LIMA, Peru--(BUSINESS WIRE)--Graña y Montero S.A.A. (NYSE:GRAM) (BVL:GRAMONC1) (“the Company,” “the Group” or “Graña y Montero”), a leading Engineering and Construction company, announced that after communicating the sale of assets for US$300 million with the objective of increasing liquidity to meet the financial liabilities resulting from its participation in Gasoducto Sur Peruano; it has now completed its first sale of assets for US$50 million.
The asset sale is a 50% stake that the company had, through its subsidiary Viva GyM, in the Cuartel San Martín project. The buyer is Urbi Propiedades, who is its partner with the remaining 50% in the project, and who will disburse the amount of the sale no later than April 3, 2017.
It is worth mentioning that Cuartel San Martín is an ambitious real estate project that will be developed in a land of more than 68,000 m2, located in San Isidro, and will have four residential towers, a five star hotel and a shopping center, among others.
About Graña y Montero S.A.A.
Founded in 1933, Graña y Montero is the only Peruvian engineering and construction company listed on the Lima Stock Exchange since 1997 and in the NYSE since 2013. The Company has participated in the development of major engineering and construction projects in Peru, including large-scale, complex projects in the energy, mining, construction and real estate sectors.
It currently has subsidiaries in Chile and Colombia, and has been executing major projects in Panama, Bolivia, Jamaica and Ecuador. By the end of 2015, the Group’s international revenues amounted to approximately US$600 million.
With 83 years of operations, the Company has leveraged its engineering and construction expertise into complementary lines of business, such as the development, ownership, operation and maintenance of infrastructure assets, real estate developments, and the provision of technical services. The Company has significant investments in infrastructure concessions, such as three toll roads and Line 1 of the Lima Metro.