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The Trajectory of Multiplan Registers New Financial Records and Strengthens the Leadership of José Isaac Peres in the Shopping Center Sector, Boosting the Family Wealth to Unprecedented Levels in the National Market.
Businessman José Isaac Peres, known in the sector as the “King of Shopping Malls” in Brazil, increased his fortune to unprecedented levels in 2025 after a series of strategic operations that reinforced Multiplan‘s leadership in the shopping center management segment in the country.
In July, the Peres family’s fortune was estimated at US$ 1.2 billion, according to an update from Forbes magazine, driven by the significant growth of Multiplan’s shares and a historic buyback of 90 million shares, moving approximately R$ 2 billion.
According to data released in the second quarter report, this share buyback was conducted at an average price of R$ 22.21 per share.
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The move generated, according to a report presented to the Securities and Exchange Commission (CVM), a real value creation of R$ 361 million for the company.
The strategy directly reflected in the performance of the shares, which accumulated an appreciation of about 16% between June 2024 and July 2025, while the Ibovespa, Brazil’s main stock index, rose about 9% in the same period.
Financial Results and Profit Distribution
In the semester ending June 2025, Multiplan reported net income of approximately R$ 500 million, of which R$ 264 million corresponded to the second quarter of the year.
Additionally, the payment of R$ 230 million in dividends was announced, highlighting the shopping center administrator’s commitment to increasing returns to shareholders.
The buyback program was also renewed, reinforcing the strategy to monitor and capture new opportunities for appreciation for investors.
José Isaac Peres and the Control of Multiplan
Founder of Multiplan, José Isaac Peres turned 85 on July 18, 2025 and continues to play a decisive role in guiding the company’s direction, even after transferring the executive presidency to his son, Eduardo Peres, in February 2023.
Peres remains as chairman, responsible for the main strategic decisions of the company and closely monitors the day-to-day operations.
The businessman recently exercised his right of first refusal in acquiring an 18.5% stake in shares that belonged to the Canadian pension fund Ontario Teachers’ Pension Plan (OTPP).
As a result, the Peres family now controls 33.68% of Multiplan, a stake valued at around R$ 4.4 billion.
The shareholding position is detailed: Peres holds 5.43%, his wife Maria Helena has 1.44%, and the holding company MPAR holds 26.81%.
Other relevant shareholders include the government of Singapore (4.92%), the Monetary Authority of Singapore (1.12%), and the Rio de Janeiro-based manager Squadra, led by Guilherme Aché, with 5.64%.
Structure and Leadership of Multiplan in the National Market
Currently valued at R$ 13 billion, Multiplan is considered the most valuable shopping center management company in Brazil, operating 20 malls with around 6,000 stores distributed across six states – São Paulo, Rio de Janeiro, Minas Gerais, Paraná, Rio Grande do Sul, and Alagoas – in addition to the Federal District.
The group’s main ventures are Morumbi Shopping in São Paulo, and BarraShopping in Rio de Janeiro, both recognized as benchmarks in high-income retail.
In 2025, Multiplan’s shares have appreciated over 20%, a performance that exceeded the market index and caught the attention of analysts and financial institutions, such as Itaú Unibanco and BTG Pactual, which identified the company as a top pick in the sector.
In April, the Peres family ranked 54th among the richest Brazilians on the Forbes list, with a fortune of US$ 1.1 billion, a figure that grew to US$ 1.2 billion in July.
Despite the spotlight, José Isaac Peres is still not listed in the Bloomberg Billionaires Index, the global ranking of the wealthiest individuals.
Operational Performance and Technology
Multiplan’s operational performance continues to show continuous growth.
According to the company’s report, 18 malls underwent revitalizations in the 12 months leading up to June 2025, over 1,100 events were held, and 39,777 square meters of gross leasable area (GLA) were replaced.
The Multi app reached nearly 9 million downloads, contributing to the consumer experience and generating relevant data for the business.
The strategy of investing in technology, revitalizations, and customer experience is emphasized by CFO Armando d’Almeida Neto, who has been with Multiplan since 2008.
The executive highlighted the increase in the occupancy rate of the malls to 96.1%, a decrease in the occupancy cost to 12.6%, a net delinquency rate of 0.2%, and a tenant turnover of 1.1%.
“If the retailer sells more, that generates higher rental income and creates more data about consumer desires, which helps sell more. That’s why we invest so much in technology,” stated d’Almeida Neto in a recent interview.
Expansion and High Revenues
Between November 2024 and June 2025, the group opened expansions in malls like DiamondMall in Belo Horizonte and ParkShoppingBarigüi in Curitiba, which experienced sales growth of 31.6% and 28.2%, respectively.
Multiplan’s rental revenue – which includes shopping centers and corporate towers – totaled R$ 427.5 million in 12 months, an increase of 8.4% compared to the previous period.
Of this total, 96.9% came from the malls, with nine units registering double-digit growth.
Parking, property sales, and services also recorded revenue increases compared to the previous year.
The second-quarter report also indicates historic margins: the NOI (Net Operating Income) margin reached 95% for the last 12 months, and the EBITDA margin for properties was 84.6%, with an increase of 6.36 percentage points, a direct reflection of the efficiencies implemented by the shopping center management company.
Macroeconomic Scenario and Strategic Caution
Despite the positive numbers, the company remains cautious in light of the Brazilian macroeconomic scenario.
Multiplan opted to pause greenfield projects – new malls developed from scratch – until the electoral scenario of 2026 becomes clearer, in addition to monitoring the effects of the basic interest rate, currently at 15% per year.
“We are not immune to the Selic rate of 15% per year. We will wait for the presidential election of 2026 to see what will happen with fiscal policy, where Brazil is heading. It doesn’t make sense to build malls if there isn’t that much demand from retailers,” the CFO stated.
The market is also closely monitoring the movements of Multiplan’s main competitors.
Allos, the largest operator in the country in terms of the number of managed malls, confirmed the purchase of a plot of land for a new shopping center in the upscale Morumbi area of São Paulo, within the Parque Global complex, a project for high-income consumers.
Multiplan negotiated the leadership of this project in 2021 but eventually withdrew from the agreement.
Another point observed by analysts is the ability to adjust rents in leasing contracts.
The IGP-DI indicator, the main index for these contracts, accumulated an increase of 3.84% in 12 months, below the 5.35% of the IPCA in the same period.
According to analyst Felipe Mesquita of BB Investimentos, this scenario could create challenges in maintaining the pace of adjustments.
Still, the buy recommendation for Multiplan‘s shares was maintained, with an increase in the target price to R$ 35 by the end of 2026.
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