment, will be inaugurated during the second half of 2016.

The company has also added the second strip center to its portfolio in Peru and begun construction on the third, both located in Lima.

The second strip center in Peru, Viamix Las Malvinas, was added to the portfolio during the second quarter. The third strip center in Peru, Viamix Colonial, will require an investment of $7 million (USD) and be inaugurated during the second half of 2016.