New store would occupy the space left by Ripley Max, said Gonzalo Sarmiento, General Manager of Grupo Centenario. The investment plan for this year is US $ 100 million and includes renovations at the Business Center.
They made strong investments last year and this 2019 start working on it. But in addition to the new projects, Centenario will finally see one of its most expected developments: Camino Real, and everything indicates that works will start in 2020.
- 0.1 How did 2018 end for Centennial?
- 0.2 Starting this year, within the office division, what projects do they have to develop?
- 0.3 Capacity for how many more towers exist in the Business Center?
- 0.4 Will it be done in all the towers?
- 0.5 Will they add more tenants?
- 0.6 Outside the Business Center, what other spaces can be developed?
- 1 Trade division
- 2 Urban Development
How did 2018 end for Centennial?
2018 was an interesting year in growth, with Adjusted Ebitda of S/ 271 million and net profit above S/ 100 million.
Starting this year, within the office division, what projects do they have to develop?
The first thing we want to develop is Real 12. It will be done on an existing building today that we plan to demolish and make a new building with premium features. Already with the land portfolio we have in the area, which totals 20,000 square meters, we will develop others depending on how we see the demand and the supply behaves.
Capacity for how many more towers exist in the Business Center?
There would still be a need to develop the Real 14 and tear down and rebuild the Real 7, similar to The Real 12, as part of a plan to modernize and optimize spaces in the Business Center.
Will it be done in all the towers?
Yeah, our plan involves remodeling the three towers over the Old Royal Road center. This year we started with lobbies and hall, and we’re working on changing the facades of the three buildings.
Will they add more tenants?
We want to improve the consumer’s experience with more places to rest and eat. There are already two restaurants and they will continue to generate tickets of all value. We have room for about three or four more, and last week a salad and bowl restaurant was opened in Real 11.
Outside the Business Center, what other spaces can be developed?
Last year we acquired the participation that Parque Arauco had in the former Colegio Maristas and we will develop a first level business center. We are already in the architectural project and this year we must finish the design and, according to market conditions, we will see the product launch.
And within the commercial division, what progress is there on the real road?
We’re moving forward with the permits. The bureaucratic obstacle in the municipality of Lima, which was the road impact study, was approved and now we are in minor procedures in the municipality of San Isidro. We estimate that by the end of this year you can already have news about the mall remodeling. The work can begin in January 2020.
Has there been any change?
We have very advanced design with the architectural firm of Bernardo Fort Brescia; as for operators we already have letters of intent from several and there is a lot of pressure in demand to enter the mall. It’ll be a neighborhood center focused on the sanisidrine.
How Minka will come more upgrades?
Last year we ended with extensions in Minka and the mall was relaunched being the main outlet and modern market in Lima. Now we’re negotiating with one of the fast fashion to operate in the space left this month by Ripley Max. This year we want to generate more flow of visitors.
Is fast fashion one of the brands on the market?
Yes, in 45 days we must have the mark that will enter. What we’re going to do is adapt it to space, and what’s left will be used by wholesalers. Today there’s Corporación Vega and Mayorsa, which we’re relocating to.
With MacroPolis how have you seen the breakthrough this year?
In the Urban Development Division there was a good start of the year and there are sales prospects to be closed in the first and second stages. The distribution center of Saga Falabella is already under construction and will start Molitalia works.
Do you see new developments?
We’re looking for land for new developments. We will be very active in the south of Lima, which is the development pole, and there are already signed purchase options. We estimate to invest about US $ 20 million to us $ 30 million in land purchase, on the Lurín or Asia side for residential projects, in a combination of first and second housing.