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Parque Arauco receives offer for JV's strip center business

Chile-based real estate company Parque Arauco SA received an offer from its joint venture partner LarrainVial Activos SA to purchase its stake in the Arauco Express strip center business for 18.1175 Chilean unidades de fomento per share.

The offer, which LarrainVial Activos is making on behalf of its Patio Renta Inmobiliaria investment fund, includes two mutually exclusive options, one of which involves the purchase of Parque Arauco's 62,730 shares in the holding company of the venture, Centros Comerciales Vecinales Arauco Express SA.

The other option is the sale of Patio Renta's 54,880 shares in the venture.

Parque Arauco is being given until Feb. 6 to decide which of the options to take, with the transaction expected to take effect March 13.

The Arauco Express brand has 15 strip centers across Chile spanning 37,000 square meters of gross leasable area. The portfolio includes the recently opened Arauco Express Coquimbo and the expansion of Arauco Express Ossandón, according to a release.

As of Jan. 1, US$1 was equivalent to 0.03 Chilean unidad de fomento.