Parque Arauco Acquires Mall in Santiago, Chile
SANTIAGO, Chile--(BUSINESS WIRE)--Nov 13, 2018--Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) (“Parque Arauco”) announces the acquisition of Open Plaza El Bosque, a mall developed and operated by Rentas Falabella and located in Santiago, Chile. The value of the transaction was UF 1,750,000 plus VAT, approximately US$ 73 million plus VAT.
Inaugurated in 2008, Open Plaza El Bosque has over 30,000 m² of GLA and is located in El Bosque, a neighborhood in the southern part of Santiago. The asset is a two-story mall, which currently has a home improvement store (Homecenter), a department store (La Polar), a supermarket (Tottus), and over 30 minor stores. It also includes a food court, playground, and underground parking lot.
“We are very excited about the acquisition of this new shopping center, located on one of the city’s main commercial avenues, which allows us to expand and complement our presence in the Metropolitan Region, as well as contribute to the El Bosque neighborhood and its surroundings through employment creation and spaces that improve people lives. We expect to attract the more than 71,000 homes within the main influence area and the floating population from Gran Avenida and Transantiago with a good commercial offer and mall that serves as a point of encounter for families,” said Andrés Torrealba, CEO of the Chile Division of Parque Arauco.
Parque Arauco now has 1,061,000 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 14 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/20181113006277/en/
CONTACT: Parque Arauco S.A.
Tori Creighton, (56 2) 2299 0608
Head of Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA SOUTH AMERICA CHILE NEW YORK
INDUSTRY KEYWORD: DEPARTMENT STORES HOME GOODS REIT RETAIL CONSTRUCTION & PROPERTY SUPERMARKET COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Parque Arauco S.A.
Copyright Business Wire 2018.
PUB: 11/13/2018 07:50 PM/DISC: 11/13/2018 07:50 PM