Parque Arauco S.A. units entered into binding agreements with Inversiones Centenario SAA for the $78 million sale of rights in five properties in Lima, Peru.
Inmuebles Comerciales del Peru SAC will divest its shares in Inmobiliaria San Silvestre SA and Administradora Camino Real SAC, along with its rights in three properties that it co-owns with the buyer.
Company subsidiary Parque El Golf SAC will also sell the property rights in two San Isidro neighborhood assets, which are being maintained in co-ownership with Inversiones.
The buyer will pay roughly $31 million in cash upon signing of the final agreement, while the balance of the consideration will be disbursed in three equal installments in January 2019, 2020 and 2021, respectively.
The necessary conditions for the sale of shares and rights are to be met by Jan. 10, 2018, for the deal to go through. Approximately $31 million is expected as profit after taxes from the transaction, which will leave Parque with a land bank valued at $150 million.
