Who Owns Amarilo, and What Colombia's Registries Show About Its Delivery Record

Amarilo is Colombia's largest homebuilder by revenue, and 30 percent of it belongs to a Canadian public pension fund. That is the fact most buyers looking at one of its projects never learn, because it does not appear in a sales office. It appears in the company's commercial registry certificate and in its own group sustainability report.

The registry record is the place to start. Amarilo trades as AMARILO S.A.S., carrying NIT 800.185.295-1 and mercantile registration number 00530226 at the Cámara de Comercio de Bogotá, first registered on 25 January 1993. It did not begin under that name. The company was incorporated by Escritura Pública No. 31 of Notaría 16 in Santafé de Bogotá, dated 12 January 1993, as Inmobiliaria Mazuera Limitada, and converted to a simplified joint stock company by Escritura Pública No. 3011 of 1 June 2012 at Notaría 32 in Bogotá. Its registered domicile is Calle 90 No. 11A-27 in Bogotá, with authorised capital of 20 billion pesos and subscribed and paid capital of 12 billion.

One detail will trip up anyone reconciling documents. The company's own history page dates its founding to 1992, while the registry certificate dates the incorporating deed to 12 January 1993. Both statements are published. They do not agree.

Who stands behind the company

Amarilo's 2024 group sustainability report states the ownership split directly: Narrow Bridge USA LLC, a Florida entity, holds 70 percent of Amarilo S.A.S., and PSPIB DevCol Inc holds 30 percent. The same report describes Amarilo S.A.S., Amarilo Inversiones S.A.S. and Yellowstone Capital Partners S.A.S. as companies subordinated to Narrow Bridge USA LLC.

The PSPIB name resolves to PSP Investments, one of Canada's largest pension investment managers. Two of its corporate vehicles, PSPIB-STAR INC. and PSPIB MICHIGAN G.P. INC., sit on the board of directors as principal members, alongside Roberto Moreno Mejía, Carlos Pizano Mallarino and Jaime Bermúdez Merizalde. Moreno Mejía is also the company's president and first legal representative. Semana reported in August 2017 that the Canadian pension fund had joined the shareholder group the previous year with 30 percent of capital, and that the two sides had invested 220 million dollars jointly between 2009 and 2016. The company's own timeline instead dates a strategic alliance with the fund to 2008. The equity stake and the alliance may be separate events, but no source reviewed reconciles the two dates.

Alongside the housebuilding company sits Yellowstone Capital Partners, a real estate fund manager in which Amarilo Inversiones holds 60 percent. The group report puts Yellowstone's assets under management above 1.4 billion dollars and describes the final close of its fourth fund at 500 million dollars of what it calls entirely institutional capital.

The delivery record, and what is missing from it

Amarilo was the highest-earning housebuilder in Colombia on 2025 figures drawn from Superintendencia de Sociedades filings, reporting 2.39 trillion pesos of revenue and the only firm in its sector to pass two trillion. It held the same position on 2024 data with 2.18 trillion pesos. For 2024 the group reported 6,965 units sold and 10,180 units taken to deed, of which 8,150 were social interest housing.

Its best known project is Ciudad Verde in Soacha, a macroproject covering about 328 hectares. Cementos Argos, which supplied concrete, describes it as some 51,000 housing solutions built by eleven construction firms with Amarilo managing the development, begun in 2009 against a planned 2020 completion and 95 percent complete as of that page. The company's own account puts it at more than 50,000 homes and dates the start to 2007 under the national macroproject programme. El Tiempo reported in October 2018 that the development had passed 55,000 units in total, with the company itself running 37 projects inside it.

Here the record thins in a way buyers should understand. Aggregate scale is well documented. Handover performance is not. No source located publishes promised completion dates against actual delivery dates for any individual phase, and none gives a verified count of units handed over at Ciudad Verde as distinct from units sold or registered. The company describes having accompanied close to 160,000 families, while the group report says more than 150,000. Those are relationship counts, not delivery audits.

