LatinFinance - July/August 2016 - 45

Inmobiliario Colombia. The deal gave
Parque Arauco majority ownership of a
regional shopping center in Colombia
and full ownership of two others in the
country.
Earlier this year, it announced plans
to acquire one-sixth of the shares in
order to take a 50% stake in Inmobiliaria
Mall Viña del Mar, a company that
operates three shopping malls in Chile.
And in late March, it wrapped up a
follow-on equity offering from which it
raised $103 million equivalent in local
currency.
Looking ahead, Chamorro says the
company is considering funding to help
the company grow.
"I think we still have a low proportion
of debt with the market compared with
our debt with banks," he says. "I can't
say exactly when, but I think the next
step for Parque Arauco will be to issue
more debt in the capital markets." LF

Arauco's financial position which included
a liability management exercise to remove
banking and bond mortgages tied to its
flagship mall, Parque Arauco Kennedy.
It also followed a concerted effort
by the company to increase its
communication with the market. To
broaden its appeal to foreign investors,
the company started posting quarterly
and annual reports in Spanish and English
and holding conference calls in English to
respond to investor queries.
At the same time, it has continued
expanding.
In October, the company agreed to
buy out its partners in a Colombian real
estate venture, expanding its presence in
the country. Parque Arauco purchased
the 45% it did not own in real estate
vehicle Inversiones Immobiliarias Arauco
Alameda (IARA) for $75 million from
Banca de Inversión Bancolombia S.A.
and Fondo de Capital Privado Fondo

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AUGUST 2015

NO. 244

HONDURAS

Tainted
love

Breaking point
Remaking Argentina

How overleveraged corporates
are testing investors' limits

How the Macri administration aims to start afresh
MEXICO'S EQUITY CAPITAL MARKET INNOVATION * ITAÚ & BRADESCO'S CHANGING LEADERSHIP * PERU TARGETS
STOCK EXCHANGE IMPROVEMENTS * LUIS VIDEGARAY ON FISCAL MANAGEMENT
PLUS: EXCLUSIVE INTERVIEW WITH ARGENTINA'S FINANCE SECRETARY LUIS CAPUTO

Financing
Brazilian oil & gas

CUBAN CREDITORS LINE UP FOR TALKS
THE CARIBBEAN'S OIL DILEMMA * COLOMBIA'S 4G PROGRESS
BEST CORPORATES IN THE CAPITAL MARKETS 2016
PLUS: INCOMING FINANCE MINISTER ALFREDO THORNE SETS OUT PRIORITIES FOR PERU

INSIDE: THE EXPORT GUARANTEE SCHEME SET TO BOOM
MEXICO'S MIDSTREAM MOMENT * INFRASTRUCTURE RISING IN CENTRAL AMERICA
CARLOS MELCONIAN ON ARGENTINA'S WAY FORWARD
SPECIAL: BEST CORPORATES IN THE CAPITAL MARKETS

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