Multiplan discovers a "second Multiplan" that could unlock R$ 10 billion in value.

Having completed the revitalization cycle of 19 of its 20 shopping centers, Multiplan is now focusing on unlocking value in the use of its land bank in Brazil. The path the company envisions is to create "mini-neighborhoods" around these units, on its own land, which will ultimately help increase the flow of visitors to the shopping centers.

The company currently has 864,000 m² of private land available for sale next to its shopping malls, which will be used for the construction of mixed-use developments, with commercial and residential properties. Part will be sold directly and another part will be used for constructions by the company itself.

To give you an idea of this volume, the land reserved for commercialization by Multiplan represents about 90% of all the square footage the company has in its shopping malls, which is 903,000 m² of gross leasable area (GLA). In practice, it's almost a "second Multiplan" with the potential to be developed.

“These are plots of land we own next to our shopping malls for developing projects primarily focused on sales, in mixed-use developments. This is the origin of the company, which started as a real estate developer,” says Armando d'Almeida Neto, CFO of Multiplan, in an interview with NeoFeed .

Real estate market sources consulted by NeoFeed estimate that, considering an average cost of R$12,000 per square meter – with some regions having higher values, such as R$24,000/m², and others less than R$10,000 – the sale of land and construction of developments could yield Multiplan at least R$10 billion. The company does not confirm this figure.

“With this, we accelerated development in the area surrounding the shopping mall and unlocked value for our shareholders, with assets that were being held in our land bank . In this way, we unlocked this value and generated cash and profit,” says the CFO.

One practical example of this growth plan, running parallel to the expansion projects of the shopping malls themselves, is already underway. The company is developing the Golden Lake project, which it calls a "private neighborhood," with a potential sales area of 250,000 m², located 660 meters from BarraShoppingSul in Porto Alegre, Rio Grande do Sul, on the Guaíba River side.

The land available for construction alone, approximately 281,000 m², is almost four times larger than the area of the shopping mall itself, which has 75,400 m² of gross leasable area (GLA). When fully completed, Golden Lake will have 1,400 apartments. According to the company executive, this means a potential increase of about six thousand people circulating in the area surrounding the mall.

So far, 94 properties have been delivered, as of December of last year, which already represents at least 500 residents of the condominium who will have the Multiplan shopping mall as a kind of backyard. To date, the company has already used 34,000 m² of area.

“It becomes a continuous flow circulating in BarraShoppingSul. This is very important for the shopkeepers,” says d'Almeida Neto. Most of the available land around Multiplan's shopping malls is less than a kilometer away.

Multiplan's next project will be developed on a 36,000 m² area surrounding VillageMall in Barra da Tijuca, Rio de Janeiro. Construction is expected to begin in 2027. Initially, a residential development will be built, with a future expansion for a commercial project. The project is currently in the approval phase.

The 864,000 m² of land are distributed alongside 11 Multiplan shopping malls. Besides BarraShoppingSul, which has the largest available area, and VillageMall (80,000 m²), the largest spaces are around ParkShopping Campo Grande (161,700 m²), Shopping Anália Franco (115,000 m²) and ParkShopping São Caetano (108,000 m²).

“In Campo Grande, we have a large residential area on three plots of land. In São Caetano, we are evaluating a commercial focus, and in Anália Franco, it is also a residential project that we want to develop,” says the Multiplan executive.

Furthermore, the company has just completed the sale of portions of land for the development of real estate projects by third parties, next to ParkShopping Campo Grande and ParkJacarepaguá, both in the city of Rio de Janeiro, and ParkShopping Canoas, in Rio Grande do Sul. The values will be disclosed and reported in Multiplan's financial statements.

Armando d'Almeida Neto, CFO of Multiplan

Another alternative that the company has been adopting to also increase traffic is to connect its commercial complexes directly to shopping malls. Last year, the company reopened an air-conditioned walkway linking Morumbi Corporate to Morumbi Shopping, in the southern part of São Paulo, via Avenida Chucri Zaidan.

The way forward, in this case, is to develop other construction potentials, including the implementation of projects based on the acquisition of airspace, as in the case of pedestrian bridges.

According to Multiplan's CFO, there is a macroeconomic component posing a challenge to the development of these projects, which is the high cost of capital, in a scenario of interest rates at 14.5% per year. However, the executive states that there is no chance that the projects will be interrupted. "This only changes the speed of growth. But the fact is that we will grow."

Between January and March of this year, the company controlled by the Peres family achieved a net profit of R$ 316.1 million, a 35.1% increase over the same period of the previous year. EBITDA for the period was R$ 516.5 million, 28.9% higher than the first quarter of 2025.

The company's performance in the quarter was driven precisely by revenue from real estate sales, which reached R$ 300.9 million, an increase of 1,449.6%. This volume includes the sale of a stake in BH Shopping and the progress of the second phase of Golden Lake.

As a result, real estate sales in the first quarter accounted for the equivalent of 34.2% of gross revenue. Rental volume, which drives the performance of shopping malls, reached 49.6% of revenue during the period.

In the accumulated total for 2026, MULT3 shares have appreciated by 7.8%. Over 12 months, the increase is 9.4%. Multiplan's market value is R$ 15 billion.