Parque Arauco S.A. (SNSE:PARAUCO), Patio Gestión Inmobiliaria S.A. and Pasmar SA and have submitted separate takeover bids for the ten Espacio Urbano shopping malls been sold by Walmart Chile S.A. (SNSE:WMTCL), newspaper El Mercurio reported citing undisclosed sources. Preferred bidders will be invited to submit new revised offers. CBRE and JP Morgan are advising on the sale process.

According to El Mercurio, the shopping malls could be worth between $400 million and $600 million. In October 2015, Chilean daily Pulso reported that local holding company Inversiones la Construcción S.A (SNSE:ILC) was also considering buying the retail centres. Constructora Confuturo Ltda., Compania de Seguros CorpSeguros S.A., Consorcio Alfa de Administração S.A. (BOVESPA:BRGE12), MetLife, Inc. (NYSE:MET) and BTG Pactual Group (BOVESPA:BBTG11) were also among the potential buyers of the assets, the report stated.