MULT3

Multiplan Empreendimentos Imobiliários S.A. is a Brazilian publicly traded real estate company, with common shares listed on B3 under the ticker MULT3. Its origin dates back to 1966, with the founding of Veplan, a brokerage and real estate development firm created by José Isaac Peres, who would later become a founding shareholder and chairman of Multiplan’s board of directors. The group’s trajectory includes the merger of Veplan with H.C. Cordeiro Guerra, giving rise to Veplan-Residência, responsible for hundreds of residential and commercial developments, including Shopping Ibirapuera in São Paulo, the group’s first contact with the shopping mall segment. In 1975, after Peres left Veplan-Residência, Embraplan and Multiplan Planejamento were formed, the seeds of today’s Multiplan group, focused on planning, engineering, design, and residential and commercial real estate development.

The specific focus on shopping centers was consolidated with the creation of Multishopping in 1977, a company later succeeded by today’s Multiplan Empreendimentos Imobiliários S.A., focused on the development and management of shopping centers. BH Shopping in Belo Horizonte, opened in 1979, marked the beginning of the company’s mall network, followed by RibeirãoShopping, BarraShopping, MorumbiShopping, and ParkShopping, opened between 1981 and 1983 in cities of major economic relevance. Throughout the 1980s and 1990s, the group expanded into various real estate developments in Brazil and abroad, such as high-end residential condominiums, medical centers, office towers and shopping centers in cities such as São Paulo, Rio de Janeiro, Belo Horizonte, Curitiba, Maceió, as well as projects in Portugal and Miami.

Multiplan’s current corporate structure began to take shape in 2005, with the creation of Multiplan Empreendimentos Imobiliários Ltda. to concentrate real estate investments, including shopping centers and commercial and residential buildings. In 2006, the company was converted into a corporation, adopting its current corporate name and significantly expanding its own gross leasable area through acquisitions and corporate reorganizations that increased its stakes in shopping mall projects. In that same year, the Canadian pension fund Ontario Teachers’ Pension Plan joined the company’s shareholder base as a key investor, bringing international experience in commercial properties through Cadillac Fairview. In 2007, Multiplan carried out its initial public offering on B3, raising funds for expansion and joining the exchange’s Level 2 corporate governance segment.

Multiplan’s business model is structured as an integrated real estate platform, primarily focused on owning, developing, and managing large regional shopping centers, complemented by mixed-use projects. The company is involved from the planning, implementation and commercialization of real estate projects to the operational management of the assets in operation. As of December 31, 2024, Multiplan’s portfolio included 20 shopping centers, totaling 890.3 thousand m² of total gross leasable area, with an average ownership interest of 80.7%, resulting in 718.5 thousand m² of owned GLA. Additionally, it held two corporate complexes for lease, with total GLA of 50.6 thousand m² and an average ownership interest of 92.1%, bringing the portfolio’s total GLA to 940.9 thousand m² and owned GLA to 765.1 thousand m². Recurring rental revenues from shopping centers, office towers, and parking facilities represent the company’s economic core.

Multiplan organizes its operations into four segments: rental properties, properties for sale, projects for lease, and management and others. The rental properties segment concentrates most of the gross revenue, accounting for 73.8% in 2024, with an even higher share in prior years, and includes revenues from fixed rent, percentage rent linked to tenants’ sales, merchandising, media, leasing of corporate floors, and parking fees. The properties-for-sale segment comprises the development and sale of residential and commercial properties, generally located around its shopping centers, and gained specific importance in 2024, accounting for 20.23% of gross operating revenue that year. Projects for lease cover the development cycle of new assets aimed at future rental income, while the management and others segment includes management services provided to partners and tenants, brokerage fees and store transfer fees, as well as corporate results not directly attributable to a specific asset.

Multiplan’s shopping center portfolio consists of large-scale assets with strong urban presence in capital cities and regional hubs, mainly in the Southeast, South and Northeast regions of Brazil, as well as in the Federal District. Projects such as BarraShopping in Rio de Janeiro, MorumbiShopping in São Paulo, BH Shopping and DiamondMall in Belo Horizonte, RibeirãoShopping in Ribeirão Preto, ParkShopping in Brasília, and ParkShoppingBarigüi in Curitiba are examples of shopping centers primarily geared toward higher-income segments. In many cases, these assets are integrated into mixed-use complexes that include office towers, medical centers, hotels, and residential buildings, a strategy designed to enhance visitor traffic and real estate appreciation in the malls’ catchment areas.

On the operational front, Multiplan combines retail area leasing with complementary and convenience services. In its malls, besides traditional stores, it commercializes spaces in common areas for kiosks, stands, static and digital media, antennas, events, containers, and food trucks. The company also develops digital initiatives, such as the Multi superapp, launched in 2019, which is integrated with mall operations, offering services and features aimed at strengthening relationships with tenants and visitors. In several projects, the company integrates medical centers, convention centers, gyms, hotels, and office towers, as in the BarraShopping, RibeirãoShopping, and ParkShopping complexes, which broadens the diversity of revenue sources and reinforces their role as multifunctional urban hubs.

From a regulatory standpoint, Multiplan’s shopping mall activity is shaped mainly by urban lease legislation and the legal framework governing condominiums. In Brazil, there is no specific law for shopping centers; relationships between developers and tenants are governed primarily by the Tenancy Law (Lei do Inquilinato), lease agreements, condominium bylaws, and internal regulations. Many of the properties operate as building condominiums (condomínio edilício), in which each autonomous unit has its own deed, and common areas belong to all co-owners, with decisions made at meetings according to quorums set out in the Civil Code and in the Condominium and Real Estate Development Law. In other cases, a civil condominium structure is adopted, in which co-owners share undivided interests in the property, subject to rules on preemptive rights, sale, and partition, also provided for in the Civil Code.

As a company listed on B3, Multiplan is subject to the corporate governance, transparency, and disclosure requirements typical of the Brazilian capital markets, including the periodic release of financial and operating information. The company has joined B3’s Level 2 governance segment, which entails additional commitments regarding capital structure and the protection of minority shareholders. The composition of its portfolio, based on tangible assets generating recurring income, combined with its practice of developing new projects and expansions, characterizes Multiplan as an integrated real estate platform primarily focused on the shopping mall segment, with a strong weighting of rental revenues and services associated with the operation of these assets.