Mallplaza Announces Strategic Expansion in Chile, Peru, and Colombia

Mallplaza is expanding its footprint across Chile, Peru, and Colombia, reporting a strong 1Q2025, with 93 million visitors and increased EBITDA. The company acquired 11 Open Plaza assets, diversifying its portfolio to include 37 shopping centers. Its strategy includes organic growth in Chile, rebranding efforts in Peru, and exploring mergers in Colombia. Mallplaza is well-positioned in the Andean market.

Mallplaza is on a roll, recently announcing strategic expansion plans in Chile, Peru, and Colombia while maintaining solid financial performance. In the first quarter of 2025, the company reported a staggering 93 million visitors, marking a 29.4% increase. Additionally, EBITDA reached an impressive CLP 123,847 million, showcasing a growth of 42.6%, along with adjusted Funds From Operations (FFO) growing by 30.1%. Quite a promising start for the year!

In terms of growth, Mallplaza is not just resting on its laurels. The company has successfully acquired 11 Open Plaza assets in Peru in December 2024, strengthening its position as a market leader in the Andean shopping center industry. At present, it boasts a portfolio of 37 shopping centers spread across 23 cities, which amounts to a significant 2.3 million square meters of gross leasable area (GLA). CEO Fernando de Peña highlighted their focused growth strategy, solidifying their future in the region.

The company’s diverse value proposition deserves attention. Mallplaza has allocated 33% of its GLA to essential trade, 20% to specialty retail, another 20% to department stores, and the remaining 14% to food, beverage, and entertainment. In the year 2024 alone, the company opened 677 new stores, which is quite a feat, raising their three-year total to 1,870 stores — accounting for about 37% of all stores in their centers.

Turning to its home country, Chile, Mallplaza is pursuing organic growth alongside some aggressive brownfield projects. They aim to add 125,000 m² of GLA through enhancement and remodeling at notable locations like Vespucio, Oeste, and Norte. Interestingly, the company already owns a land bank of 550,000 m² in Chile but has utilized only around 37% of its construction potential so far.

In Peru, the company currently manages 15 assets scattered across nine cities, with their former Open Plaza centers beginning to embrace the Mallplaza brand identity. Notably, these centers yield 80% of the company’s EBITDA for Peru. A shift towards creating vibrant experience centers is in place, as Mallplaza seeks to cut down the percentage of GLA dedicated to convenience from 60% to just 30%.

Over in Colombia, Mallplaza is eyeing the maturation of its new assets and is actively seeking additional merger and acquisition opportunities. With a market share of 9.2% in both Peru and Colombia, there’s ample room for growth. Furthermore, Mallplaza’s strong platform and strategic alliances with major global brands continue to position it as the preferred choice for tenants, investors, and visitors in this expanding market.

For more details on Mallplaza’s strategy and growth initiatives, visit their website.

In summary, Mallplaza is making significant strides in its strategic expansion across Chile, Peru, and Colombia, driven by impressive financial results and a robust operational framework. The company is focusing on diversifying its offerings, enhancing organic growth in Chile, and rebranding assets in Peru, while also seeking growth opportunities in Colombia. With a strong market presence, Mallplaza looks poised for continued success in the Andean shopping center sector.

Original Source: gritdaily.com