SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) (“Parque Arauco” or “PASA”) announces the sale of 9 percent participation in Arauco Chillán SpA, to Ameris Parauco Investment Fund, represented by Ameris Capital Administradora General de Fondos S.A. This is in addition to the 40 percent participation previously announced and sold in April 2019 to the same fund.
Arauco Chillán SpA operates the mall Arauco Chillán and will continue under the management and control of PASA, with the remaining 51 percent participation. Arauco Chillán SpA currently has UF 1,250,000 (approximately US$ 49 million) in debt.
The price of the transaction is UF 238,400 (approximately US$ 9.5 million) and will result in a profit after taxes for Parque Arauco of approximately Ch$ 5.2 billion (US$ 7.5 million). According to IFRS 10, this profit will be recognized directly in equity and not as profit in the income statement.
Currently, Parque Arauco has 1,057,500 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 8 regional shopping centers, 1 neighborhood center, 4 premium outlet malls and 15 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.