InRetail Shopping Malls Completes Tender Offer for Senior Notes Due 2028

On October 9, 2025, InRetail Shopping Malls, a Peruvian trust, officially concluded its tender offer for the 5.750% Senior Notes maturing in 2028. The announcement marks a significant milestone, reflecting both the company's robust financial health and strong investor engagement. As the largest owner and operator of shopping malls in Peru, InRetail is recognized for its strategic positioning in the retail sector.

Overview of the Tender Offer

The tender offer was initiated to facilitate the buyback of outstanding Senior Notes, valued at a total of $350 million. The offer price was set at $1,009.58 for every $1,000 in principal, excluding the accrued interest. The overall reception to the offer was promising, with approximately 66.72% or $233.5 million of the notes being tendered by the Expiration Date. Furthermore, an additional $1.4 million was accepted under guaranteed delivery procedures.

Running through the channels of Citigroup Global Markets, Deutsche Bank Securities, and J.P. Morgan Securities, the offer was marketed effectively to institutional investors, reflecting the trust's reputation among financial circles. The acceptance of the valid tendered notes will see holders receiving their respective consideration paired with accrued interest up until the Settlement Date.

Contextualizing InRetail's Market Position

InRetail Shopping Malls stands out as the foremost shopping mall operator in Peru, boasting a significant portfolio of 22 malls with a total gross leasable area (GLA) measuring an impressive 860,194 square meters. This expansive reach across 12 cities positions the company strategically to capitalize on Peru's growing middle-class market. With flagship properties operating under the Real Plaza brand, InRetail has effectively attracted high-profile tenants, ensuring competitive occupancy rates and a vibrant shopping environment for its visitors.

The shopping malls of InRetail serve as vital recreational hubs for local families, offering an array of entertainment options and shopping experiences. The company’s ability to sustain a robust retail tenant mix is attributed to over two decades of experience in the sector, making them a pivotal player in the Peruvian retail landscape.

Looking Ahead

In reiterating confidence in its operational strategy and market approach, InRetail Shopping Malls is committed to maintaining its leadership in the sector while emphasizing prudent financial management. The completion of this tender offer signifies not just a financial maneuver but also represents stakeholder trust in InRetail’s future endeavors.

As the market evolves, InRetail remains poised to adapt and thrive in the dynamic retail environment of Peru, underscoring its status as a cornerstone of the shopping experience in the country. Investors and market participants will be closely monitoring InRetail's next moves as it continues to leverage its operational strengths and market insights for sustained growth.

For inquiries related to the tender offer or future investments, stakeholders and interested parties are encouraged to reach out to Citigroup Global Markets or Deutsche Bank Securities, as detailed in the company’s press release.