Metrocentro, S.A. de C.V.

completed

The proposed IFC investment is a corporate loan to Metrocentro S.A. de C.V. (Metrocentro or the company), a company which owns and operates nine shopping malls in El Salvador, with a total gross leasable area (GLA) of 137,367 m2, including the largest mall in the country, Metrocentro San Salvador. As part of its continuous expansion strategy, Metrocentro has started implementing a $55 million Multiplaza Panamericana project, to address the increasing demand for quality shopping complexes in El Salvador. The proposed new shopping mall will have a total GLA of approximately 41,000 m2; it will host two anchor tenants/department stores, movie theaters, a supermarket, restaurants, financial center and a food court. The mall is planned to become fully operational in December 2004. It will be part of a large diversified complex, including apartments, offices, and hotel, which will be developed at a later stage. As a result, the proposed project is expected to stimulate further development of the selected location, ultimately benefiting the local community.