The Santiago-based firm, which operates four large malls and shopping centers in Colombia, issued the bond in two parts, one at 4 million CLF for 10 years at 2.34% and the remaining 1 million CLF amortizable to 7 years at a rate of 1.69%.

Photo: Parque La Colina mall in Bogotá, Colombia. (Photo credit: EEIM)

Colombia became the company’s second foreign market in 2008 following its entrance to Peru three years earlier.

It opened Parque Arboleda mall in the central coffee region city of Pereira in 2010 and launched the flagship, 62,500-square-meter Parque La Colina mall in Bogotá in 2016.

It also maintains two other retail locations in the Andean nation — Parque Caracolí in Bucaramanga and Premium Outlet Arauco in Sopo just north of the capital — as well as two office buildings and a Sonesta brand hotel in Bucaramanga.

Parque Arauco’s Colombian operations accounted for 14.2% of its revenues in the second quarter of 2018, according to the firm.

Across the three South American nations where it operates, the company has 16 malls, seven outlets, and 17 other retail centers.

The popular shopping center opened last year and is owned by the Chilean firm Parque Arauco S.A., which took sustainability into account during the planning and construction phase of the project. The company says that it spent nearly one-third of the building budget on materials containing recycled content and that it prioritized locally sourced construction materials, with 83% being “invested with local suppliers with inputs from within 800 kilometers of the project.”

To save energy, the building has incorporated LED lighting, high-efficiency motors, and “bioclimatic ventilation.” To reduce water usage, the builders installed efficient toilets and faucets. The green park areas outside also include rainwater collection systems to water native plants that are accustomed to the area’s precipitation levels.

LEED certification, which stands for Leadership in Energy and Environmental Design, is the most widely recognized global standard for green buildings. There are four levels of certification based upon the overall rating assigned by technical experts during their inspection based upon everything from energy use and air quality to water management and other aspects with environmental effects. Gold is the second-highest standard on the scale. It ranks behind only the “platinum” standard and ahead of both “certified” (the lowest level) and “silver.”

“The process is designed to inspire project teams to seek innovative solutions that support public health and our environment, while saving building owners money over a project’s life cycle,” according to the certifying authorities.

Parque La Colina is the first mall owned by Parque Arauco to receive gold certification. The company’s Arauco Quilicura mall in Chile and InOutlet Prmeium Lurín mall in Peru have both received silver certification.

In all, Parque La Colina is home to at least 199 stores, including locations of H&M, Falabella, Crate & Barrel, and Zara. Cinemark, one of the largest cinema chains in Colombia, also has a theater within the 15,000-square-meter shopping center.