With this purchase, Mallplaza now owns the entirety of the Nuevos Desarrollos S.A.’s eight shopping centers.
Santiago, 31 March 2023.- Mallplaza has purchased all of Ripley’s shares in Nuevos Desarrollos S.A., owner of 8 of the 17 urban centers that Mallplaza operates in Chile.
Ripley divests itself of its stake in Nuevos Desarrollos with this purchase, the price of which totaled UF 4.620.204 and must be paid in the next 30 days, but will nevertheless maintain its department stores in Mallplaza shopping centers.
This transaction represents 6% of the total GLA operated by Mallplaza and increases its profits by 7%, according to the December 2022 financial statements, and while the transaction does not modify Nuevos Desarrollos’ operation, it will generate certain synergies, efficiencies and flexibility.
The transaction reveals a positive outlook for Plaza S.A. shares, as the value of the Nuevos Desarrollos subsidiary was defined by expert analysts who valued a group of smaller and less mature urban centers than the main Mallplaza operations in Chile.
We are very pleased to have accessed 100% of the assets and that the relationship with a partner of so many years has ended in the best possible way.
On 31 August 2022, Ripley exercised its right to sell its shares in Nuevos Desarrollos and Plaza S.A. – through its subsidiary Plazas Oeste SpA – chose to buy it and consolidate 100% of the property that a third party might otherwise have acquired.
Nuevos Desarrollos S.A. owns the shopping centers Mallplaza Egaña (La Reina), Mallplaza Los Dominicos (Las Condes), Mallplaza Sur (San Bernardo) and Mallplaza Alameda (Estación Central) in the Metropolitan Region; Mallplaza Arica (Arica), Mallplaza Iquique (Iquique), Mallplaza Copiapó (Copiapó) in northern Chile and Mallplaza Bio-Bio (Concepción) in the south.
