Mallplaza puts US$376 million into Colombia: eight shopping centers and 180,000 m² more

Mallplaza announced the signing of a binding agreement with the real estate fund Pactia to acquire eight shopping centers under the Gran Plaza brand in Colombia, in a transaction valued at approximately US$376 million. It is one of the most significant transactions the country's shopping center industry has seen, both due to the number of assets involved and the gross leasable area it adds to the Chilean group's portfolio.

The acquisition comes just two weeks after another megatransaction: the sale of Terranum's real estate portfolio to PEI (Patrimonio Estrategias Inmobiliarias), with an enterprise value of nearly US$650 million. Two different players, the same market reading.

The eight acquired shopping centers generated last year a flow of nearly 57 million visitors and a Net Operating Income (NOI) of around $111,000 million—about US$35.4 million—in the last twelve months.

The official statement issued in Santiago on July 31, 2026, specifies the exact figure of the transaction: COP$1,177,806,418,253, subject to the usual price adjustments in this type of transaction.

The purchase adds 180,000 m² of additional GLA, bringing Mallplaza's surface area in Colombia to over 460,000 m². At a regional level, the company will manage more than 2.5 million m² of GLA and 45 assets across Chile, Peru, and Colombia, of which 13 will be in Colombian territory.

Colombia will represent 18.4% of the group's total gross leasable area, and its area of influence in the country will grow to nearly 3.6 million people: the new assets establish a presence in five cities where the company did not operate and add three additional centers in Bogotá.

The new assets join the five urban centers that the company already operates in Colombia: Mallplaza NQS in Bogotá, Mallplaza Cali, Mallplaza Cartagena, Mallplaza Manizales, and Mallplaza Buenavista in Barranquilla.

“Growth is part of Mallplaza's DNA and with that premise we seek strategic opportunities that allow us to strengthen our position as the leading platform in the Andean Region. We are very proud of this agreement with Pactia, as it represents a sign of confidence in what Mallplaza is today and projects us into the future with 45 strategic assets in the Andean Region, 13 of which will be in Colombia,” said Pablo Pulido, general manager of Mallplaza.

“Colombia is and will continue to be a very attractive market for the company. Today, we are committed to consolidating our presence in this country, offering a robust, attractive, and people-centered proposal. We continue to evolve alongside cities, with the conviction of contributing to the economic, urban, and social development of these communities,” the executive added.

The final closing of the transaction is subject to the fulfillment of the usual conditions precedent for this type of operation and the authorization of Colombian regulatory authorities.

The main partners and shareholders of Mallplaza are Falabella S.A., Inversiones Avenida Borgoño Ltda., and Administradora de Fondos de Pensiones Habitat S.A.

Falabella S.A. is the majority shareholder, with an approximate stake of 53.05%, which gives it effective control of the company and explains the integration of the real estate business with the group's retail operations. Inversiones Avenida Borgoño Ltda. owns around 9.02% of the property, and AFP Habitat S.A. holds nearly 8.94% through its pension funds, a typical weight of Chilean institutional capital in large listed platforms.

This composition explains the profile of the Colombian operation: an industrial controller with a long-term vision, accompanied by institutional investors who demand capital discipline and measurable returns per square meter. The corporate governance and the composition of the board of directors can be consulted on the company's corporate portal.

The Terranum portfolio absorbed by PEI is composed of more than 500,000 m² of GLA in Class A offices and logistics in Bogotá and Medellín. PEI, the main real estate investment vehicle listed on the Bolsa de Valores de Colombia, manages more than US$10 billion in assets across more than 150 properties in more than 30 cities.

Two consecutive transactions of this magnitude point in the same direction: the Colombian real estate market, hit for years by macroeconomic uncertainty, is once again attracting large-scale capital, both from institutional investors and strategic operators looking to consolidate their position before the cycle changes.