CADIEM and CRESIA Promote a Historic Fund to Develop Link Center
- Carlos E. Gimenez
- 3 days ago
- 6 min read
The project, with a target capital of USD 105 million, creates the largest real estate fund in the country's history and will mark a turning point in the urban and financial development of Asunción.
The Paraguayan real estate market is experiencing an unprecedented period of maturity. The convergence of long-standing developers, fund managers with institutional backing, and a growing appetite for local investment has allowed for the consolidation of new financial structures that until a few years ago seemed reserved for the region's main centers. In this context, CADIEM and CRESIA, part of the Codas Vuyk group, announce the launch of Paraguay's largest real estate investment fund for the development of Link Center, a mixed-use complex that will combine world-class corporate offices, a shopping mall, and a residential and hotel tower on one of the most emblematic sites in the Aviadores area of Chaco.
With a target capital value of $105 million and over 100,000 square meters of construction, the project marks a turning point for both the capital market and the local real estate market, setting a new standard for investment, management, and urban design in the capital.
The Link Center Real Estate Investment Fund, managed by CADIEM Fund Manager, officially becomes the largest financial vehicle in the country's history. Its structure is designed to attract strategic and sophisticated profiles seeking to participate in large-scale development in a regulated, diversified, and transparent manner. With a projected internal rate of return of 13% per year in dollars, a horizon of between eight and fifteen years, and partial capital contributions until the third year, the fund offers unprecedented advantages for local investors, including semi-annual returns starting in the fifth year, exemption from the Dividend and Income Tax (IDU), and liquidity through the secondary market of the Stock Exchange.
Unlike traditional pre-sale schemes, this fund does not market individual units: investors participate through equity shares and benefit from the rents and capital gains generated by the entire complex, which will be conceived as a comprehensive rental asset. This model thus allows for unified management of the building, ensuring operational consistency, professional administration, and sustained appreciation over time.
Located on Aviadores del Chaco Avenue, in the historic "Quinta Dumot," the project is being built on one of the last large-scale lots available in the corporate heart of Asunción. Its location, between the World Trade Center, the Dazzler Hotel, and across from the Shopping del Sol, positions it within the most consolidated business cluster in the country. In this context, Link Center completes the urban landscape of the area with a mixed-use proposal that combines functionality, sustainability, and contemporary design. The complex will include a 38,000-square-meter corporate tower spread over 32 floors, each measuring between 300 and 1,500 square meters, under international sustainability standards with LEED GOLD certification, positioning itself as the most modern and efficient office building in Paraguay. This will be complemented by a residential tower with a hybrid format between housing and aparthotel, as well as a three-level shopping mall with 8,000 square meters of retail space, designed to invigorate urban life and complement the services of the immediate surroundings.
From an urban perspective, the project represents a strategic piece within the Aviadores axis, an area that has consolidated itself over the last decade as the corporate epicenter of Asunción. Located in a corridor lined with office buildings, hotels, and shopping centers, Link Center seeks to integrate and enhance this dynamic with a long-term vision, articulating work, residential, and recreational spaces in a single environment. Its development will provide architectural and functional continuity to the existing complex, generating a new centrality that reinforces the idea of a compact and walkable city. The nearly 10,000-square-meter site is developed longitudinally, facing the avenue and exiting onto side streets, taking full advantage of its connectivity and the natural slope of the land to incorporate underground parking that maintains a clear urban landscape.
The architectural design, by the internationally renowned studio Gómez Platero, interprets Asunción's contemporary identity through a composition that balances transparency, scale, and the intelligent use of light. The office tower, conceived as the central feature of the complex, rises with a glass envelope that avoids west orientation through sloping facades, reducing sun exposure and optimizing energy efficiency. Its flexible floor plans, with a height of four meters from floor to floor and three meters of clearance, allow for multiple configurations according to the needs of each tenant, with a central core that houses elevators and technical services.
On the upper levels, the design incorporates terraces and a panoramic skybar with privileged views of the city. In contrast, the residential tower adopts a lower scale and blends harmoniously into the surrounding neighborhood, with one- and two-bedroom units, first-class amenities, and a warm architectural language that combines concrete, wood, and vegetation. The semi-covered, pedestrian-only shopping mall serves as a meeting point and transition between the complex's three programs. It combines noble materials such as Corten steel, wood, and large glass surfaces, integrated with carefully designed landscaping to encourage lingering and social interaction.
The fund has been approved by the Superintendency of Securities and implements external auditing and professional management protocols, ensuring transparency and security for investors. According to CADIEM, the initiative reflects the current surge in confidence and sophistication in the Paraguayan stock market. Elías Gelay, president of CADIEM Casa de Bolsa, emphasizes that the sustained growth of the capital market has allowed instruments such as investment funds to establish themselves as effective vehicles for channeling capital toward projects with a high impact on the real economy, expanding the participation of institutional and individual investors in the country's development. The fund manager, with more than two decades of experience, 15,000 active investors, and $780 million in assets under management, thus consolidates a new milestone within its line of specialized funds.
In terms of projections, Link Center already has more than 50% of its committed capital—approximately $75 million in equity—coming entirely from local capital. This is unprecedented in the Paraguayan market and reflects a profound cultural shift: the growing interest of domestic investors in participating in large-scale real estate projects through regulated financial instruments. With the fund structure already approved and listed on the Stock Exchange, construction is expected to begin next April, with an estimated construction period of five years and a useful life of nearly a decade. The strategy contemplates developing, operating, and leasing the asset, with the possibility of selling it en bloc or partially once its profitability has stabilized, thus generating returns from both rental income and equity appreciation.
The development is led by CRESIA, a Codas Vuyk firm created in partnership with Pridelta Capital, which totals over 350,000 square meters of development in Asunción, Encarnación, and Ciudad del Este, and a legacy of over 45 years of construction experience. From the Gómez Platero architectural studio, with over twenty years of international experience and an interdisciplinary team of over two hundred professionals, the project is conceived as a new urban landmark for Paraguay. "We were inspired by the identity of Asunción and international best practices to design a project that harmonizes with its surroundings and reflects the evolution of the city," said Santiago Pérez, the studio's New Business Manager, who highlighted Link Center's commitment to establishing itself as an architectural icon that combines innovation, efficiency, and a sense of place.
For CRESIA and CADIEM, the project's true value transcends the material. "We saw an opportunity to create an ecosystem that redefines the way we work, live, and connect in Asunción," said Gonzalo Codas, commercial director of Codas Vuyk and co-founder of CRESIA, explaining the vision behind the development. Santiago Gómez Carrillo, director of the developer, emphasized that Asunción's real estate market, although dynamic in its residential offering, still lacked mixed-use projects that organically integrate corporate, residential, and commercial spaces. "Link Center was born precisely from that vision: to build an ecosystem that combines, in a single location, what already exists in the region's major capitals. We seek to raise the city's standards and consolidate Asunción as a modern and competitive corporate and urban hub in South America," he stated.
This philosophy, combined with institutional support and the most advanced financial structure in the country, makes Link Center a key element in understanding the future of Paraguayan real estate development.
