Plaza S.A.’s $192 Million Equity Follow-on Offering

Cleary Gottlieb represented the international placement agents J.P. Morgan, Citigroup, BofA Securities, Itaú BBA, and BTG Pactual in the primary equity offering of 136.3 million common shares by Plaza S.A. (Mallplaza) at an offering price of Ch$1,340 per share, representing approximately $192.8 million in gross proceeds.

The offering consisted in an international offering in the United States to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933 and in other countries outside of Chile and the United States to non-U.S. persons in reliance on Regulation S, and a concurrent public offering in Chile. The offering took place on the trading platforms of the Bolsa de Comercio de Santiago, Bolsa de Valores, through a special auction (subasta de un libro de órdenes).

The transaction priced on June 27, 2024, and closed on July 2, 2024.

Mallplaza owns a leading platform of shopping centers in South America, consisting of 26 managed shopping centers in 17 cities across Chile, Colombia, and Peru. With the proceeds of the equity offering, Mallplaza will acquire 100% of Falabella Peru S.A.A., which will add 15 additional shopping centers in Peru to its portfolio. This acquisition will position Mallplaza as the second-largest player in Peru and the first platform in the region.