Falabella restructures its portfolio. The Chilean department store group has today finalized the transfer of the Open Plaza shopping centers, which it controlled in its entirety, and the 66.6% that it controlled of Mall Plaza Perú to MallPlaza, another Chilean operator of this type of assets. The operation has been closed for a total of 848 million dollars and will consolidate MallPlaza as the largest shopping center operator in South America.
The transaction is part of the restructuring process in which Falabella is immersed in the region, after having closed the 2023 financial year with a drop in its turnover of 8.5% and reducing its net profit to 60,641 million Chilean pesos (57 million euros). The operator will continue to operate in the country through Inmobiliaria SIC, a company of which it owns 98.5% and which has been excluded from the agreement.
“This transaction will allow us to consolidate our real estate operations in Peru under a single company. This reorganization will benefit both companies,” said the general manager of Falabella, Alejandro González.
Falabella is immersed in a restructuring of its business after reducing its profit in the last year
Mallplaza, for its part, already owned 33.3% of Mall Plaza Perú, so after this operation will own the entire company, which operates four shopping centers in Peru, and the total of the eleven assets of Open Plaza. Thanks to the acquisition, the Chilean operator has increased its portfolio to 619,000 square meters.
Specifically, Plaza SA, the company through which it operates Mallplaza will have an offer of 2,316 million leasable square meters in total, distributed between Chile (62%), Peru (27%) and Colombia (11%). The general manager of the group, Fernando de la Peña, has positively valued the closing of the operation, which he assures will contribute assets with great potential for organic growth to the company’s portfolio.
“We have a plan to develop nearly 100,000 leasable square meters in these assets over the next five yearsthus strengthening our commercial offer and market share,” added Peña.
To carry out the sale of the assets, Mallplaza will launch a Public Acquisition Offer (OPA) for the entirety of Falabella Perú SAA, the company that owns the assets. The total assets were already valued at the time for 843 million dollars, and an operating cash flow valuation of another five million dollars will be added.