Activo Inmobiliario Peruano S.A.A.

What it is

The company’s core purpose is to invest in fixed and variable income securities, as well as in movable and immovable property — a holding structure, not an operating retailer. In practice that means it leases shopping centres and also invests in securities and other properties.

Its principal operating subsidiary, Open Plaza S.A., runs commercial-centre management and related real-estate services, alongside several sister entities with similar purposes. Mall Plaza Perú S.A., another subsidiary, was constituted in July 2006 and is dedicated to real-estate development, including property sales, leasing, and shopping-centre administration.

Who owns it

On 26 May 2025, the shareholders’ meeting approved a change of corporate name, registered on 28 October 2025 with Peruvian public registries as “Activo Inmobiliario Peruano Sociedad Anónima Abierta.” The name change marks the end of its three-decade life as a Falabella retail vehicle.

On 5 December 2024, Inversora Falken S.A. (the previous controlling shareholder) transferred its shares to Desarrollos Perú SpA following an OPA that closed on 4 December 2024, acquiring 99.77% of the total share capital. From December 2024, the company is therefore a subsidiary of Desarrollos Perú SpA, a Chilean entity that itself is a subsidiary of Plaza S.A. — the parent of Mallplaza.

With this transaction, Mallplaza added 619,000 square metres of leasable retail space, and now holds 27% of its total regional portfolio in Peru, making it the second-largest shopping-centre operator in the country. The deal was valued at approximately US$454 million.

Who runs it

The day-to-day management of Activo Inmobiliario Peruano is governed by a board appointed following the December 2024 ownership change. The separate financial statements for the year ended 31 December 2025 were approved by the board on 17 February 2026.

Individual director and CEO names for the post-acquisition board are not disclosed in available public sources.

Mallplaza CFO Derek Schwietzer was the executive who publicly described the strategic rationale of the Peruvian acquisition. The Peruvian holding entity’s own management layer remains thin, consistent with its single-employee, pure-holding structure.

The money, in plain words

Almost all of what the company owns sits in one place: its consolidated financial statements, prepared separately under IFRS, show key figures as at 31 December 2025 and 2024. The audited separate balance sheet shows investments in subsidiaries of S/2,411,926K (≈ US$708M) — that single line represents 90% of every sol on the asset side (our calculation from the SMV filing).

Equity on the books stood at S/2,443,068K (≈ US$717M) at end-2025, up from S/1,768,192K (≈ US$519M) a year earlier — a 38% rise driven primarily by equity-method gains flowing up from the subsidiary group (our calculation). Basic earnings per share from continuing operations rose from S/0.042 (US$0.01)in 2024 to S/0.17 (US$0.05)in 2025 — a more than fourfold improvement year-on-year.

Because AIPC1 is a holding company, consolidated revenue and net margin at the group level are reported in a separate consolidated filing not yet extracted; the separate-entity figures above reflect the parent’s standalone position only.

What it is doing now

During 2024, the company underwent a corporate restructuring in which it spun off a block of assets to a related entity, Inverperú Inmobiliaria S.A.A., effective 31 October 2024. This hived off the retail and banking subsidiaries — Saga Falabella, Tottus, Sodimac, Banco Falabella — leaving behind only the real-estate arm.

Mallplaza has set out an ambitious growth plan for Peru over the next five years, targeting 100,000 additional square metres of leasable space, reinforcing its Andean regional development. For the listed shell that is AIPC1, the question investors face is whether Mallplaza will eventually delist it or use it as a platform for further Peruvian acquisitions.

What to watch

• Delisting risk. With 99.77% of shares now in one hand, the free float is a sliver — under 0.25%. A squeeze-out or voluntary delisting from the BVL would be consistent with Mallplaza’s consolidated ownership strategy.
• Consolidated financials. The separate holding-company accounts tell only part of the story; the group’s consolidated revenue and margins from its 15 Peruvian malls are the numbers that actually signal operating health.
• Mallplaza’s expansion plan. The parent has a stated aim of adding 100,000 square metres of leasable area in Peru over five years — any new site announcements or acquisitions will filter through AIPC1’s balance sheet.
• Peru macro. Shopping-centre rental income tracks consumer spending and employment. Peru’s economy and political stability remain the key external variable for the portfolio’s occupancy and rents.

This is news, not investment advice.