SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) announces that it has reached an agreement to acquire from Grupo Bancolombia (“Bancolombia”) the remaining 45% equity interest in Inversiones Inmobiliarias Arauco Alameda S.A.S (“IARA”) for a purchase price of COP 222,489 million (approximately US$ 75 million). Parque Arauco S.A. currently owns 55% of IARA through its fully owned subsidiary Parque Arauco Internacional S.A. (PAISA). PAISA will acquire a 22.5% equity interest in IARA, from Banca de Inversión Bancolombia S.A., and a 22.5% equity interest in IARA, from Fondo de Capital Privado Fondo Inmobiliario Colombia. The stock purchase agreement will be celebrated in the next 30 days.
With this agreement, Parque Arauco S.A. acquires an additional 24.75% of Parque Arboleda, a regional shopping center in the city of Pereira, an additional 45% of Parque Caracolí, a regional shopping center in the city of Bucaramanga, an additional 45% of Parque La Colina, a regional shopping center in the city of Bogotá which is expected to inaugurate during the first half of 2017, and an additional 45% of a 46,000 m2 land plot in the city of Valledupar. This agreement will allow Parque Arauco S.A. to control 55% of Parque Arboleda, 100% of Parque Caracolí, 100% of Parque La Colina, and 100% of Valledupar land plot, and further consolidate its interest in Colombia.
Parque Arauco S.A. would like to express its sincere gratitude to Banca de Inversión Bancolombia S.A. and Fondo de Capital Privado Fondo Inmobiliario Colombia for being our partners for all these years and joining us in developing the shopping center sector in Colombia.
Parque Arauco has 814,000 m2 of total GLA in Chile, Peru, and Colombia. The company inaugurated its first shopping center in Chile in 1982, entered Peru in 2006 and Colombia in 2008. The company’s assets include six regional shopping centers, three premium outlet malls and eleven strip centers in Chile; six regional shopping centers, six neighborhood centers, one premium outlet mall and one strip center in Peru; and two regional shopping centers in Colombia as well as a large land bank to support the company’s future growth plans. For more details, visit the company’s website: www.parauco.com.