Vida Security acquired Espacio Riesco real estate assets in 36 MUSD
The Espacio Riesco real estate land, where Chile’s largest event center operates, owned by the Torres Riesco family, was purchased by the Vida Security insurance company. The value of the transaction was USD 36.000.000, with a 25-year lease agreement with the current operator of the convention center.
The land has 110.000 m2 area and 30,000 m2 built. Additionally, the family maintains another piece of land of 42,000 m2 in front of the events center.
Espacio Riesco internationally recognized, is located near one of the fastest growing business centers in Santiago. Around 6,000 corporate events, more than 260 fairs, 720 social events and 210 shows and music concerts have been held in this venue in the last 20 years.
The operator of Espacio Riesco has been focused mainly towards four lines of business: Real estate rental for the production of different events, both in outdoors and indoor venues; Food and Beverage Services, providing tailored menus according to specific customer requirements; Production support for events, lights, sound equipment, screens and stages, through its alliances with industry-leading suppliers; also temporary architecture for space modulation and special projects.
The transaction leaves the operator of Espacio Riesco in a very good position for a challenging 2022, since the pandemic is more controlled and companies and consumers are eager to attending events, shows, etc. The company will invest extra USD 4.000.000 to generate new content, the development of an aggressive marketing plan and also to strengthen the team.
The operation was carried out by the real estate investment advisory company Fitzroy Tourism & Real Estate, led by Hernan Passalacqua, together with Max Boza and Cristián Muirhead from the Boza & Muirhead law firm, and Cristian Buzeta representing the selling family. On behalf of the buyers, the team was led by the law firm Barros y Errázuriz.