The original deadline that the company had estimated with Mallplaza for the analysis, negotiation and valuation of the operation expired today, March 19. However, both parties agreed to extend it until May 31, 2024.
Through an important fact sent to the regulators of Chile and Peru (CMF and SMV, respectively), the Chilean retailer Falabella reported that it reached an agreement with Mallplaza (Plaza SA), its shopping center division, to expand the negotiation of the transfer from the shopping centers from Open Plaza to Mallplaza in Peru.
The original deadline that the parties had estimated for the analysis, negotiation and valuation of the operation expired today, March 19. However, both parties agreed to extend it until May 31, 2024.
As recalled, after losing its investment grade, on November 20, 2023, Falabella announced the signing of a memorandum of understanding with Mallplaza for the transfer of its assets in Peru , thus simplifying its structure in the midst of a major financial crisis.
"The transaction, for which the parties set a period of up to 120 days to negotiate the terms and conditions, would allow Mallplaza to incorporate the 11 Open Plaza Perú shopping centers into its management, which represent an additional 323,000 square meters, and would acquire 100 % of Mallplaza Perú SA (a company in which it currently owns 33.3%). Falabella would thus begin to operate in Peru under a single real estate structure, in line with the company's strategy of being increasingly simple and efficient. in its operation," said the statement four months ago.
Likewise, Falabella's CFO, Alejandro González, said at that time that the company was taking all measures to strengthen its financial position, within which the investment grade is an integral part, thinking about Falabella's future growth. "To achieve this, we will continue with our plan that, among other actions, includes the monetization of real estate assets for between US$800 and US$1,000 million. On the other hand, the focus of the operation, plus a normalization of the macro environment, will allow us to increase profitability and continue strengthening the relationship with our clients, strengthening the value proposition of our business ecosystem,” he said.
In that sense, last January Falabella presented its investment plan for 2024 , which contemplates an amount of US$ 508 million, 24% less compared to 2023. As detailed by the Chilean retail holding company , 53% of the funds It will be allocated to the opening of new stores and remodeling of such facilities, while 47% will focus on promoting the company's physical and digital ecosystem.
Of that 53%, some US$ 113 million will be used to inaugurate new locations in Chile, Peru, Mexico and Colombia, including two new IKEAs in the latter country.
In turn, US$ 157 million would target the renovation of stores and shopping centers, “strengthening the physical-digital proposal,” which would translate into optimization of the display of categories in stores, seeking to speed up purchase time.
Another US$ 200 million will be available for investment in technology, both for the e-commerce and banking sectors, reinforcing "logistics through technological synergies between different formats, and integrating new functionalities for Sellers and suppliers", along with strengthen Falabella's loyalty program.
Finally, US$38 million is available in logistics, with emphasis on space optimization and inventory management capacity, especially in Colombia.
