Emilio Vásquez

B&E counsels ICC in Grupo Patio acquisition

Barros & Errázuriz has counselled ICC Inversiones during the acquisition process of a 20.1% stake in Grupo Patio, for an approximate amount of USD $80,000,000.

Thanks to this transaction, completed on April 2nd, ICC Inversiones becomes one of the main shareholders of the business group, one of the most relevant transactions in the Chilean real estate market. Bofill Mir Abogados acted as advisor to the seller.

The advice involved support throughout the acquisition process, including the due diligence phase, as well as the preparation, negotiation and closing of the various transaction documents.

Grupo Patio is a well-known Chilean business group with diversified operations in Chile, Peru, Mexico and the United States, owning more than 158 real estate assets totalling over 1.4 million leasable square meters (GLA), which is expected to increase by an additional 53,000 square meters. In addition, Grupo Patio SpA has 5 different business divisions and manages real estate assets for more than US$3.2 billion, making it one of the most important real estate holding companies in Chile.

ICC Inversiones is the investment vehicle of the renowned Chilean businessman Guillermo Harding, founder of Farmacias Cruz Verde, one of Chile’s leading pharmaceutical chains, and is currently the main investor in the consortium that controls Farmachas Ahumada, another of the country’s leading pharmaceutical chains.

B&E’s team was led by partner Emilio Vásquez (pictured), with the support of lawyers Jorge Covarrubias, Vicente Antúnez, Carol Urzúa and Belén Jottar.

L Giselle Estrada