PHR counsels Parque Arauco on the sale of two shopping centres
Posse Herrera Ruiz represented Parque Arauco in the US$160 million-selling of two local shopping centres shares
The Colombian law firm has counselled Parque Arauco on the sale of a minority stake in two local shopping centres for 588 billion Colombian pesos (US$160 million) to real estate investment fund INMOVAL.
The buyer, which is affiliated with asset manager Credicorp Capital Colombia, relied on in-house counsel. The parties signed the deal on past 27 January. It must be noted that this transaction is subject to approval by Colombia’s competition agency, the Superintendence of Industry and Commerce.
Once complete, the transaction will give INMOVAL a 49% stake in a trust that holds the two shopping centres. Parque Arauco Colombia retains the majority stake.
Shopping centres Parque La Colina and Parque Caracolí are in Bogotá and the northern city of Floridablanca, respectively. Parque Arauco Colombia will continue to operate both facilities. Parque Arauco operates multiple shopping centres across Chile, Colombia, and Peru. It is Chile’s third-largest shopping centre operator.
Posse Herrera Ruiz´s team was led by Public Law partner José Alejandro Torres (pictured right) and Tax partner Juan Guillermo Ruiz (pictured left).
