Ripley Sells Three Malls

Chile retailer Ripley has sold three shopping centers to Corp Group Activos Inmobiliarios, owned by the Saieh family, for about $122.5m, the seller says in a filing with the local securities commission. The malls sold are Mall del Centro de Santiago, Mall del Centro de Rancagua and Mall Panoramico. Celfin Capital equity analyst Barbara Angerstein says the divestitures are part of Ripley’s plan to sell stakes in more mature malls and to invest in new malls that generate more profit. The company also plans to invest in retail concepts and credit cards, which it considers core businesses, she says. In February Ripley sold a 25% stake in the Calama Mall to Falabella for an undisclosed price.