[IMGCAP(2)]MPE's total asset value is approximately $97 million with a debt of $24 million. According to the company's 2008 estimates, MPE will generate earnings before interest and tax, depreciation and amortization or Ebitda of $12 million, which is approximately 23% of Parque Arauco's consolidated 2007 Ebitda.

Parque Arauco recently also completed the purchase of the Plaza El Roble Mall in Chillan, Chile. That, plus the purchase of the Santiago mall would increase Parque Arauco's consolidated 2007 Ebitda by more than 35%.

"This acquisition further strengthens Parque Arauco's leadership position in Chile in all socioeconomic segments and is an important part of the company's new corporate strategy which encompasses the expansion of operations within Chile and the internationalization of Parauco in Latin America," says Andres Olivos, CEO of Parque Arauco in a prepared release, describing the facility as one of the most important malls in Chile.

The mall has been a well established shopping destination in the Chilean capital for 25 years. It hosts 450 establishments, including 100 retailers, 25 restaurants, two medical centers, an eight-screen cinema, a supermarket, two food courts, and the San Borja Bus Terminal.

The acquisition of MPE significantly increases the rentable floor space of Parque Arauco in Chile and strengthens its position within the industry. The company now has more than 3.1 million sf of rentable floor space in the country.

The selling shareholders are made up of three principal families: Mujica, Santa Cruz and Yaconi, among others. The Chilean State Rail Co. will remain a 17% shareholder in MPE. In addition to developing and operating shopping centers in Chile, Parque Arauco also has holdings in Argentina and Peru.