Reading Time: 2 minutes

SANTIAGO, Chile–(BUSINESS WIRE)–Parque Arauco S.A. (SSE: PARAUCO; Bloomberg: PARAUCO:CI) (“Parque Arauco” or “PASA”) announces that its affiliates, Parque Arauco Colombia S.A. (“PACSA”) and Inversiones Inmobiliarias Bucaramanga Arauco S.A.S (“INBUCA”), have received and accepted an offer from Fondo de Inversión Colectiva Inmobiliario INMOVAL (“INMOVAL”), affiliate of Credicorp Capital Colombia S.A., to buy fiduciary rights of Parque La Colina and Parque Caracoli, resulting in PASA maintaining 51% and INMOVAL 49% ownership in those shopping centers.

The transaction price for the 49% of the assets is COP$588,000,000,000 (approximately US$ 160 million) and there is no debt involved.

PASA will maintain control, administration and operation of the malls. The profit of this transaction is COP$ 185,000,000,000 and will be accounted for in retained earnings in the equity section of the balance sheet (according to IFRS 10).

The transaction is subject to review by the Superintendent of Industry and Commerce of Colombia.

Eduardo Pérez Marchant, CEO of Parque Arauco International, mentioned, “This transaction is part of a broader strategy in Parque Arauco by which we continue to actively manage our portfolio and recycle capital for new projects. We are excited about our partnership with Credicorp Capital, a leading financial institution in the Andean Region.”

Currently, Parque Arauco has 1,071,500 m2 of total GLA in Chile, Peru, and Colombia. The company inaugurated its first shopping center in Chile in 1982, entered Peru in 2005 and Colombia in 2008. The company’s assets include 8 regional shopping centers, 1 neighborhood center, 4 premium outlet malls and 18 strip centers in Chile; 6 regional shopping centers, 9 neighborhood centers, 2 premium outlet malls and 3 strip centers in Peru; 3 regional shopping centers and 1 premium outlet mall in Colombia, as well as a land bank to contribute to the company’s future growth plans. For more details, visit the company’s website: www.parauco.com.

Contacts

Kristin Lorenzo

Head of Investor Relations

[email protected]
(56 2) 2299 0608

Powered by WPeMatico