Parque Arauco To Acquire Larcomar Shopping Center
The acquisition of the entertainment complex forms part of Parque Arauco’s regional growth and expansion strategy.
The agreement also calls for the joint development of a 300 room, five-star hotel in which the company and G&M will participate equally, investing an estimated total of $65m, and envisages future collaboration in other projects that leverage the companies’ expertise in the development of mixed use properties.
Andres Olivos, CEO of Parque Arauco, said: “This investment demonstrates Parque Arauco’s commitment to expanding its development and operation of retail properties in Peru, and highlights the Company’s decision to forge strong relationships in international markets with the leading players in the industry.
“We firmly believe that the acquisition of the Larcomar shopping center and the joint development of the hotel with G&M will give the Company a significant stake in the most impressive entertainment complex in Latin America. The inclusion of Larcomar in our regional portfolio of properties, combined with the development of the new mall in Arequipa, underscores our position as one of the region’s leading operators of commercial real estate.”
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