Cenco Malls, arm of Chilean firm Cencosud, bought 51% of Plaza Central from PEI for US$124.5 million, adding 76,520 m² of gross leasable area in Colombia. The deal pushes the company's total leasable space in the country above 200,000 m². General director Sebastián Bellocchio emphasized the boost to its regional presence.
Cenco Malls confirmed the purchase of 51% of Plaza Central, a key asset in Colombia. The US$124.5 million deal with PEI adds 76,520 m² of gross leasable area (GLA), taking the local portfolio above 200,000 m². Previously, it operated Cenco Altos del Prado in Barranquilla, Cenco la 65 in Medellín, Cenco Limonar in Cali, and a majority stake in Santa Ana in Bogotá.
"This transaction marks a milestone for Cenco Malls, as it represents the acquisition of our first iconic asset and reinforces our strategy for regional growth and consolidation. Plaza Central strengthens both the quality of our portfolio and our presence in Colombia," said Sebastián Bellocchio, general director of Cenco Malls.
The move positions Cenco Malls alongside rivals like Grupo Éxito (over 800,000 m²), PEI (over 387,000 m²), and Parque Arauco (over 258,000 m²). In Latin America, it manages 68 shopping centers with 2.3 million m² and generated US$425 million in revenue. Acecolombia data shows sector sales of $45 trillion in 2023, despite macroeconomic headwinds.