Brazil Real Estate & Property: Casas Bahia Restructuring: Limited Exposure Across Listed Mall Operators

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17 Aug 2026 11:27:33 ET │ 9 pages

Brazil Real Estate & Property

Casas Bahia Restructuring: Limited Exposure Across Listed Mall

Operators

CITI'S TAKE

Casas Bahia announced today that it has filed for judicial restructuring (O

Globo, Aug-17). Although shopping malls represent only a small portion of

Casas Bahia's operations, Brazil's mall operators have actively improved

their tenant mix over the past few years, reducing exposure to

underperforming retailers. Using our LatAm Mall Tracker database (link),

which contains tenant-level information for Allos, Iguatemi, and

Multiplan, we identified Casas Bahia stores in 19 Allos malls as of July,

making Allos the most exposed company in our coverage. Iguatemi and

Multiplan each had only one Casas Bahia store, located in Shopping

Esplanada and ParkJacarepaguá, respectively.

Our Take: We believe shopping mall exposure to Casas Bahia is limited across the

listed operators. While Allos may have somewhat higher exposure given its broader

regional footprint, we see negligible risk for Iguatemi and Multiplan. Therefore,

Casas Bahia's judicial restructuring should have only a marginal impact on

occupancy levels and rental income across the sector.

Andre Mazini, CFAAC

Kiepher Kennedy

Piero Trotta