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Uruguay Mall King Eyes $60 Million Low-Income Retail Push

  • Lecueder riding success in office towers, middle-class malls
  • Summer town of Punta del Este could become business center
Updated on

Uruguay’s biggest commercial real estate developer wants to take its success in malls geared for the middle class to low-income neighborhoods in the capital, Montevideo.

Estudio Luis E Lecueder is studying building two shopping centers in northern Montevideo, senior partner Carlos Lecueder, 66, said in an interview. The firm will probably start work on those projects when its Plaza Italia mall nears completion in 2020, he said. Each $30 million shopping center would be financed through equity from private investors, bank loans and the money retailers pay to open stores in the shopping centers.