Cleary advises on Mallplaza offering of shares
Cleary Gottlieb advised the international placement agents on the primary equity offering of 136.3 million shares of Plaza (Mallplaza) common stock at an offering price of $1,340 per share, representing approximately $192.8 million in gross proceeds.
The offering consisted of an international offering in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 and in countries outside Chile and the United States to non-U.S. persons in reliance on Regulation S, as well as a concurrent public offering in Chile.
The offering took place on the trading platforms of the Santiago Stock Exchange, Bolsa de Valores, through a special auction (auction of an order book). The transaction was priced on 27 June and closed on 2 July 2024.
J.P. Morgan, Citigroup, BofA Securities, Itaú BBA, and BTG Pactual acted as international placement agents.
Mallplaza owns a leading shopping centre platform in South America, comprising 26 shopping centres managed in 17 cities in Chile, Colombia and Peru. With the proceeds of the equity offering, Mallplaza will acquire 100% of Falabella Peru, which will add 15 additional shopping centres in Peru to its portfolio. This acquisition will position Mallplaza as the second player in Peru and the first platform in the region.
Cleary’s team included partner Adam Brenneman (pictured), associate Rodrigo Lopez Lapeña, and international lawyer Jose Eduardo Coronado Castro. Partner Matthew Brigham and associates Nathaniel Pribil and Mingyu Tang provided tax advice. All lawyers are based in New York.
