BOGOTA, April 6 (Reuters) - Chilean retail chain Falabella and real estate investors Visum Capital said on Wednesday they will invest 500 billion pesos ($134.3 million) to build Colombia's largest distribution center.

Construction on the 85,000-square-meter (914,932-square-foot) center, located near capital Bogota, will begin in May. It will start operations in the beginning of 2024, Falabella and Visum said in a joint statement.

"We expect to process 350,000 articles per day and in this way take the retail sector to the next level," said Rodrigo Fajardo, president of Falabella Retail Colombia.

Falabella said in January it would invest $711 million this year to strengthen its sales platform in Colombia and Peru and improve its payment processing and digital banking services.

"We are pleased to have Falabella as a strategic ally, the development of this landmark for the market encouraged us to keep working on the consolidation of our specialized industrial and logistical real estate investment portfolio," Felipe Encinales, president of Visum, told Reuters.

Visum is owned by BTG Pactual and investment bank Inverlink.

Falabella also has operations in Argentina, Brazil, Chile, Mexico, Peru and Uruguay.

($1 = 3,723.79 Colombian pesos) (Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb; Editing by Sandra Maler)