Shopping Malls Concentration: Allos and Multiplan Lead Ownership in Brazil

The retail sector’s evolution and shopping malls’ adaptation to new consumer habits are driving a rapid recovery

Renato Rique, one of the founders and Chairman of the Board of Directors of Allos

By: SiiLA News

02/04/2025

According to exclusive data from SiiLA’s GROCS platform, the three largest shopping mall owners in Brazil—Allos, Multiplan, and Ancar Ivanhoe—collectively control 14% of the country’s Gross Leasable Area (GLA). This data, obtained exclusively by REsource, comes from GROCS, which tracks over 18 million m² of GLA across more than 660 properties in Brazil.

Leading the market, Allos boasts over 1.3 million m² of GLA, followed by Multiplan with 711,493 m² and Ancar Ivanhoe with 468,311 m². Other major players among the top ten include XP Malls (XPML11) and Iguatemi.

Active Transactions in the Sector

In 2024, the shopping mall industry witnessed significant deal activity. In December, Multiplan (MULT3) sold 25% of Jundiaí Shopping (SP) to XP Malls (XPML11) for R$ 253.2 million, at a 7.39% cap rate.

Allos also made strategic moves, exiting the management of Via Parque Shopping. The new operator, Alqia—part of the HSI group, one of the ten largest owners in the sector—was announced as the new administrator of the property.

XP Malls (XPML11) also acquired stakes in three shopping malls for R$ 393 million. Two are in Rio de Janeiro (Shopping Tijuca and Carioca Shopping) and one in São Paulo (Plaza Sul Shopping). Allos was the seller, offloading his shares in these assets at a 7.5% cap rate.

Additionally, Multiplan invested R$ 66 million in Park Jacarepaguá, securing a stabilized cap rate of 8.59%.

Shopping Malls as Service and Entertainment Hubs

The shopping mall landscape in Brazil is undergoing a transformation. Large-scale malls are becoming multifunctional hubs, extending beyond traditional retail. Many are diversifying their tenant mix to include gyms, supermarkets, healthcare clinics, and coworking spaces, creating a more comprehensive consumer experience.

Post-Pandemic Recovery and Growth

By: SiiLA

This shift is accelerating the sector’s recovery. Data from the GROCS platform shows that the Gross Occupancy Cost Index (GROCS) reached its lowest level of the year, continuing a downward trend since Q2 2020. This reflects higher sales per square meter and the retail sector’s resurgence, driven by diversified spaces.

With a GROCS of 7.15%, Class A malls are leading the recovery, followed by Class B and C properties. Mega stores reported the lowest GROCS at 5.49%, while the Leisure sector had the highest at 23.24%, emphasizing the rising demand for experiences and services within malls.

For more insights: SiiLA Data Highlights Consecutive Drops in GROCS Rates, Signaling a Strong Recovery in Brazil’s Shopping Malls

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Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.