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Multiplan Empreendimentos breaks ground on 500M-Brazilian-real development

Multiplan Empreendimentos Imobiliários SA broke ground on its shopping center development in the Jacarepaguá region of Rio de Janeiro.

Investment in the ParkShopping Jacarepaguá is estimated to cost 500.0 million reais. The property, which will sit on about 95,000 square meters of space, is slated to open in November 2019 and will encompass a gross leasable area of roughly 41,000 square meters. It will house 232 shops, including 15 anchor stores and mega stores, a supermarket, a multi-purpose event center, an ice-skating rink, seven movie theaters, a theme park, 10 restaurants, as well as a food court. There will also be 2,100 parking spaces, of which 700 are covered.

Multiplan will own a 91.0% stake in the shopping center's revenues, while fully bearing the project's construction expenses.

As of Dec. 20, US$1 was equivalent to 3.29 Brazilian reais.