IPS holds 327 land lots in San Bernardino with minimal leasing

The Instituto de Previsión Social (IPS) holds a significant real estate portfolio in Cantegrill, San Bernardino, that remains largely unexploited. Of the 327 lots owned by the institution in the area, only six currently have active lease agreements.

The property spans approximately 46 hectares and has a recorded book value of approximately G. 109 billion (roughly USD 18.2 million), representing about 5% of the institute’s total managed rental property portfolio. These assets were acquired through debt settlements (dación de pago) from Banco Corporación SA in 2000 and Inmobiliaria Colmenares in 2006.

According to IPS Investment Director Hugo González, the institution has 483 properties available for lease, with 322 located in Cantegrill. The six active contracts generate a combined monthly revenue of G. 25,493,446. However, several contracts face issues, including unpaid debts and requests for termination due to a lack of improvements on the leased land.