MallPlaza: Feedback Mgmt. Lunch: Inorganic and Organic Value Creation Thru M&A and Know-How

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

06 August 2026

MallPlaza

Feedback Mgmt. Lunch: Inorganic and Organic Value

Creation Thru M&A and Know-How

Yesterday we hosted a meeting in our Chilean offices with Mallplaza’s

management team to discuss its agreement to acquire 8 Gran Plaza shopping

centers in Colombia (first take here) and recent 2Q26 results (our view here).

Regarding the Colombia transaction, it will expand the company’s Colombian

exposure from 5 to 10 cities, totaling 13 consolidated assets with over 460k m² of

GLA. Moreover, the transaction was agreed at an estimated firm/enterprise value

of US$376mn (equity value at US$251) and an implied 9.4% LTM cap rate.

Management expects closing in 4Q26, following due diligence and regulatory /

antitrust approvals. Mallplaza also introduced Felipe Ramírez as incoming CFO,

replacing Derek Tang, who moved to a new strategic leadership role within

Falabella Group. We view MALLPLAZ trading at 17.2x P/FFO 2027e vs

CENCOMAL at 13.2x and PARAUCO at 19.2x.

Our takeaway: positive. The acquisition appears to combine an attractive

entry yield, immediate scale in Colombia, and a multi-year operational

improvement runway. Management expects to create value in this deal by

acquiring well-located assets at the right price and applying Mallplaza’s

operating model to improve mix, rents, productivity, and cost efficiency.

Mallplaza highlighted NQS as evidence of its operating playbook, with 3.0x

sales growth and 2.4x revenue growth during 2022–2025.

Overweight

MALLPLAZA.SN, MALLPLAZ CI

Price (05 Aug 26):Ch$3,900.10

Latin American Cement &

Construction / Real Estate

Marcelo Motta AC

(55-11) 4950-6712

Banco J.P. Morgan S.A.

Jonathan S. Koutras

(55-11) 4950-3549

Banco J.P. Morgan S.A.

Adrian E Huerta

(52-81) 8152-8720

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Felipe Barragan Sanchez

(52-55) 5283-1666

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

Value Creation Pillars

Attractive entry cap rate. The 9.4% LTM cap rate represents an accretive

entry level compared to Mallplaza’s cap rate at 6.4%. Part of the reason for the

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