Parque Arauco acquires neighbourhood mall in Peru

Parque Arauco SA of Chile has announced that its subsidiary Inmuebles Comerciales del Peru SAC has reached a binding agreement to acquire 100% of the equity of the Peruvian company SERCENCO SA, owner of Centro Comercial Plaza Jesus Maria in the city of Lima. The enterprise value for the transaction was set at US$15,315,000.
Sercenco is the owner of the mall Centro Comercial Jesus Maria with a GLA of 14,000m2. The mall, located on the limit of the Jesus Maria and Pueblo Libre districts in Lima, currently has a Metro supermarket, movie theatres and 35 stores. It is expected that the purchase agreement will be executed during the fourth quarter of 2015, once the due diligence process has concluded and the other conditions indicated the agreement are met.
Parque Arauco has 814,000m2 of total GLA in Chile, Peru, and Colombia. The company inaugurated its first shopping centre 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.