MegaPlaza: Parque Arauco becomes absolute owner of malls for US $ 120 million | Shopping centers | Privacy Policy | Business



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Arauco Park announced that it has reached an agreement to acquire 50% of the shares held by Wiese Group Panamericana Real Estate (IPSA), which controls all malls in MegaPlaza Peru Arauco Park already owned the remaining 50% of the investments.

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The Chilean operator of Comercial centers announced that the transaction added $ 120 million. In addition, it will assume US $ 54 million in financial liabilities of Holding Plaza, under which the Wiese Group participated in IPSA.

As a result of the purchase, Arauco Park will indirectly own 100% of the property of IPSA, which controls all the MegaPlaza shopping centers: MegaPlaza Norte, Chimbote, Cañete, Pisco, Jaén, Huaral, Villa El Salvador I, Villa El Salvador II, Villa Chorrillos, Chincha and Barranca.

Prior to the completion of this transaction, former IPSA shareholders (Parque Arauco and Grupo Wiese) agreed to create a new entity, Desarrollos Panamericana, which will control the land bank currently shared by both parties.

The land in Huaraz and San Juan de Lurigancho will continue to be developed, each with 50% ownership; while the rest of the land will remain for sale, the company said in a statement.

Arauco Park entered Peru in 2006 with a joint strategy Wiese Group, through which they created and developed eleven shopping centers throughout Peru. The Chilean operator operates in Chile, Colombia and Peru.

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