The opening of the new Rey Centennial Supermarket marks the beginning of the expansion plans for 2011.
The group has planned to open four supermarkets in Chitre, Versailles, 24 de Diciembre and La Chorrera and a new logistics center in Coquito, which will concentrate the operations of Agroindustrial Rey, one of the group´s companies.
The Panamanian supermarket chain issued two series of mortgage-backed bonds, for $10.4 million.
The objective was to obtain financing for expanding their operations, at a lower cost than bank loans. The market bought all of the first two series of bonds, demanding 5% for three year and 6% to for seven year debt.
Group 4M, the developer of the 60-space Chitré Lake Village Center, expects that the first phase will be ready in April of 2010.
Chains such as Grupo Rey, Arrocha pharmacies, McDonald's, Kentucky Fried Chicken, and the bank Banesco will be located in the shopping center. The project anticipates approximately 25,000 people per day in traffic.
In an article in Prensa.com, "Grupo 4M is also building a 240-unit housing project. 'We chose Chitré because Panama is already saturated and there is increasing development, investment, and affluence in the region of Herrera and Los Santos,' said Vice-president Abdiel Suira."
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Panamá Pacífico with thousands of interested visitors to its stand in Expocomer 2010, not only offered the Key Note speech of thursday, but launched the residential phase of this great development on the banks of the Panama Canal