Multiplan announces the 6th expansion at MorumbiShopping, located in São Paulo. The project aligns with the Company's development strategy, aiming to continuously enhance its assets. The initiative, totaling 13,141 m2, includes the addition of 7,377 m² of Gross Leasable Area (GLA) and the reconfiguration of a 5,764 m² mix. With a total investment of R$ 233 million (with the Company's share proportional to its stake in the asset), construction is scheduled to begin in March 2024, with the inauguration planned for the first half of 2026.
The project will accelerate the growth of MorumbiShopping, which, in the last 12 months (as of Sep/23), reported the highest sales per square meter in the Multiplan portfolio. The development will feature a new mix, offering more options for services, convenience, fashion, gastronomy, and entertainment. The expansion will be spread across three floors and will include 40 new stores, along with a rooftop area featuring eight gourmet restaurants. The shopping center will also gain a modern mall and circulation area. The initiative will increase the GLA of the shopping center to 63,332 m².
The architecture will incorporate the most contemporary and current elements, including skylights, green areas, and lounges, with the use of high-performance materials aligned with Multiplan's ESG strategy.
"Multiplan has a total growth potential of 1 million m². Out of this total, 200,000 m² is designated for shopping centers and 800,000 m² for mixed-use projects. Everything leads us to believe that expanding through expansions is the right path," says Eduardo K. Peres, president of Multiplan. The Company will also carry out a revitalization of MorumbiShopping in 2024. Expected to be completed by 2025, the focus will be on architecture, furniture, equipment, and façade. The goal is to offer an even more comfortable environment for visitors and reduce the shopping center's condominium costs."
