Falabella transfers six assets to Mallplaza for $200 million

Falabella agreed to transfer control of six real estate assets to its shopping mall subsidiary Mallplaza for $200 million. The transaction is part of a broader reorganization aimed at consolidating Mallplaza as the group's sole shopping center operator across Chile, Peru, and Colombia.

The properties were previously managed by Falabella Inmobiliario. Alejandro González Dale, CEO of Falabella, stated that the transaction aligns with the strategy of creating a more focused organization, while Mallplaza CEO Pablo Pulido noted that the deal expands the subsidiary's presence into new cities in Chile.

The restructuring also includes a second agreement in Peru. Falabella and Mallplaza signed a memorandum of understanding to jointly develop a greenfield mixed-use project in the San Isidro district of Lima, situated on a property owned by Falabella subsidiary Inmobiliaria ISIC.

Following regulatory permits and closing conditions, ISIC will execute a capital increase funded by both companies. Once developed, Mallplaza will hold a 51% stake in the entity. Both transactions received board approval and independent valuations, moving into due diligence and definitive contract negotiations.