SANTIAGO, Chile–(BUSINESS WIRE)–Parque Arauco S.A. announced the closing of a transaction to sell 49% of the company Todo Arauco SpA — which owns Arauco Premium Outlets Buenaventura, Curauma, Coquimbo, and San Pedro de la Paz — to Administradora de Fondos de Pensiones Habitat S.A., on behalf of its funds A, B, C, D, and E. This transaction values the assets at UF 4.25 million (approximately US$173 million), resulting in a total equity valuation of UF 1.82 million (approximately US$74 million) after deducting the vehicle’s debt. Based on this valuation, the payment for the 49% minority equity stake in the company will be UF 893,606 (approximately US$36 million).
Following the transaction, Parque Arauco will continue managing and consolidating the assets, which achieved a NOI (Net Operating Income) over the past twelve months, as of Q2 2024, of approximately UF 338,000 (approximately US$14 million). Additionally, the agreement includes a purchase option for Parque Arauco to acquire the minority stake in year 10 from the date the transaction is executed.
Eduardo Pérez Marchant, CEO of Parque Arauco, stated, “This transaction is important for the company because it allows us to recycle capital by selling minority stakes in stabilized assets and reinvesting those resources into developing new commercial spaces and acquiring strategic assets for the company. Furthermore, this minority stake sale strengthens our financial position and prepares Parque Arauco’s balance sheet for a potential acquisition of Open Plaza Kennedy, which is currently awaiting the usual approvals for this type of transaction.”
This minority stake sale follows previous similar transactions carried out by the company in Chile and Colombia. The first sale occurred in 2019, involving the sale of a shopping mall portfolio to Ameris Parauco Fondo de Inversión and a strip center portfolio to Fondo de Inversión Banchile Rentas Inmobiliarias I. These were followed by the strategic sale of a shopping mall portfolio in Colombia to Fondo de Inversión Colectiva Inmobiliario Inmoval in 2021.
About Parque Arauco
Parque Arauco currently has 1,182,000 m² of total GLA (Gross Leasable Area) in Chile, Peru, and Colombia. The company opened its first shopping mall in Chile in 1982, expanded into Peru in 2005, and entered Colombia in 2008. For more details, visit the company’s website: www.parauco.com.
Contacts
Lauren Brown
Head of Investor Relations
[email protected]
(56 2) 2299 0608