Parque Arauco takes over MegaPlaza malls

Parque Arauco takes over MegaPlaza malls

M&A Chile Peru

Chile's Parque Arauco said it has taken control of Inmuebles Panamericana (IPSA) from Wiese Group for PEN397m ($120m).

The shopping mall developer has increased its stake in IPSA to 84.5% from 35% and also agreed to take on PEN180m in debt. Parque Arauco plans to buy the remaining 15.5% from Augusto Wiese Foundation, pending approval.

IPSA directly or indirectly controls all the MegaPlaza malls in Peru: MegaPlaza Norte, Chimbote, Cañete, Pisco, Jaén, Huaral, Villa El Salvador I, Villa El Salvador II, Villa Chorrillos, Chincha and Barranca.

Parque Arauco entered into Peru in 2006 through a joint venture with the Wiese Group. The two companies have built 11 malls in Peru and they will still develop shopping centers in Huaraz and San Juan de Lurigancho, Parque Arauco said.

Parque Arauco also said it has completed the sale of 49% in Arauco Express to Banchile for UF1.08m ($42.9m). 

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