With this transaction, Mallplaza will consolidate itself as the largest shopping center operator in South America, with a diversified operation in Chile, Peru and Colombia.
Falabella and Mallplaza signed an agreement for the latter's acquisition of Falabella Perú, which controls 100% of the operations of Open Plaza Perú and 66.6% of Mallplaza in Peru. The value of the transaction amounts to US$ 848 million, which represents an estimated EV/Ebitda multiple for 2024 of 9.9 times.
Mallplaza owns 33.3% of Mall Plaza Perú, owner of four shopping centers in that country, so with the operation it acquires 100% of said company and 11 real estate assets of Open Plaza Perú, achieving a presence in 9 cities.
For Mallplaza, it means increasing its portfolio by approximately 619,000 leasable m2, and having shopping centers with land and development potential, adding US$ 81 million of Ebitda to Plaza SA (2023).
In this way, Plaza will have an additional growth of 20% compared to the company's 2023 Ebitda and will consolidate its diversified regional operation in Chile, Peru and Colombia with 2,316 thousand m2.
“In line with our objective of becoming increasingly simple and efficient in our structure and operation, this transaction will allow us to consolidate our real estate operations in Peru under a single company. This reorganization will benefit both companies,” highlighted Alejandro González, general manager of Falabella.
“Growth is part of Mallplaza's DNA, so this transaction will provide us with assets in Peru that have excellent locations and organic growth potential. We have a plan to develop nearly 100,000 leasable m2 in these assets over the next five years, thus strengthening our commercial offer and market share. Furthermore, by consolidating both companies on a single platform and achieving greater scale in the operation, we will be able to incorporate important synergies and efficiencies in Peru,” said Fernando de
Peña, general manager of Mallplaza.
With this transaction, Plaza will expand its regional diversification, thus achieving a distribution of leasable square meters (GLA) of 62% in Chile, 27% in Peru and 11% in Colombia. Falabella Perú, the company that owns Open Plaza Perú SA and 66.6% of Mall Plaza Perú SA, also owns 98.5% of Inmobiliaria SIC, a company that was excluded from the agreement, owner of land and a power center .
