Parque Arauco Buying Peru Mall

Parque Arauco subsidiary Inmuebles Comerciales del Peru, is acquiring from Peruvian construction company Grana y Montero an 82.5% stake in Fashion Center, the company that owns the Fashion Mall Larcomar shopping center in Lima, for $36m in cash. The buyer says that the mall generated $5.7m in 2009 Ebitda. Parque Arauco, a Chilean mall owner and developer, plans to take over 100% of Fashion Center from other minority shareholders. Closing is expected in May.