SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) announces that its fully owned subsidiary, Inmuebles Comerciales del Peru S.A.C. (“ICP”) has reached a binding agreement with Inversiones Centenario S.A.A. and affiliates (“Centenario”) to sell the entirety of its shares in Inmobiliaria San Silvestre S.A. and Administradora Camino Real S.A.C., as well as the rights it has in three properties that the company maintains in co-ownership with Centenario. Likewise, its fully owned subsidiary Parque El Golf S.A.C. (“PEG”) has agreed with Centenario to sell the rights it has in two properties that the company maintains in co-ownership with Centenario. The properties are located in the San Isidro neighborhood of Lima, Peru.
The sale of shares and rights are subject to standard conditions which are typical in these types of transactions, and which must be met by January 10, 2018. The total price of the transaction is approximately US$ 78 million, out of which approximately US$ 31 million will be paid in cash at the time of signature of the final agreement, and the balance will be paid in three equal installments on January of 2019, 2020, and 2021, respectively. The profit after taxes will be approximately US$ 31 million.
Parque Arauco maintains a land bank in Chile, Peru and Colombia to support the company’s future growth. After this divestment, the company has a land bank, valued at cost, of US$ 150 million.
Parque Arauco has 988,500 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 seven regional shopping centers, four premium outlet malls and fourteen strip centers in Chile; six regional shopping centers, nine 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.