Parque Arauco announces alliance with AssetPlan and acquisition of its first multifamily project in Chile

SANTIAGO, Chile--(BUSINESS WIRE)--Today Parque Arauco announced the signing of a binding agreement with the real estate company, Activa, for the acquisition of a residential rental building located on Juan Mitjans street, in the Macul district, in Santiago, Chile. The 20-story tower includes 165 apartments, 85 parking spaces, and additional storage spaces. It has been in operation since the end of 2021 and currently has an occupancy level of over 95%. Designed from the beginning with the multifamily concept in mind, the building has a swimming pool, gym, multipurpose room, coworking space, laundry room, barbecue areas, and bicycle racks.

The operation implies a net investment of approximately USD 17 million and is subject to the usual due diligence process, which is expected to take place before the end of the year.

This multifamily project follows two other projects that were announced by Parque Arauco during the first half of the year in Colombia, including a 132-unit residential rental building in the city of Bogotá that requires an investment of approximately USD 11 million, and a 300-unit building in the city of Medellin that considers an investment of approximately USD 23 million.

“This operation represents our entry into the multifamily business in Chile and is consistent with the two projects announced in Colombia at the beginning of the year. The multifamily format will develop strongly in our region in the coming years and we are very excited about opening this new growth avenue for Parque Arauco, which will complement our natural growth in shopping centers,” stated Eduardo Pérez Marchant, CEO of Parque Arauco.

Parque Arauco also announced an alliance with AssetPlan, the largest multifamily operator in Chile. Andrés Torrealba, CEO of Parque Arauco´s Chile division mentioned, “It is important for us to count on strategic partners such as AssetPlan in the process of searching for investment opportunities in this asset class and in the subsequent administration of the buildings. We are pleased to launch our first Multifamily in Chile with a high-quality asset, and we will continue to expand in this category of assets since it has great potential for growth and value generation.”

Currently, Parque Arauco has 1,124,500 sqm 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 18 regional shopping centers, 10 neighborhood centers, 7 premium outlet malls, 21 strip centers and 9 offices, medical centers, and hotels across Chile, Peru and Colombia. For more details, visit the company’s website: www.parauco.com.