Morales & Besa counsels VolcomCapital on VivoCorp sale
Chilean law firm Morales & Besa has advised private equity fund manager VolcomCapital on the sale of all of its shares in retail real estate developer VivoCorp Holding to Inversiones Terra.
The sale was carried out as part of Terra’s share purchase option agreed with VivoCorp shareholders and Volcom in 2017, and is valued at approximately $110 million.
Terra is an affiliate of Corpgroup, which becomes the whole owner of VivoCorp, having previously owned a 63-per cent stake in the developer, and for which it is reportedly planning an IPO.
VivoCorp has developed seven shopping centres in Chile and four outlet complexes, and whose newest development, the 300,000-square-foot Vivo Santiago mall (pictured), which includes retail outlets, apartments and restaurants, is slated to open in 2022.
Morales & Besa’s team was led by partner Matías Langevin and included associates Josefa Rodríguez, Javiera Veloso, Jaime Rosso, María José Henriquez and Claudia Arce.
Inversiones Terra was advised by Bofill Mir & Álvarez Jana Abogados.
