Larrain y Asociados advised a company controlled by a fund administered by Banchile Administradora General de Fondos, in the acquisition agreement and in a later lease back for 20 years. Carey y Cía advised Cinépolis in the transaction.
The CineHoyts movie theater complex is located in La Reina, Santiago, with an area of ??27,500 m2, 16 exhibition halls (including 4DX room and Junior room for children), two commercial premises, 534 parking spaces, and Cinépolis corporate offices on the fifth floor where the Mexican multinational company operates for the countries of Chile, Peru, Colombia and Panama.
Cinépolis acquired CineHoyts in 2015, becoming the largest cinema chain in the country and further consolidated its presence in Latin America.
Given the specific purpose of the property, the parties had to negotiate the inclusion of highly technical issues inherent to the Cine Hoyts business in the contracts.
The newly-repaired asset was sold through a private auctioned process, led by NAI Sarrà, a real estate consultant in partnership with Savills México. It is structured within the concept of “Sale and Lease,” where Cinépolis sells 100% of the property by signing a 20-year contract without an exit and renewing for another 5 years.
Larrain y Asociados advised Banchile AGF with a team led by partner Cristóbal Morandé (Picture), included partner Juan Carlos Bulnes and associates Michelle Inzunza and José Pedro Ruiz.
Carey y Cía advised Cinépolis with a team included partner Francisco Ugarte, Counsel Eduardo Martin, associates Javiera Avilés, Beatriz Holmgren and Aurora Muñoz.
Abraham Rodríguez, Melissa Colmenero, and Francisco Godoy acted as In- house in the transaction.
Involved fees earner: Javiera Avilés – Carey; Beatriz Holmgren – Carey; Eduardo Martin – Carey; Aurora Muñoz – Carey; Francisco Ugarte – Carey; Juan Carlos Bulnes C. – Larraín y Asociados; Michelle Inzunza – Larraín y Asociados; Cristóbal Morandé – Larraín y Asociados; José Pedro Ruiz – Larraín y Asociados;