Parque Arauco S.A. announced the initiation of the first phase of the reconfiguration and expansion project for its main asset in Peru, Megaplaza Independencia, requiring a USD 33 million investment. The initial phase of the project entails the establishment of the largest gastronomic district in Lima's northern region and the construction of a large central plaza which will contribute positively to the community. The project also involves the creation of a new area for telecommunications service providers and improvements to internal foot traffic.

This first phase requires an investment of PEN 123 million (approximately USD 33 million) and should contribute an EBITDA of PEN 11.5 million (approximately USD 3 million) by the third year. Project execution is set to start during the second half of 2023, with a gradual opening until completion during the second half of 2026. Subsequent phases, which will involve additional retail space alongside residential rental expansion (multifamily), will be communicated at a later stage, once the project has progressed further in securing the necessary construction permits.