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Parque Arauco to sell 49% stake in Chilean retail unit

Chile-based shopping malls company Parque Arauco SA agreed to sell a 49% stake in its Arauco Centros Comerciales Regionales SA unit to Ameris Capital Asset Management's Ameris Rentas Comerciales I Investment Fund for 2.7 million unidad de fomento.

The price of the transaction is subject to adjustments based on an estimated 2.9 million unidad de fomento of proportional net financial debt as at the deal completion.

Parque Arauco will retain 51% of the stake in Arauco Centros, according to a release.

The deal is expected to close by March 11 and is conditional, among others, on Ameris selling an interest in the fund for at least the total transaction value.

As of Jan. 10, US$1 was equivalent to 0.02 unidad de fomento.