Chilean retail giant Falabella announced the signing of a memorandum of understanding with Plaza SA The objective is to evaluate the incorporation of the shopping centers that the company has in Peru to Mallplaza. Both companies have a period of 120 days to complete this operation.
The transaction would allow Mallplaza I incorporated 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 simpler and more efficient in its operation,” the company detailed.
For its part, Mallplaza pointed out that this measure will allow it to strengthen its position in Peru “and take advantage of opportunities, synergies and efficiencies resulting from a greater scale in that country.”
This is one of the decisions taken by the Chilean company to reverse its lossesas part of its plan to sell up to $1 billion in non-core assets.
This announcement comes after the Fitch Ratings agency lowered Falabella’s rating from BBB- to BB+, that is, it has been identified that the company has a high risk of non-payment of its financial obligations. The news had an immediate impact on the markets: according to the El País report, Falabella’s shares fell over 2%.
Source: Larepublica
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