Companies: Ripley puts up for sale the shares it owns in Mall Plaza de Chile

The department stores announced the start of a process to sell the 22.5% it owns in Nuevos Desarrollos SA, a company that operates eight malls in Chile, the Chilean daily Financiero reported.

2009, -linked to the Calderón family- acquired 22.5% of the Nuevos Desarrollo company, belonging to the Mall Plaza group. This firm, which has a preferential right to present the offer, is just analyzing the offer.

Nuevos Desarrollos operates the malls in the southern country of Plaza Alameda, Plaza Sur, Plaza Mirador Bio Bio, Mall Las Américas, Plaza Egaña, Plaza Copiapó, Plaza Los Domínicos and Plaza Arica.

If the sale goes through, it will allow the firm to free up resources to be reinvested in initiatives of greater strategic value for Ripley Corp and reduce debt, the company noted.

He added that he will hire the services of Tyndall SA to advise them in the sale process.

According to experts consulted by the financial newspaper, before the pandemic, the participation of That put up for sale was easily worth over US $ 300 million.

Unofficially, it is estimated that Ripley could raise more than US $ 250 million.

It should be remembered that a year ago, the group completed the sale of the Centro Concepción Mall, in an operation that exceeded US $ 206 million.

The buyer was Marina Arauco, which also operates malls in Viña del Mar and Curicó and whose ownership is divided equally between Parque Arauco and Ripley.

-Your presence in Peru-

Notably -through Mall Aventura- it manages two shopping centers in Peru: one in Lima and the other in Arequipa. At the same time, it is building another three, which were delayed by COVID-19.

The first is located in Chiclayo, which will open at the end of 2020; the second in Iquitos and the third in the district of San Juan de Lurigancho, both with an estimated opening in 2022.

When they come into operation, they will contribute 160,300 square meters, with which the company will reach 321,801 square meters of consolidated leasable area, positioning Mall Aventura as one of the most relevant operators in Peru.

In the second quarter of this year, Ripley’s shopping center division in Peru was affected by the closure of the operations of its tenants in accordance with the measures established by the authority.

The stoppage due to COVID-19 that generated mandatory isolation and the restart of mall operations towards June implied a 31.9% drop in revenue for the quarter.

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