Grupo Éxito confirms its intention of exploring the creation of a real state vehicle
Grupo Éxito operates real estate divisions in Colombia, Brazil and Argentina, making the Company one of the largest commercial real estate operators in South America. Within Colombia, the Company currently has more than 300.000 square meters of gross leasable areas in shopping centres operated throughout various key cities under the successful VIVA brand with high occupancy rates and an optimized tenant mix. The Company also has a promising pipeline of near to 200.000 square meters of gross leasable areas to develop in the next three years and currently under construction are the projects of Viva Barranquilla, Viva Wajiira, Viva Las Palmas, Viva La Ceja and Viva Envigado.
The strength gained especially in Colombia, allows Grupo Éxito to confirm its intention to explore the creation of a Real Estate vehicle to accelerate its expansion and enhance shareholder value. The Company sees this as an opportunity to extract the hidden value embedded in its commercial real estate portfolio and to strengthen its position as a dominant player in Colombia.
Following yesterday´s Casino press release, Grupo Éxito confirms that is looking for a structure in Colombia that allows the participation of investors to its real estate activities while the Company continues fully consolidating the business. The funds are meant to finance specifically the Company´s real estate activity in Colombia.
Maria Fernanda Moreno
Investor Relations Manager
Tel: (574) 339 65 60