Parque Arauco S.A. (SSE: PARAUCO) (Bloomberg: PARAUCO:CI) has acquired 100% of the shares of Ekimed S.A.C. (Ekimed) through its Peruvian subsidiary Inmuebles Comerciales del Perú S.A.C. (ICP). This transaction adds two new shopping centers to the company´s portfolio: El Quinde Cajamarca, which opened in 2006, and El Quinde Ica, which opened in 2012.
El Quinde Cajamarca has 30,000 m2 of GLA and is anchored by the department stores Falabella and Paris as well as a Metro supermarket. It also boasts various smaller stores, services and entertainment options. El Quinde Ica has 37,000 m2 of GLA spread throughout smaller stores, entertainment and service options as well as five anchor stores – Falabella, Paris, Ripley, Metro and Maestro. The acquisition includes 86,000 m2 of land located in various cities in Peru. Ekimed was valued at an Enterprise Value of approximately US$ 98 million, including approximately US$ 33 million of debt that will be assumed by ICP.
The acquisition makes Parque Arauco the most diverse shopping center developer and operator in Peru, both in terms of formats and geographic reach. Including El Quinde Cajamarca and El Quinde Ica, Parque Arauco currently has 319,000 m2 of GLA in Peru in its six regional shopping centers, five neighborhood centers, one outlet mall and one strip center. The company also has six regional shopping centers, three outlet malls and eleven strip centers in Chile, and two regional shopping centers in Colombia giving it a total GLA of 762,800 m2.
