Multiplan stock: R$1 billion mall sales cut leverage
Published on 11/05/2026 at 03:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSDeleveraging reshapes Multiplan's strategy
- Four mall stake sales generated more than R$1 billion and reduced leverage from 2.3 times to 1.8 times cash generation.
- A ParkShopping expansion in Brasília is scheduled to open on November 18 with more than 60 stores and 98 percent of space leased.
- Multiplan is assessing shareholder returns while keeping further expansion projects under review.
Multiplan has completed a two-year cycle of minority stake sales in its shopping centers, raising more than R$1 billion and reducing leverage. El Fondo reported the development on October 30, citing Multiplan Chief Financial and Investor Relations Officer Armando d'Almeida Neto.
Asset sales lower financial leverage
The transactions began with a 25 percent interest in JundiaíShopping in 2024 and continued with sales involving ParkShopping in São Caetano and BH Shopping. The final deal involved a 9.33 percent interest in ParkShoppingBarigüi in Curitiba, sold for R$250 million in August after Multiplan acquired it for R$91 million in 2017.
Multiplan's leverage declined from 2.3 times to 1.8 times cash generation. The company ended September with gross debt of R$5.37 billion and net debt of R$4.44 billion. The Barigüi transaction also contributed to third-quarter net income rising 73.3 percent to R$383.2 million, while first-nine-month profit increased 56.6 percent to R$1.13 billion.
Expansion cycle nears its final stage
The company added nearly 51,000 square meters across its mall portfolio during the two-year cycle. Its next major opening is an 8,615-square-meter expansion of ParkShopping in Brasília on November 18. More than 60 stores are planned, and 98 percent of the space was leased when the project was reported.
Multiplan has virtually no committed capital expenditure for 2027, while four possible expansions remain under study. Management is also considering ways to increase shareholder returns after the reduction in development commitments. BTG Pactual and Itaú BBA have buy ratings with targets of R$28 and R$36, respectively, while JPMorgan has a neutral view because of risks to consumption.
Business model and market position
Multiplan plans, develops, owns and manages commercial real estate in Brazil, with shopping centers combining retail, leisure, entertainment and services. At the end of the second quarter of 2026, it owned and managed 20 shopping centers with total gross leasable area of 905,900 square meters and also held two office complexes. Its portfolio is concentrated in major Brazilian urban regions and includes mixed-use projects connected with residential, commercial and hotel developments.
Multiplan company facts
- Company: Multiplan Empreendimentos Imobiliários S.A.
- ISIN: BRMULTACNOR5
- Ticker: MULT3
- Home exchange: B3 in São Paulo
- Portfolio: 20 shopping centers and two office complexes, based on second-quarter 2026 figures
- Net debt: R$4.44 billion at the end of September 2026
The Bovespa market provides the broader setting for Brazilian mall shares.
