The sale includes workforce housing assets, manufacturing facilities and offices in Chile, Peru, Colombia and Brazil.
Calgary-based Atco and Tecno Fast set up the joint venture in 1996.
"Atco's decision to sell its interest in the company is driven by an opportunity to capture significant value for our share owners," Brian Bale, the Atco Group's chief financial officer.
The company, which provides various types of temporary office space as well as workforce accommodation to construction and resource companies, said it remains committed to the South America through other subsidiaries.
Atco Structures and Logistics will evaluate re-entering the South American modular structures market in the future, the company said.