Mallplaza puts US$376 million on 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 for the number of assets involved and for the gross leasable area it adds to the Chilean group's portfolio.

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

The eight acquired shopping centers generated foot traffic of close to 57 million visitors last year and a Net Operating Income (NOI) of around $111,000 million—about US$35.4 million—over 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 customary price adjustments in this type of transaction.

The purchase adds an additional 180,000 m² of GLA, bringing Mallplaza's total surface area in Colombia to over 460,000 m². Regionally, the company will manage more than 2.5 million m² of GLA and 45 assets across Chile, Peru, and Colombia, 13 of which will be located 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 approximately 3.6 million people: the new assets establish a presence in five cities where the company did not previously operate and add three additional centers in Bogotá.

The new assets join the five urban centers 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 vote 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,” stated 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 by offering a robust, attractive, and people-centered value proposition. We continue to evolve alongside the cities, with the conviction of contributing to the economic, urban, and social development of these communities,” the executive added.

The definitive closing of the transaction is subject to the fulfillment of customary conditions precedent for this type of transaction 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 53.05% stake, giving it effective control of the company and explaining 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 close to 8.94% through its pension funds, a typical weight of Chilean institutional capital in major listed platforms.

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

The Terranum portfolio absorbed by PEI consists of more than 500,000 m² of GLA in Class A offices and logistics in Bogotá and Medellín. PEI, the leading real estate investment vehicle listed on the Colombia Stock Exchange, manages over US$10 billion in assets across more than 150 properties in over 30 cities.

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