Chile’s Parque Arauco Takes Over Colombia Shopping Mall Portfolio Formerly Jointly Owned With Bancolombia & Private Equity Fund
Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) announced that last month it completed the acquisition of the remaining 45% equity interest in Inversiones Inmobiliarias Arauco Alameda S.A.S (“IARA”), paying Grupo Bancolombia (“Bancolombia”) COP 222,489 million. Parque Arauco S.A. now owns 100% of IARA through its fully owned subsidiary Parque Arauco Internacional S.A. (PAISA). With this transaction, PAISA acquires a 22.5% equity interest in IARA, from Banca de Inversión Bancolombia S.A., and a 22.5% equity interest in IARA, from Fondo de Capital Privado Fondo Inmobiliario Colombia.
With this transaction, Parque Arauco S.A. acquires an additional 24.75% of Parque Arboleda, a regional shopping center in the city of Pereira, an additional 45% of Parque Caracolí, a regional shopping center in the city of Bucaramanga (pictured above), an additional 45% of Parque La Colina, a regional shopping center in the city of Bogotá which is expected to inaugurate during the first half of 2017, and an additional 45% of a 46,000 m2 land plot in the city of Valledupar. This acquisition allows Parque Arauco S.A. to control 55% of Parque Arboleda, 100% of Parque Caracolí, 100% of Parque La Colina, and 100% of Valledupar land plot, and further consolidate its interest in Colombia.
Parque Arauco has 814,000 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 six regional shopping centers, three premium outlet malls and eleven strip centers in Chile; six regional shopping centers, six neighborhood centers, one premium outlet mall and one strip center in Peru; and two regional shopping centers in Colombia as well as a large land bank to support the company’s future growth plans
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