The shopping center chain Vivo SpA reported that it formally closed its judicial reorganization process, after the Creditors' Committee verified compliance with all of the agreements and covenants established in the Judicial Reorganization Agreement (JRA).
"The end of the agreement marks the close of a stage in which the company carried out a financial and operational restructuring process, focused on strengthening its financial position, improving the performance of its assets, and concentrating its resources on the commercial real estate business," the company said in a statement.
To achieve this, Vivo SpA took three main lines of action. The first was the restructuring of more than UF 10 million in financial liabilities, including the refinancing of the guaranteed debt of its subsidiaries and the rescheduling of the parent company's obligations. In May of this year, 95% of creditors approved the rescheduling of the Series G, H, and I Bonds.
The second was the sale of assets that were not strategic for the company's future development, for approximately UF 1.5 million. These included stakes in hotels and land.
The third line of work focused on improving the performance of operating assets. During that period, EBITDA (earnings before interest, taxes, depreciation, and amortization) went from approximately UF 488 thousand in 2022 to a projected UF 790 thousand for this year. Added to this was the incorporation of two new assets into the portfolio: VIVO Outlet Parque Los Toros in Puente Alto and VIVO Outlet Chillán.
Next steps
The company specified that with the reorganization process concluded, it now begins a new stage in which it will seek to continue reducing its level of indebtedness and strengthen its equity position while developing new opportunities in the commercial real estate business.
It noted that it will combine the progress of its own projects with the management and development of assets for third parties, leveraging the experience accumulated in the creation and operation of shopping centers. Along these lines, Vivo SpA is working on the development of two new outlets, in Quilpué and Osorno, for institutional investors. The projects are part of a strategy that seeks to expand the company's reach beyond its own assets and participate in new real estate development opportunities.
Currently, the company has four shopping centers, two outlets, 14 strip centers, and 29 stand-alone properties, forming a diversified portfolio of commercial real estate assets.
First-half results
According to its 2025 annual report, Vivo does not have a defined controlling shareholder; however, "the investment fund Asset Rentas Comerciales VIVO exercises effective control over the company." The firm has a Gross Leasable Area (GLA), equivalent to the sum of the areas available for lease, of 263,633 m², of which 38,436 corresponds to outlets, 54,857 to strip centers, and 74,156 to stand-alone properties.
First-half revenues grew 11.3% year over year to $25,901 million, while EBITDA rose 11% to $14,510 million. As a result, profit attributable to controlling shareholders reached $9,246 million, an increase of 340%. Meanwhile, tenants' Same Store Sales ("SSS") increased 1.63% in the second quarter of 2026, and the occupancy rate fell 1.1% to 95.94%.
For its part, the Same Store Rent ("SSR") index for the second quarter decreased 1.1% compared to the same period of the previous year, mainly due to lower parking revenues and a decline in variable revenues from stand-alone properties.
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