SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) (“Parque Arauco”) announces the acquisition of the 100% equity interest in the Chilean company Bulevar Rentas Inmobiliarias S.A., which developed and currently operates Mall Costa Pacifico in the Greater Concepción Area. The enterprise value for the transaction was UF 1,520,000, equivalent to approximately US$60 million.
Mall Costa Pacifico, with a GLA of 30,000 m2, is located in the district of Coronel, in the Greater Concepción area, the second largest urban area in Chile. The mall currently has a home improvement store (Homecenter), a Walmart supermarket (aCuenta), a department store (La Polar), a movie theatre (Cinemark) and more than 60 minor stores.
“We are very excited about entering to the Greater Concepción area with our first regional mall. Coronel has had an important infrastructure and real estate development in the last years, and we expect to contribute to the local community with our retail and entertainment offering and the related job creation,” said Andrés Torrealba, CEO of the Chile Division of Parque Arauco.
Parque Arauco now has 967,000 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 now include seven regional shopping centers, four premium outlet malls and thirteen strip centers in Chile; six regional shopping centers, eight neighborhood centers, two premium outlet malls and two strip centers in Peru; and three 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.