Two attributions are also worth correcting, because they circulate. At Serena del Mar in Cartagena, Amarilo is one of roughly twelve construction firms building within the scheme. The master developer is Novus Civitas, associated with the Haime family.

The clearest picture of how the group finances large work comes from Quora, an urban regeneration project in Bogotá's Zona Rosa. It is held 50-50 through Cimento Inmuebles Comerciales by Amarilo Inversiones and the Guatemalan group Spectrum, at a reported total investment of 2.2 trillion pesos, with Yellowstone and Spectrum committing 200 million dollars of equity. In July 2026 the project closed a 1.4 trillion peso syndicated loan structured by Bancolombia with BBVA Colombia, Banco de Bogotá, Banco de Occidente and Banco Davivienda, described by counsel on the deal as the first financing of its kind in Colombia to combine project finance and construction loan structures. Completion is targeted for the end of 2028.

The regulatory file

Two matters are on the record with the Superintendencia de Industria y Comercio, and they are different in kind.

The first is closed. By Resolución 69304 of 29 October 2020, the SIC confirmed in full its earlier Resolución 42189 of 28 July 2020, fining Amarilo S.A.S. 43,890,150 pesos, equal to 1,232.627 tax units, for breaching Colombia's data protection statute, Ley 1581 de 2012, over the handling of data processing authorisations.

The second is open. On 6 July 2026 the SIC ordered the company to respond to what it described as alleged structural failures at Conjunto Residencial Alborada Hacienda Rosa Blanca PH in Villavicencio, Meta. The order, reported by El Tiempo, Semana and La FM, requires a full technical and pathological evaluation of the complex, a repair plan with timelines, immediate preventive safety, signage and isolation measures, and disclosure of stability insurance policies and of the company's responses to residents' complaints filed since 2024. The regulator framed its concern as the safety of homes already handed to owners. This is an instruction to investigate and remediate alleged faults. It is not a finding of liability, and no fine has been reported in connection with it. Amarilo is not quoted in any of the three reports.

Separately, SIC dockets record a continuing stream of individual consumer protection claims against Amarilo S.A.S., frequently naming Fiduciaria Bogotá S.A. as co-defendant, with procedural entries through 2023, 2025 and January 2026. The published dockets show process only. Outcomes are not recorded in them, so nothing should be read into the filings either way.

A fourth matter is a dispute about land use rather than construction. In May 2024 the Juzgado 67 Administrativo de Bogotá admitted an acción popular brought by the aircraft owners and pilots association AOPA against the builder over the Hacienda El Bosque development near Guaymaral airport, arguing that buyers were not told of an unfavourable noise assessment by Aeronáutica Civil. The company responded that noise mitigation falls to the developer and that its own acoustic modelling attributed dominant noise to nearby roads rather than the airport. Bogotá's planning secretariat has stated the project meets all requirements. No final ruling was located.

One further item belongs in the file because it points the other way. In December 2025 the Juzgado 35 Administrativo del Circuito de Bogotá ordered President Gustavo Petro to retract public statements linking Luis Alberto and Roberto Moreno Mejía to land flipping and money laundering, requiring him to state that he had no certainty and no knowledge that they were authors of or participants in those offences.

What a buyer can actually check

Three things are verifiable in an afternoon and worth more than any brochure. The Cámara de Comercio certificate gives the current board, legal representatives and capital. Superintendencia de Sociedades filings give revenue and profit. SIC records give the consumer and data protection file. Colombia's verification trail is unusually good, and a practical walkthrough is in our guide to verifying a Colombian developer through the Cámara de Comercio and DIAN, with wider context in buying property in Colombia as a foreigner and our review of the country's larger developers. Bektu tracks registry identity and delivery history for developers across these markets at bektu.com, and Amarilo's own record sits at its company page.

What none of those sources will tell you is when a specific tower handed over against the date in the contract. That question has to be asked of the residents already living there.