Multiplan has announced its sixth expansion at Morumbi Shopping in São Paulo, Brazil. The shopping mall's owner is investing R$ 233 million, adding 13,141 m², including 7,377 m² of Gross Leasable Area (GLA) and reconfiguring a 5,764 m² mix. The company reports that construction will begin in March 2024, with the inauguration scheduled for the first half of 2026.

The new area will feature options for services, convenience, fashion, gastronomy, and entertainment. With space for 40 new stores, six restaurants, and a rooftop, the shopping mall will gain three floors and a new mall and circulation area.

In addition to the expansion, a revitalization of the common areas of the development will take place in 2024. It will focus on architecture, furniture, equipment, and facade, with an expected delivery in 2025.

Currently, the shopping mall is the largest in the Multiplan portfolio. In the company's latest report, released in September 2023, the asset's annual sales are R$ 57,971/m². According to SiiLA monitoring, the current occupancy rate of the shopping mall is 99.30%.

Multiplan has also stated in its latest report that the monthly sales of the asset are at R$ 3,849/m². Data from the SiiLA shopping mall data analysis platform, GROCS, shows that in properties of the same category, Class B, in São Paulo, the average performance is R$ 1,548/m².

In addition to sales per square meter, the vacancy rate of the development also stands out from the average of assets in the capital city. The vacancy rate for Class B shopping centers is 8.66%, whereas Morumbi Shopping has only 0.70%.

Located in a predominantly corporate area, the shopping mall was inaugurated in 1982 and currently boasts 55,000 m² of private area. Multiplan holds a 73.7% stake in the development, which recorded R$ 2,529.9 million in sales in 2022 and, according to the company, employs more than 10,000 people.

The entire expansion of Morumbi Shopping aligns with the company's ESG strategy and is part of the growth and revenue plan of the company, as stated by Eduardo K. Peres, president of Multiplan.

"Multiplan has a total growth potential of 1 million m². Of this total, 200,000 m² for shopping malls and 800,000 m² for mixed-use projects. Everything leads us to believe that growing through expansions is the correct path," says Peres.