May 25, 2017 / 2:46 PM / a year ago

Chile's Cencosud eyes Argentine retail, real estate project -newspaper

SANTIAGO, May 25 (Reuters) - Chilean retailer Cencosud has initiated the legal process to build a large real estate and commercial project in Argentina in what would be the company’s debut in homebuilding, a local newspaper reported on Thursday.

The project, which would also be a boost of confidence for Argentina’s slowly rebounding economy, would include a mall, six condominiums and three 14-floor towers, Chile’s Diario Financiero said, without specifying the function of the towers. It would be located on a 20-hectare plot owned by the company in the Buenos Aires neighborhood of San Isidro.

The project, which Diario Financiero said was likely to cost more than $600 million, would be one of Cencosud’s most ambitious in recent years.

In a statement to the newspaper, the retailer confirmed it submitted papers to San Isidro to begin an environmental impact study, but noted the process was in its early stages.

Cencosud has units in Argentina, Chile, Colombia and Peru. It operates supermarkets, department stores and malls, among other businesses.

Reporting by Gram Slattery; Editing by Dan Grebler

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