What: Falabella Group has signed a USD 200 million agreement to sell its Open Plaza Kennedy shopping centre in Las Condes to Parque Arauco.

Why it is important: This transaction is significant for both companies; it allows Parque Arauco to increase its rentable shopping centre space by 5%, while Falabella Group, the parent company of Falabella Retail, strengthens its financial position as it focuses on improving profitability.

Falabella Group, the parent company of Falabella Retail, has agreed to sell the Open Plaza Kennedy shopping centre in Las Condes to Parque Arauco for approximately USD 200 million. The deal, subject to the usual conditions for such transactions, will add about 5% to Parque Arauco’s rentable shopping centre area. For Falabella Group, this sale is part of a broader strategy to enhance its financial performance, following a reported 135% increase in profits for the second quarter of 2024. Open Plaza Kennedy, a 70,000 square meter complex, offers a mix of retail, supermarket, home decor, and entertainment spaces, and has recently been modernized with environmentally friendly initiatives.

Falabella Group sells Open Plaza Kennedy to Parque Arauco for USD 200 million