18 May 2024

Building a better Peru

| The European |

The Peruvian real estate sector has experienced challenging conditions in recent times due to the economic slowdown in South America. However, one of the leading real estate companies in Peru, Inversiones Centenario, has managed to maintain growth through a successful diversification and investment strategy across four different business units: urban land development, office buildings, shopping centres, and industrial land development.

Centenario has a long history of successful investments. The group was established in 1929 under the name LISA, and was initially focused on construction and urban development until 1986. That year, the company changed its name to Inversiones Centenario, and began investing in new projects with the vision of becoming the most important real estate group in Peru.

In 1995, after one of the most difficult economic periods in Peru’s history, Centenario began the development of the first business complex in the country’s history – the Centro Empresarial Real in San Isidro. From that moment on, Centenario adopted the strategy of building a portfolio of rental office space along with the land development of Lima’s surroundings.

In 2005, the company embarked on its first project outside of Lima, with the development of a new urbanisation in Chiclayo. Following this move, by 2013, Centenario’s projects could be found in Lima, Ica, Piura, Trujillo, Huancayo and Chiclayo. Additionally, during that same year, Centenario acquired Multimercados Zonales, owner of the well-known Minka emporium in Callao and Plaza del Sol and Plaza de la Luna shopping centres, in the cities of Piura, Ica and Huacho. The company’s investment portfolio took another step in combining sales income with rental income.

To contribute to the development of Lima, Centenario has added MacrOpolis Industrial Cityto its portfolio. This new three-stage development enables coordinated urban development and facilitates industrial operations at a site of 2,421 acres. This is a significant investment for Lima. It’s believed that this will become the most important industrial site in Peru.

Centenario’s diversification strategy has allowed it to maintain steady growth in Peru and to adapt to new market trends. Today, the group continues to invest in a strategically diversified portfolio: the development of its new Hotels Division, under the Holiday Inn Express brand, will begin in 2018 and will allow Centenario to continue expanding its commercial mix in Peru.

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