Falabella and Mallplaza to Develop New Mixed-Use Shopping Center in San Isidro

Falabella and its subsidiary Mallplaza are set to develop a new mixed-use shopping center in the San Isidro district of Lima, Peru. The project, which involves an asset currently held by Inmobiliaria SIC S.A. (ISIC), serves as a cornerstone of the Grupo Falabella strategy to consolidate its regional real estate management under the Mallplaza brand.

Strategic Reorganization of Real Estate Assets

The initiative changes how Grupo Falabella manages its physical footprint. By centralizing operations under Mallplaza, the company aims to simplify its corporate structure and use its subsidiary's specialized expertise. Alejandro González Dale, general manager of Grupo Falabella, stated that the move is designed to ensure the organization remains focused, allowing the group to better utilize internal capabilities. According to the company, this concentration of management is intended to accelerate development timelines and increase value for the entire ecosystem.

Falabella and Mallplaza Will Finance San Isidro Development

The San Isidro development is slated for a site currently owned by ISIC, an entity linked to the Chilean group. While the project is confirmed as a mixed-use commercial space, the exact composition of services and retail offerings remains undefined. Financing for the project will be facilitated through an increase in capital for ISIC, with contributions coming from both Falabella S.A. and Mallplaza. Upon successful completion of the development and adherence to predefined conditions, Mallplaza will hold a 51% stake in the real estate vehicle.

Mallplaza Plans Iconic Urban Center for Peru

Mallplaza views the project as a critical expansion of its Andean presence. Pablo Pulido, general manager of Mallplaza, described the upcoming site as a future “iconic urban center” for Peru. Pulido emphasized that the company’s growth strategy is rooted in creating value that evolves alongside city infrastructure.

Conditions for Project Commencement

Execution remains subject to several regulatory and contractual hurdles. Although the boards of both Falabella and Mallplaza have approved the operations based on independent valuations, the path to construction requires the finalization of binding contracts. Companies involved must also secure all necessary municipal and environmental permits before breaking ground.

Asset Reordering Aims to Create Agile Corporate Structure

The project is part of a larger plan to reorder assets across Peru and Chile, aimed at creating a more agile corporate structure.