Parque Arauco-subsidiary Inversiones Colombianas Arauco (Inveca) has signed a term sheet with the real estate developer and contractor IC Constructora (IC) to build a residential property in Colombia.

The multi-family development, named Proyecto Calle 72, will be located in the Colombian capital of Bogota.

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As agreed, Parque Arauco will 80% stake in the property through Inveca. The remaining 20% will be with IC.

The term sheet includes an option that will allow Inveca will buy the remaining 20% stake, subject to certain conditions.

Overall, the project will involve an investment of around $11m at the asset level.

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Parque Arauco International general manager Eduardo Pérez Marchant said: “This agreement marks the beginning of our investments in stand-alone properties of an asset class distinct from shopping malls.

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“We believe that multi-family properties will grow strongly in Colombia over the next few years. We are convinced that investing in this type of real estate will contribute to reinforcing our strategic growth and profitability pillars.

“On the other hand, obtaining expertise in multi-family will allow us to continue developing successful shopping centres in central areas of important cities in the region, densifying and increasing the profitability of these commercial projects.”

Proyecto Calle 72 will have a gross leasable area of around 6,500m2 in residential space. It will also feature 1,500m2 of commercial space.

The seven-floor building will comprise a total of 132 apartments, 111 parking spaces and other amenities such as a gym, co-working area, BBQ area, washing machine room, game room and a rooftop panoramic terrace.

Over the following months, IC and INVECA will proceed with a due diligence process of the project.

Construction works are expected to begin next year and complete in 2024.

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The project will comprise a total of 132 apartments. Credit: HANSUAN FABREGAS from Pixabay.