Grupo Falabella and its subsidiary Mallplaza have signed non-binding memorandums of understanding to reorganize real estate assets in Peru and Chile. The plan concentrates retail management under Mallplaza, introducing a major mixed-use commercial project in San Isidro and establishing a joint venture across six Chilean retail assets.
San Isidro Greenfield Project and the Expansion in Peru
The initiative in Lima centers on a greenfield project in the financial and residential district of San Isidro. The development will combine a new shopping center with other mixed-use components on land currently owned by Inmobiliaria SIC S.A., known as ISIC, which operates as a subsidiary of Falabella.
When Falabella acquired its Peruvian shopping centers in 2024, this specific San Isidro land parcel was excluded from the transaction. High land pricing and valuation complexities kept the asset out of that initial deal, leaving it for a later phase of corporate restructuring.
Under the newly signed agreements, ISIC will execute a capital increase once required permits are obtained and closing conditions are met. Falabella S.A. and Mallplaza will provide funding for the initiative. Upon completion of the development, Mallplaza’s stake in ISIC will rise to 51%.
“Growth is part of Mallplaza’s DNA, and this agreement represents a new opportunity to continue strengthening our platform in the Andean Region, consolidating a more attractive, people-centered value proposition that evolves alongside cities and contributes to the economic, urban, and social development of the communities where we are present. Thus, we will advance with an iconic urban center in Peru and increase our presence in new cities in Chile,” Pablo Pulido, chief executive officer of Mallplaza, told Infobae according to the report.
Reorganization of Six Chilean Assets Valued at 200 Million Dollars
In parallel with the Lima initiative, the two companies agreed to restructure six commercial assets in Chile.
The portfolio reorganization groups these commercial assets under a new structure to optimize their management and align with the strategic goals of both companies involved in the agreement:
- Open Plaza Rancagua
- Santa Julia in Viña del Mar
- Establishments located in Chillán
- Properties in La Calera, Ovalle, and Valdivia
Mallplaza will enter this newly created joint entity through a capital increase, acquiring at least a 51% controlling stake. The injected funds are earmarked directly for expansion and transformation initiatives across these six regional locations.
Grupo Falabella Makes Mallplaza Sole Shopping Center Operator
The dual-country transactions reflect a broader corporate consolidation by Grupo Falabella to streamline its real estate operations and position Mallplaza as its sole operator and developer of shopping centers.
“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,” Alejandro González Dale, chief executive officer of Grupo Falabella, told Diarioestrategia.
Market analysts note that while Mallplaza assumes development risk and capital expenditure obligations, the shift simplifies Falabella’s corporate structure while retaining an economic interest in the underlying properties. Financial data indicates that the Peruvian consumer market offers a faster expansion pace over a lower-penetration base compared to Chile’s mature retail environment.
Asset Transfers Depend on Due Diligence and Regulatory Permits
The execution of both the San Isidro development and the Chilean asset transfer depends on several preliminary steps. The non-binding memorandums of understanding were approved by the respective boards of directors of Falabella and Mallplaza following independent asset valuations.
The current phase requires completing due diligence processes, negotiating definitive binding contracts, obtaining regulatory and municipal permits in Peru, and satisfying all closing conditions specified within a 120-day timeframe for the Chilean arrangement.