Parque Arauco Completes Acquisition of Open Plaza Kennedy and Becomes the Shopping Mall with the Highest Sales in Chile

SANTIAGO, Chile--(BUSINESS WIRE)--Parque Arauco S.A. (PARAUCO.SN) announces the completion of the acquisition of Open Plaza Kennedy, as agreed with subsidiaries of Falabella S.A. This transaction includes the asset where the shopping center and hotel are located, as well as lease agreements which, over the past twelve months, generated sales and EBITDA of UF 4.02 million and UF 311,000 respectively (approximately US$161 million and US$12 million). Contrary to what was initially indicated, the transaction does not include the shares of Rentas Hoteleras SpA, the company that operates the Courtyard by Marriott hotel located above the shopping center. However, the operator will remain a tenant of Parque Arauco.

The final price of the transaction was UF 4.4 million (approximately US$ 173 million), which was paid in cash.

The acquisition of Open Plaza Kennedy adds 54,000 sqm of retail space and a 15,500 sqm hotel to the existing 119,000 sqm of Parque Arauco Kennedy, the company’s flagship asset, bringing the total to 188,500 sqm. This represents a 58% increase in leasable area. The acquisition positions the property as the shopping center with the most comprehensive and unique retail mix in the country, featuring over 430 stores and incorporating complementary brands such as Tottus, Homecenter, Ikea, H&M, and Decathlon. In the gastronomic arena, Parque Arauco Kennedy strengthens its leadership with the most robust offering in the country, with over 80 brands spread across the Boulevard, Food Hall, and Food Court formats.

In addition to this acquisition, Parque Arauco Kennedy continues to advance its growth plan. In the second half of 2025, the first retail spaces of the 12,000 sqm Phase 2 expansion of the Cerro Colorado Master Plan will be inaugurated. This phase will include a new entrance to the shopping center facing Parque Araucano park, additional parking spaces, and the inclusion of new brands to its already extensive portfolio. With this, the mall will reach 200,000 sqm, reaffirming its leadership in the country’s shopping center sector.

As part of the integration process, the entire commercial complex will operate under the well-known Parque Arauco brand—a name synonymous with excellence and leadership in the regional shopping mall sector for more than 43 years. This decision strengthens its strong connection with visitors, brands, and the community, and consolidates it as a leader in retail and entertainment in Chile, as well as a must-visit destination in Santiago for both locals and tourists.

Eduardo Pérez Marchant, CEO of Parque Arauco, commented, "Completing this acquisition is a key strategic milestone in the company’s history. This transaction allows Parque Arauco’s flagship shopping center, Parque Arauco Kennedy, to become the top-selling mall in Chile. In this new asset—which will continue to be branded as Parque Arauco Kennedy—our visitors will find everything they are looking for in one place, including major brands in large, medium, and small formats. They’ll also find many unique and differentiated retail offerings such as Falabella’s regional flagship store, Chile’s only Luxury District, and the most comprehensive gastronomic offering in the country. In the coming months, we will focus on capturing the cost synergies we have identified. We will work toward gradually capturing revenue synergies that will enable the combined properties to generate more sales together than they would separately, through joint marketing, improved connectivity, better signage, and a well-balanced retail mix. This acquisition strengthens Parque Arauco Kennedy’s position as the most iconic shopping mall in the country.”

About Parque Arauco

Parque Arauco is a real estate investment company with over 1.2 million sqm of leasable area across Chile, Peru, and Colombia. The company opened its first shopping center in Chile in 1982, entered Peru in 2005, and Colombia in 2008. For more details, visit the company’s website: www.parauco.com.