Wednesday 01 October
2008, San José, Costa
Rica
PriceSmart Announces
Property Acquisition in
Costa Rica
SAN DIEGO, CA -
PriceSmart,
Inc.announced that it
has recently entered
into agreements to
acquire properties Costa
Rica for the
construction of new
PriceSmart Warehouse
Club and the development
of adjoining Commercial
Centre.
PriceSmart says it
acquired 21,576 square
meters of real estate in
Alajuela (near San
José), upon which the
company plans to
construct and operate a
new PriceSmart Warehouse
Club, which will be its
fifth in Costa Rica.
It is currently
anticipated that the new
PriceSmart Warehouse
Club will open in the
spring of 2009.
PriceSmart also said it
concurrently entered
into an agreement with
an entity controlled by
local Costa Rican
businessmen to jointly
own and operate a
Commercial Centre
adjacent to this new
PriceSmart Warehouse
Club.
The partnership will be
on each owning a 50%
interest in the
Commercial Centre.
PriceSmart,
headquartered in San
Diego, owns and operates
U.S.-style membership
shopping warehouse clubs
in Central America and
the Caribbean, selling
high quality merchandise
at low prices to
PriceSmart members.
PriceSmart now operates
25 warehouse clubs in 11
countries and one U.S.
territory (four each in
Panama and Costa Rica;
three each in Guatemala
and Trinidad, two each
in Dominican Republic,
El Salvador and
Honduras; and one each
in Aruba, Barbados,
Jamaica, Nicaragua and
the United States Virgin
Islands). |
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