Mallplaza (MALLPLAZA.SN): Announces Binding Agreement to Acquire 8 Colombian Assets

Research evidence excerpt

Mallplaza (MALLPLAZA.SN): Announces Binding Agreement to Acquire 8 Colombian Assets

Equity Research

3 August 2026 | 2:30PM BRT

Mallplaza (MALLPLAZA.SN): Announces Binding Agreement to Acquire

8 Colombian Assets

Our take: On July 31st after market close, Mallplaza announced a binding Jorel Guilloty

+55(11)3372-3522 |

agreement to acquire eight Colombian assets operated under the Gran Plaza brand jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

in Colombia from Patrimonio Autonomo Pactia for US$376mm at a 9.4% cap rate,

Igor Machado

considering LTM NOI of US$35.4 mm or 6% of our current 1Q26 NTM NOI estimate +55(11)3372-0227 |

for Mallplaza. We note that Mallplaza currently trades at an implied NTM NOI of igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

6.8%. A successful conclusion of this acquisition would increase Mallplaza’s Colombia

portfolio by 60% to 461k sqm, and we estimate would increase its NOI exposure to

Colombia from 10% to 15%. Although this acquisition would significantly expand

Mallplaza’s footprint in Colombia and at a first look comes at a discount to Mallplaza

valuation, we do not believe it fundamentally alters the company’s investment thesis

or offsets the macroeconomic headwinds facing its core Chilean portfolio (please see

our Mallplaza downgrade note here). We note that the transaction is subject to

customary closing conditions including antitrust, with Mallplaza expecting

completion within H2 2026. We maintain our Sell rating on Mallplaza and continue to

prefer Brazilian mall operators, which benefit from superior asset productivity, lower

occupancy costs, and a more potential continuing easing cycle.

Transaction impacts. The assets would add 180k sqm to the Mallplaza portfolio,