Brazil's biggest mall landlord raises R$300M in CRI-backed debt
What's the deal? Multiplan, Brazil's largest shopping-centre landlord, has raised R$300 million (US$58.7 million) through CRI-backed debentures. The issuance was approved on 7 August 2026, with terms not fully disclosed. Proceeds will fund new investments in the company's real estate development pipeline.
How it works: A Certificado de Recebíveis Imobiliários (CRI) is a Brazilian fixed-income security backed by real-estate receivables. Multiplan's steady rental income from its mall portfolio supports payments to bondholders. For issuers, CRIs can be cheaper than bank loans; for individual investors, they are often exempt from income tax — making them a cornerstone of Brazilian property financing.
By the numbers: Multiplan's leverage improved to 1.93x net debt/EBITDA in Q2 2026, down from 2.13x the prior quarter. Net debt stood at R$4.551 billion (US$891 million) as of Q2 2026.
Why now? The deal lands with Brazil's benchmark Selic rate still in double digits. CRI-linked debentures are typically priced at a spread over CDI, the interbank rate that tracks Selic, so borrowing costs remain elevated even for blue-chip names.
The signal: Multiplan tapping capital markets rather than banks points to the depth of Brazil's local debt market and continued appetite for real-estate credit despite high rates. The issuance underscores how securitisation has become central to property financing — and how strong operators can still raise money and manage leverage in a costly-money environment.
Image credit: willowbrookhotels
Read more: The Rio Times
