Parque Arauco acquires Colombian-based real estate firm

Latin American shopping center developer and operator Parque Arauco S.A. recently agreed to acquire Grupo Bancolombia's remaining 45 percent equity interest in Inversions Inmobiliarias Arauco Alameda S.A.S. (IARA), a Colombian-based real estate adviser and management company.

Through its subsidiary, Parque Arauco Internacional S.A. (PAISA), the company will acquire a 22.5 percent equity interest in IARA currently held by Banca de Inversion Bancolombia S.A. and another  22.5 percent from Fondo de Capital Privado Fondo Inmobiliario Colombia.

The purchase price of $75 million includes an additional 24.75 percent ownership in Parque Arboleda, a shopping center in Pereira, Colombia; another 45 percent of Parque Caracole, a shopping center in Bucaramanga, Colombia; an additional 45 percent of Parque La Colina, a new shopping center in Bogota, Colombia scheduled to open in 2017; and 45 percent of a yet-to-be-developed plot of land in Valledupar, Colombia. 

When the deal closes next month, Parque Arauco will control all of Parque Caracole, Parque La Colina and the land in Valledupar. It will own 55 percent of Parque Arboleda. 

Parque Arauco already owns two regional shopping centers in Colombia as well as a large land bank. It also owns three premium outlet malls, six regional shopping centers and 11 strip centers in Chile as well as one strip center, six regional shopping centers, six neighborhood centers and one premium outlet mall in Peru.