On June 24th, Multiplan announced the signing of a land swap agreement with BNI Empreendimentos e Participações S.A. and its affiliate, for a 111 thousand m² land plot, which should be used for the development of a new shopping center, in Parque Global, a mixed use real estate project located in Av. Marginal do Rio Pinheiros, in the south area of São Paulo.
The company plans to develop a new shopping center, with a construction potential of approximately 80 thousand m² of Gross Leasable Area (GLA), including future expansions. The agreement also considers the potential development of office and residential towers integrated to the shopping center, subject to future permits by the local authorities.
The Parque Global complex also includes five residential towers, all approved, of which three have already been launched, in addition to the future development of yet another mixed use project, as presented in the Masterplan disclosed during the launching of Parque Global. An additional enhancement is the future subway (Monorail) line in São Paulo, under construction, with a station connecting Parque Global to other neighborhoods in the city.
Multiplan owns and manages seven shopping centers in the state of São Paulo, of which three are in the city of São Paulo. With the new project, the Company will enhance its presence in the most important economic center in the country.
