Chilean retail property developer Parque Arauco announced that it will pour $81mn into expanding its flagship Parque La Colina shopping centre in Bogotá, adding approximately 20,000 square metres of gross leasable area across two new commercial levels — floors four and five — blending retail, dining and entertainment spaces, with completion scheduled for 2030, the company said in a statement to Chile's financial regulator.
The Colombia project forms part of a broader $277mn update to the group's regional investment pipeline, lifting its total committed capital to $1.03bn, of which $415mn remains to be deployed from 2026 onwards. Six new projects were announced, spanning four in Chile — including the $106mn acquisition of Arauco Chicureo, a 40,000-square-metre centre anchored by Homecenter Sodimac and Líder supermarket opening in the second half of 2026 — one in Peru and the Bogotá expansion.
'We are advancing in the implementation of our growth strategy, in which the expansion of our main shopping centres plays a fundamental role,' said Eduardo Pérez Marchant, the company's chief executive. 'This strategy, prudently accompanied by a capital increase proposal, reaffirms our conviction in Parque Arauco's leadership potential in the region.'
The group entered Colombia in 2008 and currently operates six shopping centres and three multifamily residential developments across the country, including Parque Arboleda in Pereira, Parque Caracolí in Bucaramanga and Premium Outlet Arauco Sopó outside Bogotá. Parque La Colina, opened in the capital's north, is widely regarded as the company's most emblematic Colombian asset.
Parque Arauco now holds more than 1.3mn square metres of gross leasable area across Chile, Peru and Colombia, with ongoing projects including office and residential towers at Parque Arauco Kennedy in Santiago and a 504-unit, $34mn multifamily development at MegaPlaza Independencia in Lima, both due to open in 2029.
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