The operation aims to accelerate assets’ development and profitability while simplifying the structure through an expert operator.
Santiago, 30 September 2026.– Grupo Falabella (Falabella S.A.) and its subsidiary Mallplaza (Plaza S.A.) signed two non-binding Memorandums of Understanding (MoU) to enhance the development and profitability of part of the conglomerate’s real estate assets, in an operation that also aims to simplify the business area’s structure and consolidate Mallplaza as the Group’s only shopping center operator and developer.
The first agreement, on Chile, considers creating a joint venture company after the a satisfactory due diligence process and the signing of a framework agreement between the two parties, which will bring together six assets currently managed by Falabella Inmobiliario – Open Plaza Rancagua, Santa Julia in Viña del Mar, Chillán, La Calera and Ovalle, in addition to a property in Valdivia – valued at UF 4,857,500 (approximately USD 200 million), and which have a gross leasable area of about 140,000 square meters. Mallplaza will join this company through a capital increase, primarily destined to financing expansion projects and the transformation of these assets. After that, Mallplaza will control and operate the assets with a stake of at least 51%.
The second agreement includes the joint development of a greenfield project consisting of a shopping center and other mixed uses in the San Isidro district of Lima, currently property of the Falabella S.A. subsidiary Inmobiliaria SIC S.A. (“ISIC”). Once the permits have been obtained and the expected conditions have been met, ISIC will implement a capital increase to finance the project’s development, which will be completed by Falabella S.A. and Mallplaza. Once the project has been developed, Mallplaza will hold a 51% stake in ISIC.
This reorganization will allow specializing the management of Grupo Falabella’s assets, leaving their operation in Mallplaza’s hands and in that way seeking to enhance these assets’ value proposition by incorporating new uses, services and experiences with an attractive offering focused on people, deepening their integration with the cities and communities where they are located.
“This operation is consistent with our strategy of having an increasingly focused organization and making better use of the capabilities that exist within the Group. Mallplaza has extensive experience in the development and operation of shopping centers, meaning that concentrating that management will allow us to enhance these assets, accelerate their development plans and continue to create value for the ecosystem as a whole,” Grupo Falabella CEO Alejandro González Dale said.
For his part, Mallplaza CEO Pablo Pulido said that “growth is part of Mallplaza’s DNA and this agreement represents a new opportunity to continue strengthening our platform in the Andean region, consolidating a more attractive value proposition that is focused on people, evolves along with cities and contributes to the economic, urban and social development of the communities where we have a presence. Thus, we will move forward with an iconic urban center in Peru and increase our presence in new cities in Chile.”
The signing of this MoU was duly approved by the boards of Falabella S.A. And Mallplaza and included independent valuations. This step marks the start of the process of implementing both operations, which considers the negotiation and signing of the final and binding agreements, due diligence processes, obtaining permits and the other conditions required for their materialization.
