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SANTIAGO, Chile, September 11, 2021--(BUSINESS WIRE)--Parque Arauco S.A. (SSE: PARAUCO; Bloomberg: PARAUCO:CI) ("Parque Arauco" or "PASA") announces that its affiliates, Administradora Parque Arauco S.A.S ("ADPAR"), has come to an initial agreement with Promotora Entre Mares S.A.S to assume administration of "Parque Fabricato Centro Comercial", a mall with approximately 54,000 m2 of GLA, located in the Bello municipality of the city of Medellín, Colombia.
In addition, ADPAR has reached an agreement with Patrimonio Autónomo Locales ("PAL"), for the administration and commercialization of its stores that as of today represents 72.8% of the total GLA of Parque Fabricato Centro Comercial.
In parallel, Fondo de Inversión Colectiva Inmobiliario Inmoval ("Inmoval") has given a call option to the affiliates of Parque Arauco, Parque Arauco Colombia S.A. ("PACSA") and Inversiones Colombianas Arauco S.A.S. ("INVECA") for 51.0% of the fiduciary rights that Inmoval has in PAL. Inmoval owns 56.9% of the total rights of PAL. At the same time, PACSA and INVECA have given a call option to Inmoval for 49.0% of the fiduciary rights in Fideicomiso P.A. Alegra Barranquilla, owner of Parque Alegra, a mall of 50,000 m2 of GLA located in the city of Barranquilla, Colombia.
Both options are subject to conditions that have to be met during the first 5 years of operations of each mall, respectively. If these conditions are met, both call options can be executed during the following years.
Eduardo Pérez Marchant, CEO of Parque Arauco International, mentioned, "This transaction strengthens our footprint in Colombia with our arrival to Medellin, the second largest city in Colombia. Parque Fabricato and Parque Alegra are expected to open during the fourth quarter of 2021 and the first quarter of 2022, respectively. Consequently, at the end of the first quarter of 2022 we will manage 68% more GLA in Colombia, increasing from 154.500 m2 currently to 258.500 m2 after the incorporation of Parque Fabricato and Parque Alegra."
Parque Fabricato will include supermarket Exito, global clothing retailer H&M, and sporting goods store Decathalon as anchor stores.
Currently, Parque Arauco has 1,071,500 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 8 regional shopping centers, 1 neighborhood center, 4 premium outlet malls and 18 strip centers in Chile; 6 regional shopping centers, 9 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/20210910005587/en/
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