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Parque Arauco sells Peru land asset stakes to Inversiones Centenario for US$78M

Chile-based real estate developer Parque Arauco SA divested its entire stake in Inmobiliaria San Silvestre SA and Administradora Camino Real SAC, along with the rights in five land assets in the San Isidro district of Lima, Peru, to Inversiones Centenario SAA for roughly US$78 million.

Inmuebles Comerciales del Peru SAC, a fully owned subsidiary of the shopping malls-focused developer, sold its rights in three assets it co-owns with Inversiones Centenario, while its Parque El Golf SAC wholly owned unit sold its rights in two other co-owned assets in the Peruvian capital.

Parque Arauco will yield an after-tax profit of US$31 million from the deal, according to a release.

The company's land bank totals 1,012,000 square meters of gross leaseable area in Chile, Peru and Colombia, valued at US$148 million after the latest transaction.