Parque Arauco Reaches 100% Ownership of Parque Alegra After Acquiring Colvalor's Stake for USD 15 Million
July 05 2024 - 10:38AM
Business Wire
As part of its growth strategy, Parque Arauco S.A. (PARAUCO.SN),
through its subsidiary Parque Arauco Colombia S.A.S., announced the
signing of an agreement to acquire for USD 15 million, 47.5% of the
fiduciary rights held by Colvalor - Propiedades Colombianas S.A.S.,
a subsidiary of Blackstone Inc., in the Parque Alegra shopping
center located in Barranquilla, Colombia.
With this transaction, Parque Arauco completes its ownership in
the asset by obtaining 100% of the fiduciary rights of the
autonomous patrimony in which the property resides.
Once the conditions agreed upon in the contract are met, Parque
Arauco will pay Colvalor approximately USD 15 million for the stake
in the investment vehicle, valuing Parque Alegra's assets at around
USD 94 million, equivalent to USD 1,990 per sqm of Gross Leasable
Area (GLA). The funds for this purchase will come from Parque
Arauco Colombia's operations.
Diego Bermúdez, CEO of the Colombia Division, commented, "Taking
full control of Parque Alegra reaffirms our commitment to growth in
Colombia, after the significant steps taken in recent months
including the increased ownership stakes in Titán Plaza and Parque
Fabricato. We have high expectations for the future growth of the
shopping center and the area, which supports our effort and
commitment to both."
The executive added that "Parque Alegra has positioned itself as
the largest shopping center in southern Barranquilla, with a strong
focus on gastronomy and entertainment and a mix of brands with a
strong influence in the local market, making it one of the most
attractive offerings in the area where it is located."
The Parque Alegra shopping center is a regional asset with
47,000 sqm of GLA and is located on the main avenue connecting the
north and south of the city. It was inaugurated in 2022 and
features more than 270 national and international brands in
fashion, services, and entertainment, including Falabella, H&M,
Cine Colombia, Ishop, and Ktronix, as well as the largest
gastronomic offering in the area. Additionally, Parque Alegra's
presence in the city has contributed to the economic and social
development of the area, attracting both residents and tourists and
generating a strong commitment to the local community.
The asset is showing an attractive maturation process with a
current occupancy rate of 83.7%. In the first quarter of 2024,
tenant sales experienced a growth of 22.9% and EBITDA reached USD
3.4 million (COP 13.870 billion) over the past 12 months. These
figures have a positive outlook to increase in the coming years,
thanks in part to future rent hikes already stipulated in tenant
contracts. Occupancy continues to be on the rise and moving towards
consolidation in line with the rest of Parque Arauco's portfolio of
assets in Colombia, which stand at 94.8% average occupancy
rate.
Parque Arauco has seven shopping centers in Colombia,
representing almost 255,000 sqm of GLA and about 1,000 tenants.
Besides Parque Alegra in Barranquilla, the Colombian portfolio
includes Parque Fabricato in Medellín, Parque Caracolí in
Bucaramanga, Parque La Colina and Titán Plaza in Bogotá, Outlet
Arauco Sopó in Cundinamarca, and Parque Arboleda in Pereira.
Additionally, there are 3 multifamily projects under construction,
Multifamily Ciudad del Río in Medellín, and Multifamily Calle 72
and Multifamily Calle 94 in Bogotá.
About Parque Arauco
Currently, Parque Arauco has a total of 1,176,500 m² of GLA
across Chile, Peru, and Colombia. The company inaugurated its first
shopping center in Chile in 1982, expanded into Peru in 2005, and
entered Colombia in 2008. For more details, visit the company's
website: www.parauco.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240705330036/en/
Lauren Brown Head of Investor Relations lbrown@parauco.com (56
2) 2299 0608