The other owners of the project are its anchors. Argentina-based hotel and gaming operator Ivisa will control the casino-lodging portion of the development, while grocer Lider and department-store chains La Polar and Paris will own their anchor spaces.
The partners expect to complete the casino portion of Paseo del Pacifico by the end of the year and the retail space by the close of 2009. The development will also feature a two-story parking garage.
Parque Arauco operates about 6.5 million sf of retail space throughout Latin America. The company also operates a 32% interest in Argentina-based shopping-center owner Alto Palermo.
"The acquisition of Paseo del Pacifico Mall fits a number of the key elements of Parque Arauco's corporate strategy of geographic and product expansion within Chile to reach all socioeconomic segments, as well as the development of new shopping formats," says Andres Olivos, chief executive officer of Parque Arauco, in a statement.
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