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 that owns and operates nine shopping malls in El Salvador, with a total gross leasable area (GLA) of 137,367 m2. As part of the company’s continuous expansion strategy, Metrocentro is implementing the first phase of the $55 million Multiplaza Panamericana project to address the increasing demand for 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 Phase I of a large, diversified complex, including apartments, offices, and a hotel, that will be developed subsequently. This project is expected to stimulate development and to benefit the local community.