Parque Arauco S.A. announced during the Annual General Shareholders' Meeting its strategy of expanding iconic assets, providing details of a new phase of expansion at its main asset, Parque Arauco Kennedy, in Chile, as well as the conversion and expansion project of its asset MegaPlaza Ica in Peru. As part of the third phase (Kennedy Phase) of Parque Arauco Kennedy's Master Plan, the company takes a significant strategic step by incorporating, for the first time, a multifamily building within a shopping center. The new tower will feature 414 residential units, 1,300 sqm of amenities, and a rooftop.

The project initially involves an approximate investment of USD 60 million. It is worth noting that its first stage (Rosario Phase) was inaugurated in 2021, including the new Rosario sector, where the 25,000 sqm Falabella Flagship store is located, along with additional retail stores and new parking lots. Meanwhile, Phase 2 (Cerro Colorado Phase) is currently under development and will feature a new entrance to the shopping center, parking lots, six floors of retail space, and a 23,400 sqm office tower; all facing the new Metro station under construction in Parque Araucano.

The new retail space is expected to open in 2025, and the office tower in 2026. With this announcement, the company will have seven multifamily buildings at a regional level. Three in Chile: Calle Concon (Estacion Central), Calle Mitjans (Macul), and Av.

Kennedy (Las Condes); one in Peru with the Calle La Mar project (Lima); and three in Colombia with Calle 72, Calle 94 in Bogota, and Ciudad del Rio in Medellin. Additionally, the company announced the execution of its Master Plan for MegaPlaza Ica. This shopping center is located in the city of Ica, Peru, and is the second-largest asset in terms of leasable area (GLA) for Parque Arauco in that country and the third most important in terms of EBITDA.

The expansion of 6,500 sqm of leasable area includes the construction of a new open air plaza in a Boulevard format. This sector will create a high-quality space for public use, replacing the current parking with green areas and entertainment alternatives. It also includes underground parking, a new financial and service sector, conversion of the old banks area into new retail space, a gastronomic area, a new SmartFit gym, drop-off points for taxis and private vehicles, and improvement of pedestrian access.