Falabella Group reorganizes its shopping mall assets and announces a new mall in Peru

PulseThrough a joint venture, the Mallplaza subsidiary will become the holding's sole shopping center operator, also taking charge of Open Plaza Rancagua, Santa Julia in Viña del Mar, Chillán, La Calera, and Ovalle. Through a capital increase at Plaza, the expansion and transformation of these assets will be financed. Mallplaza. Reference photo from social media CommentsThe Falabella group announced a reorganization of its real estate assets, with the aim of consolidating Mallplaza as the holding's sole shopping center operator and developer. Falabella and its subsidiary Plaza signed two non-binding Memoranda of Understanding (MOUs) "to boost the development and profitability of part of the conglomerate's real estate assets," the group announced. The first of these agreements contemplates the creation of a joint venture company that will group together 6 assets currently managed by Falabella Inmobiliario. These are Open Plaza Rancagua, Santa Julia in Viña del Mar, Chillán, La Calera, and Ovalle, plus a property in Valdivia. These assets are valued at UF4,857,500 (approximately US$200 million) with a gross area of approximately 140 thousand m2. For the creation of this joint venture, Mallplaza will enter through a capital increase to finance expansion and transformation projects for the assets. With this, the shopping center subsidiary will come to control and operate the assets with a stake of at least 51%. The second MOU concerns the businesses in Peru and includes the joint development of a greenfield project in Lima, in the San Isidro district. This land is currently owned by the Grupo Falabella subsidiary, Inmobiliaria ISIC. "Once the permits are obtained and the stipulated conditions are met, ISIC will carry out a capital increase to finance the development of said project. Once the project is developed, Mall Plaza will reach a 51% stake in ISIC," the company explained. "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, so concentrating this management will allow us to boost these assets, accelerate their development plans, and continue creating value for the ecosystem as a whole," said Alejandro González Dale, general manager of Grupo Falabella. For his part, Pablo Pulido, general manager of Mallplaza, stated that "growth is part of Mallplaza's DNA and this agreement represents a new opportunity to continue strengthening our platform in the Andean Region, consolidate a more attractive value proposition, centered on people, that evolves alongside the cities and contributes to the economic, urban, and social development of the communities where we are present. In this way, we will move forward with an iconic urban center in Peru and increase our presence in new cities in Chile." More about:CompaniesRetailMallplazaFalabellaShopping centersPeruNEWSLETTERPulse PMMonday to Friday, 12:30 PMThe most relevant news on markets, companies, and business: timely information, context, and content for making better decisions. By subscribing you are accepting the Terms and Conditions and Privacy Policies of La Tercera.