Parque Arauco Receives Purchase/Sale Offer from LarrainVial for Arauco Express
SANTIAGO, Chile--(BUSINESS WIRE)--Jan 2, 2019--Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) (“Parque Arauco”) received an offer from LarrainVial Activos S.A. on behalf of LarrainVial Investment Fund “Patio Renta Inmobiliaria”. LarrainVial is Parque Arauco’s partner in its Arauco Express strip center business.
This offer includes two mutually exclusive options:
1.) The purchase of Parque Arauco’s participation, which corresponds to 62,730 shares in Centros Comerciales Vecinales Arauco Express S.A., the holding company of this venture.
2.) The sale of Patio Renta Inmobiliaria’s participation in the joint venture, which corresponds to 54,880 shares.
Both alternatives consider a price per share of 18.1175 UF.
Parque Arauco has until February 6, 2019, to respond to the offer with a decision to purchase or sell the corresponding shares. The transaction has until March 13, 2019, to take effect.
Parque Arauco began to diversify in asset classes with the incorporation of its first strip center, Arauco Express Pajaritos, in 2008. There are 15 Arauco Express strip centers, comprising 37,000 m 2 of GLA throughout Chile, including the recently opened strip center Arauco Express Coquimbo and expansion of Arauco Express Ossandón.
Currently, Parque Arauco has 1,065,000 m 2 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 8 regional shopping centers, 1 neighborhood center, 4 premium outlet malls and 15 strip centers in Chile; 6 regional shopping centers, 10 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190102005663/en/
CONTACT: Tori Creighton
Head of Investor Relations
(56 2) 2299 0608
KEYWORD: UNITED STATES NORTH AMERICA SOUTH AMERICA CHILE NEW YORK
INDUSTRY KEYWORD: DEPARTMENT STORES DISCOUNT/VARIETY REIT RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Parque Arauco S.A.
Copyright Business Wire 2019.
PUB: 01/02/2019 07:28 PM/DISC: 01/02/2019 07:28 PM