Chilean retailer Falabella aims to close several major asset sales

The retailer announced this month that it reached an agreement to sell it its stake in mall owner Falabella Peru to Plaza SA. — Bloomberg

SANTIAGO: Falabella SA, Chile’s second-largest retail group by sales, expects to close several more “major” asset sales this year as part of its plan to raise US$850mil to US$1bil and help improve its credit metrics, says chief executive officer Alejandro Gonzalez.

The retailer announced this month that it reached an agreement to sell it its stake in mall owner Falabella Peru to Plaza SA, a separate company controlled by Falabella. Plaza, more commonly known as Mallplaza, agreed to raise as much as US$300mil via the sale of new shares to buy the stake.