Grupo Patio begins talks to acquire part or all of VivoCorp’s businesses

Through an essential fact sent to the Commission for the Financial Market (CMF), the Patio Group reported the signing of a “Memorandum of Understanding” with the parent companies Terra SpA and Inversiones Terra SpA, belonging to the real estate arm of CorpGroup -de the Saieh family (review Copesa’s declaration of interests) -, with the purpose of negotiating control of VivoCorp.

As stated by the company, in said document a period of 120 days was established for exclusive negotiation so that Grupo Patio SpA, and / or the entities indicated by it, can in some way participate together, acquire all or part of the business of the company VivoCorp SA

VivoCorp’s portfolio of assets is made up of shopping centers, outlets, strip centers and stand alone, with a presence throughout Chile. Currently the company is controlled by Inversiones Terra, 75%, while the remaining 25% corresponds to BTG Pactual Renta Comercial Investment Fund.

In the essential fact, the company controlled by the Jalaff and Elberg families explained that with Terra they agreed to seek the most appropriate way to associate or transfer the assets and their respective liabilities, through one or more commercial operations, whether these mergers, associations, purchases or other . In addition, the parties specified that, if the transaction were completed, Grupo Patio SpA would have control of the structure to be agreed upon, and that this can only be carried out once it has the corresponding corporate and regulatory authorizations.

In a statement, Grupo Patio stated that if the transaction were successful, it would “incorporate a set of complementary assets to those it currently operates in the commercial income area and would deepen its geographic diversification, reaching coverage from Arica to Punta Arenas.” The CEO of Grupo Patio, Álvaro Jalaff, stated that “we are convinced that, if this operation is carried out, many opportunities will be generated. It is a market in which we have extensive experience, so we are confident that we can generate significant shared value ”.

Grupo Patio’s shareholders also include Paola Luksic and the Abumohor and Khamis families.

Grupo Patio has a presence in four countries (Chile, Peru, Mexico and the United States), operates more than 110 assets focused on rent through five business units: Commercial Patio, Office Patio, Industrial Patio, Residential Patio and Capital Patio. It also has 6 real estate funds in different asset classes, two of them public, the LV-Patio I and II Income Funds.