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Parque Arauco Adds to Santiago Mall Holdings

SANTIAGO, CHILE-The $61-million acquisition of Paseo de la Estacion Mall ups the company's retail space to approximately 3.1 million sf.

By Michelle Deakin | Updated on January 04, 2008

[IMGCAP(1)]SANTIAGO, CHILE-Parque Arauco South America, a shopping mall developer and operator in Latin America, has acquired 83% of the shares of Inmobiliaria Paseo de la Estacion, which owns and operates the Paseo de la Estacion Mall or MPE for $61 million. The mall is in one of Santiago’s most heavily trafficked areas, adjacent to the central train and bus terminals, and it is visited by more than 70 million people each year.

[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%.

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