The Improsa Investment and Fund Management Company is happy to announce the recommencement of construction of the third and final stage of the Multipark project, which belongs to the Improsa Real Estate Development Fund of Costa Rica. The project is part of the first real estate development fund of its kind in Costa Rica, and it consists of a corporate park and office center located in Guachipelín, Escazu.

The fund has total assets in the amount of $24.22 million, and to date there are 295 participants.

Jaime Ubilla, general manager of the Improsa fund, commented on the progress made:

“We decided to make way for an innovative option in the region by providing a new opportunity for investors through the development of the Multipark project, which combines offices with commercial spaces. The final stage, which we are working on now, will have a leasable area of ​​7877.30 square meters plus parking spaces.”

There are seven real estate development funds in Costa Rica, in which 437 investors are participating, according to the latest figures reported by the Superintendent of Securities. That accounts for $198 million in total assets. The Multipark project, like others in the Costa Rican commercial real estate industry, was forced to face the consequences of the global financial crisis. In response to the sharp economic downturn, Improsa developed a process of financial structuring, through which it has received loans in the amount of $20 million, thereby enabling construction of the final stage of the project.

With regard to the financing the company was able to get, Mr. Ubilla added:

“The financing we received sends a clear signal of the benefits that the Multipark project will extend; there are few projects that can achieve such funding in the national banking system of Costa Rica. We are also breaking ground with a process of high-level financial structuring that is focused on achieving the best results for investors.”

The project features four buildings named after geographical features of Costa Rica: Térraba, Tapantí, Turrubarres, and Tempisque. The commercial area will offer retail convenience stores, including a supermarket.

The Improsa Investment and Fund Management Company is part of the Improsa financial family. The Improsa group of companies began operations in 1986, and by 1997 was listed in the Costa Rica Stock Exchange. The Improsa Bank debuted the first Internet banking system in Costa Rica in 1999. In the 21^st century, Improsa has engaged in a series of innovative financial transactions in order to fulfill its vision: To be a competitive, profitable, sound and integrated financial group with the greatest variety of products and services available to clients and investors in the Central American region.