What: Grupo Falabella is reorganising part of its real estate portfolio under Mallplaza through a Chilean joint venture valued at about US$200 million and a joint mixed-use development in Lima's San Isidro district.

Why it is important: The reorganisation shows department store groups treating real estate as an actively managed growth asset, entrusted to a specialist operator rather than held passively.

Grupo Falabella and its subsidiary Mallplaza have signed two non-binding Memoranda of Understanding to boost the development and profitability of part of the Group's real estate assets, simplify the structure of this business and consolidate Mallplaza as its sole shopping-centre operator and developer.

In Chile, following due diligence and a framework agreement, a joint venture will consolidate six assets currently managed by Falabella Inmobiliario: Open Plaza Rancagua, Santa Julia in Viña del Mar, Chillán, La Calera, Ovalle and a property in Valdivia. Valued at UF 4,857,500 (approximately US$200 million), they total around 140,000 square metres of gross leasable area. Mallplaza will enter through a capital increase, mainly to finance expansion and transformation projects, and will control and operate the assets with a stake of at least 51%.

In Peru, Falabella SA and Mallplaza will jointly develop a greenfield shopping centre and mixed-use project in Lima's San Isidro district, owned by subsidiary Inmobiliaria SIC SA (ISIC). Once permits are obtained, ISIC will carry out a capital increase subscribed by both parties, and Mallplaza will acquire a 51% stake upon completion.

Both boards approved the MOUs, supported by independent valuations. Binding agreements, due diligence and permits remain pending.

IADS Notes: Consolidating six Chilean assets and the San Isidro project under Mallplaza strengthens a shopping-centre platform that is already performing within the Group. Falabella's record second-quarter profit of US$242 million came with Mallplaza EBITDA up 10% and more than 95 million visits (Press Release, September 2026). Mallplaza's role as the Group's growth vehicle was also visible in its evaluation of an entry into Mexico through acquisitions of existing malls, building on its expansion model in Peru and Colombia (Perú Retail, April 2026). The plan to add new uses, services and experiences to secondary-city assets mirrors developments in Thailand. There, leading retail and property groups are investing heavily to reposition ageing malls as mixed-use lifestyle, food, wellness and community destinations that anchor entire districts and raise surrounding land values (The Nation, July 2026). In the department store sector, Frasers' acquisition of Harvey Nichols has similarly prompted a reading of large physical footprints as strategic assets, provided they are put to work for services, discovery and experience rather than product breadth alone (Financial Times, August 2026).

Falabella Group and Mallplaza reorganise real estate assets to boost growth