LatAm Commercial Real Estate: 1Q26 LatAm Ther-Mall-Meter: Iguatemi Has Arrived, Stock Should Follow

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LatAm Commercial Real Estate: 1Q26 LatAm Ther-Mall-Meter: Iguatemi Has Arrived, Stock Should Follow

Idea

May 14, 2026 10:00 PM GMT

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+MLatAm Commercial Real Estate | Latin America Alejandra Obregon

Equity Analyst

1Q26 LatAm Ther-Mall-Meter: Alejandra.Obregon@morganstanley.comMorgan Stanley C.T.V.M. S.A.+ +52 55 5282-6732

Mario Simplicio

Research AssociateIguatemi Has Arrived, Stock Mario.Simplicio@morganstanley.com +55 11 3048-6211

Morgan Stanley México, Casa de Bolsa, S.A. de C.V.+Should Follow Paola Soto Leal

Research Associate

Our quarterly tracker, spanning mall by mall data for 200+ Paola.Soto.Leal@morganstanley.com +52 55 5282-6784

LatAm assets, shows that in a resilient but moderating growth Brazilian Real Estate

environment, quality and execution still win. P.Arauco, Multiplan LatinIndustryAmericaView Attractive

& Plaza performance shines, but Iguatemi steals the spotlight, Mexican Real Estate

Latin America

reaching operational parity with Multiplan in 1Q. Industry View Attractive

ANDEAN REAL ESTATE

Key Takeaways Industry View Attractive

In the context of resilient but moderating growth in the LatAm mall space, What’s Changed

qualification strategies, cost discipline & non property revs have grown in focus Parque Arauco SA

(PARAUCO.SN) From To

IGTI (OW) offers a clear proof point: In 1Q26, it closed the rent/sqm gap vs. Price Target Ch$4,050.00 Ch$4,200.00

MULT, positioning both as some of the most productive mall platforms in LatAm Grupo Gicsa SA de CV

(GICSAB.MX) From To

This is largely a combination of solid fundamentals, disciplined portfolio Rating Underweight Equal-weight

optimization, improved tenant mix, and execution across existing and new assets Price Target M$2.00 M$3.50