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Multiplan Empreendimentos Imobiliários S.A.
Multiplan builds, owns, and runs shopping malls in Brazil, making money mostly by renting space to retailers and managing the centers.
Multiplan is one of Brazil's biggest shopping mall companies. It develops malls, owns them, manages them, and collects rent from the stores inside. If you walk into a large, busy shopping center in São Paulo or Rio de Janeiro, there's a good chance Multiplan owns or runs it.
The business works like a landlord with a twist. Multiplan doesn't just collect fixed rent. A meaningful chunk of its income comes from mall tenants paying a percentage of their sales, so when stores have a good month, Multiplan earns more too. It also charges for parking and earns fees for managing malls it doesn't fully own. That mix makes it a bet on Brazilian consumer spending: when people shop more, the malls fill up and the rent checks grow. What makes Multiplan strong is location and scale. Good malls are hard to build and hard to copy — you need land, permits, anchor tenants, and years of work. Multiplan owns some of the most productive malls in the country, which keeps retailers wanting in and gives the company pricing power. Its main rivals include other large Brazilian mall operators and, more broadly, e-commerce, which pressures weaker retailers but has so far coexisted with well-run malls that offer dining, entertainment, and services you can't buy online.
The company is headquartered in Rio de Janeiro and listed on Brazil's B3 exchange. It funds growth by developing new malls and expanding existing ones, and it pays out a good share of its profits to shareholders as dividends. The simple story: Multiplan owns prime real estate where Brazilians gather to shop, eat, and spend, and it collects a slice of that activity.
Saved answer · last researched 12 Nov 2026