Parque Arauco announces development of a new shopping center in Peru

Parque Arauco S.A. (PARAUCO.SN) has announced the development of a new shopping center in Lima, Peru, called Parque La Molina, through which it will continue to strengthen its regional growth strategy in the retail real estate rental segment. This new project joins the significant expansion of Parque Arauco Kennedy, currently under development in Santiago, Chile.

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Render of Parque La Molina located in Lima, Peru. (Photo: Business Wire)

Parque La Molina will be Parque Arauco's second lifestyle-type shopping center in the city of Lima, along with Larcomar, and will be located in the district of the same name, situated in the exclusive sector of Av. La Universidad at the corner of Calle 1.

The project incorporates an open architectural design that will bring together an attractive mix of major brands distributed over approximately 16,000 m² of leasable space, which includes a Falabella department store of approximately 2,300 m² of leasable space, intermediate shops, and smaller stores. The shopping center will focus particularly on offering a wide variety of gastronomy and entertainment options, as well as a cinema and a gym.

The total investment in the project corresponds to PEN 224 million (approximately USD 60 million). Construction is scheduled to begin in the third quarter of 2023, with opening expected in the fourth quarter of 2024.

The design of Parque La Molina included the measurement of the carbon footprint of its construction, which allows the integration of decarbonization measures from early stages. This will optimize its future impact on our climate change agenda and science-based goals. The shopping center will have a design and construction that significantly reduces its environmental impact, as it will include a bioclimatic system in common areas, green areas, energy efficiency, and recycling points, ensuring compliance with high environmental standards.

Alejandro Camino, General Manager of Parque Arauco Division Peru, commented that "Parque La Molina will be like a Larcomar in the district of La Molina. This new shopping center will stand out from other sector offerings due to the exclusivity of its stores and its modern design, which features an open central plaza and first-rate landscaping. We are confident that this new asset will contribute to improving the lives of people in the district of La Molina, and we are proud to continue to contribute to Peru's development."

This retail real estate project is the second announced by the company this year in Peru, following the multifamily project announced on La Mar Street, in Miraflores, with 141 residential units, reinforcing its strategic focus on growth in the country.

About Parque Arauco

Currently, Parque Arauco has a total ABL of 1,124,500 m² in Chile, Peru, and Colombia. The company opened its first shopping center in Chile in 1982, entered Peru in 2005, and Colombia in 2008. For more details, visit the company's website: www.parauco.com.

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