Mallplaza acquires Falabella Perú, becomes South America’s leading shopping center operator

The purchase includes the entire operations of Falabella Perú, which owns 100% and 66.6% of Open Plaza and Mallplaza in the Andean country, respectively.

This move significantly strengthens Mallplaza's presence in the Peruvian market.

The agreement contemplates a takeover bid for the company that owns the aforementioned commercial assets, in a transaction estimated at $848 million, including transaction adjustments.

This figure reflects a valuation of the assets plus operating cash of $5 million.

The financing of the acquisition will be through a combination of cash, debt and a capital increase for Plaza, the parent company of Mallplaza, for up to $300 million, with the objective of maintaining leverage levels within optimal ranges for Mallplaza.

Mallplaza not only expands its real estate portfolio in Peru by adding 11 new Open Plaza assets and consolidating 100% of Mall Plaza Perú, but the transaction also marks a milestone by expanding its presence to nine Peruvian cities, increasing its portfolio by approximately 619,000 leasable square meters.

Alejandro González, Falabella's CEO, said this strategic move benefits both entities by making their structure and operation simpler and more efficient, while Mallplaza’s CEO Fernando de Peña highlighted the growth potential of the acquired assets and the plan to develop close to 100,000 additional leasable square meters over the next five years.

Law firm Rebaza Alcazar & De las Casas advised Mallplaza on the transaction, with a team comprising partners Alberto Rebaza and Felipe Boisset, with senior associates Pedro Diaz, Andrea Pinillos and Josefina Arana.

The closing of the transaction is subject to certain conditions precedent agreed by the parties.