In a business movement that shakes the shopping center sector in South America, Mallplaza has decided to acquire Falabella Peru and thus incorporates the chain of Open Plaza to your portfolio. This agreement allows Mallplaza to expand its influence in 9 cities, in addition to raising questions about the future of commercial spaces in Peru.
With the acquisition, a new precedent is established in terms of mergers of large chains in the sector. The transaction promises to transform the commercial landscape, as well as offer better operation and efficiency in the service. Below, we detail everything that this purchase will entail and how much will be invested.
Will Open Plaza and Mall plaza merge?
Mallplaza acquired Falabella Perú SAA, which had 100% control of Open Plaza and 66.6% of Mallplaza in Peru, in a transaction valued at several hundred million dollars.
“Having the entire real estate operation in Peru under the same operation allows us to achieve synergies by merging two companies and their structures, as well as allowing us to achieve more efficiencies with greater scale“, indicated Fernando de Peña, general manager of Mallplaza, according to Perú Retail.
Although Mallplaza has absorbed Open Plaza, it has not yet been confirmed whether the brands will operate under a single name or maintain their separate identities. This merger of giants could mean a restructuring in how shopping centers are presented to their visitors.
Open Plaza and Mallplaza:When would the transaction be finalized?
The transaction is expected to close in the second half of 2024. This period will also allow both companies to organize the integration of operations and strategies to ensure a smooth and effective transition.
This purchase will position Mallplaza as the largest operator of gross leasable area (GLA) in South America and second in Peru, as it owns a total of 2.3 million m² in the region.
How much will be invested in the purchase of Falabella?
The purchase of Falabella Perú by Mallplaza involved a disbursement of 848 million dollars. This investment not only reflects Open Plaza’s value within the market, but also Mallplaza’s confidence in the growth potential in Peru and Chile.
What are the implications of this purchase?
The acquisition has several important implications: consolidation of Mallplaza as a leader in the sector, diversification and increase of its commercial offering, as well as the probable revaluation of the properties involved.
“This transaction will allow us to consolidate our real estate operations in Peru under a single company,” said the Mallplaza executive.
It should be noted that Mallplaza has now increased its portfolio by around 619,000 m2 leasable, in addition to having shopping centers with land with a lot of development potential.
“We have a plan to develop nearly 100,000 m2 leasable properties in these assets for the next five years, thus strengthening our commercial offer and market share,” Peña added.
Source: Larepublica
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