Parque Arauco adds three projects to Peru portfolio

Parque Arauco S.A. is developing its seventh Peruvian neighborhood shopping center and adding a second and third strip center to its Peru portfolio.

MegaPlaza Express Jaén will be developed in the city of Jaen in the northeast of 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 half of the venture.

The shopping center will offer 14,500 m2 of gross leasable area (GLA), require a $14 million investment and is scheduled to open during the second half of 2016.

Parque Arauco has also incorporated Viamix Las Malvinas, its second strip center, in Lima, adding the 2,000-m2 strip center to its portfolio during the second quarter of 2015.

Finally, the company has begun development for Viamix Colonial, which is slated to be its third Peruvian strip center. The site, also in Lima, will include nearly 3,000 m2 of GLA, require an investment of $ 7 million and be inaugurated during the second half of 2016.

Parque Arauco, headquartered in Santiago, is Chile’s third-largest shopping mall company, managing a total of 24 malls across Chile, Peru and Colombia.