Investment property (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Disclosure of detailed information about investment property [abstract] |
|
| Summary of Investment Property |
(a)This caption is made up as follows:
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2025 |
|
2024 |
|
Acquisition or
construction
year |
|
Valuation
methodology (f)
2025 / 2024 |
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|
S/(000) |
|
S/(000) |
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|
|
Land (i) |
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San Isidro – Lima |
|
282,247 |
|
279,775 |
|
2009 |
|
Appraisal |
Pardo (Vivanda) (d) |
|
127,278 |
|
68,200 |
|
2021 |
|
Appraisal / Cost |
San Martín de Porres – Lima |
|
86,084 |
|
80,389 |
|
2015 |
|
Appraisal |
Nuevo Chimbote |
|
38,133 |
|
37,382 |
|
2021 |
|
Appraisal |
Ate Vitarte – Lima |
|
33,621 |
|
32,195 |
|
2006 |
|
Appraisal |
Santa Clara – Lima |
|
28,907 |
|
28,613 |
|
2017 |
|
Appraisal |
Others |
|
34,456 |
|
33,982 |
|
- |
|
Appraisal / Cost |
|
|
630,726 |
|
560,536 |
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|
|
|
Completed investment property -
“Real Plaza” shopping malls (i) |
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|
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|
Talara |
|
27,063 |
|
26,720 |
|
2015 |
|
DCF |
Buildings (i) |
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Orquídeas - San Isidro - Lima, Note 3.4(o) |
|
160,093 |
|
150,718 |
|
2017 |
|
DCF |
Ate Vitarte – Lima |
|
155,275 |
|
133,768 |
|
2006 |
|
DCF |
Chorrillos – Lima |
|
110,166 |
|
95,849 |
|
2017 |
|
DCF |
Piura |
|
105,108 |
|
94,907 |
|
2020 |
|
DCF |
Paseo del Bosque |
|
100,392 |
|
100,023 |
|
2021 |
|
DCF |
Chimbote |
|
55,577 |
|
48,690 |
|
2015 |
|
DCF |
Maestro – Huancayo |
|
40,309 |
|
35,004 |
|
2017 |
|
DCF |
Cuzco |
|
35,895 |
|
29,843 |
|
2017 |
|
DCF |
Panorama – Lima |
|
25,886 |
|
22,474 |
|
2016 |
|
DCF |
Others |
|
94,125 |
|
83,256 |
|
- |
|
DCF / Appraisal |
|
|
882,826 |
|
794,532 |
|
|
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Total |
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1,540,615 |
|
1,381,788 |
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|
DCF: Discounted cash flow (i) Investment property portfolio has been classified by the Group as Level 3. During 2025 and 2024, there were no transfers between levels of hierarchy, see Note 3.4(w). (ii) As of December 31, 2025 and 2024, there are no liens on investment property.
|
| Summary of Gain on Investment Properties |
(b)The net gain on investment properties as of December 31, 2025, 2024 and 2023, consists of the following:
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2025 |
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|
2024 |
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|
2023 |
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|
S/(000) |
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|
S/(000) |
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|
S/(000) |
|
Gain on valuation of investment property |
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|
101,104 |
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|
60,260 |
|
|
|
7,111 |
|
Income from rental of investment property |
|
|
81,484 |
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|
|
71,080 |
|
|
|
65,961 |
|
Loss on sale (e) |
|
|
- |
|
|
|
(3,176 |
) |
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|
- |
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Total |
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|
182,588 |
|
|
|
128,164 |
|
|
|
73,072 |
|
|
| Summary of Movement of Investment Property |
(c)The movement of investment property for the years ended December 31, 2025, 2024 and 2023, is as follows:
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2025 |
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2024 |
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|
2023 |
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S/(000) |
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|
S/(000) |
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|
S/(000) |
|
Beginning of year balances |
|
|
1,381,788 |
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|
|
1,298,892 |
|
|
|
1,287,717 |
|
Additions (d) |
|
|
62,723 |
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|
61,812 |
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|
16,903 |
|
Sales (e) |
|
|
- |
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(39,176 |
) |
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|
- |
|
Valuation gain |
|
|
101,104 |
|
|
|
60,260 |
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|
|
7,111 |
|
Net transfers, Note 3.4(n) |
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|
(5,000 |
) |
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|
- |
|
|
|
(12,839 |
) |
End of year balances |
|
|
1,540,615 |
|
|
|
1,381,788 |
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|
1,298,892 |
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|
| Summary of Average Price of Land |
Following are the minimum ranges, maximum ranges and the average price for the main lands, before any adjustment:
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Minimum
range |
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Maximum
range |
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Average |
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US$ per m2 |
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|
US$ per m2 |
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|
US$ per m2 |
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San Isidro – Lima |
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|
4,505 |
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|
8,098 |
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|
5,722 |
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Miraflores – Lima |
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|
4,540 |
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|
5,318 |
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|
5,041 |
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San Martin de Porres – Lima |
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|
1,247 |
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|
1,561 |
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|
1,402 |
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Ate Vitarte - Lima |
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|
1,200 |
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|
1,648 |
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|
1,428 |
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| Summary of Assumptions Used in Valuation of Investment Property |
The main assumptions used in the valuation and estimation of the market value of investment property are detailed below:
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|
US$ / Percentage |
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2025 |
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|
2024 |
|
Average ERV |
|
US$164.9 |
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|
US$144.3 |
|
Long-term inflation |
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|
2.7 |
% |
|
|
3.0 |
% |
Long-term occupancy rate |
|
|
97.5 |
% |
|
|
97.5 |
% |
Average growth rate of rental income |
|
|
2.4 |
% |
|
|
2.5 |
% |
Average NOI margin |
|
|
94.4 |
% |
|
|
93.6 |
% |
Discount rate |
|
|
8.4 |
% |
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|
9.3 |
% |
|
| Summary of Sensitivity Analysis in Valuation of Investment Property |
The sensitivity analysis on the valuation of investment property, against changes in factors deemed relevant by Management, is presented below:
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|
2025 |
|
2024 |
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|
S/(000) |
|
S/(000) |
Average growth rate of rental income (basis) - |
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|
Increase |
|
+0.25% |
|
22,842 |
|
3,839 |
Decrease |
|
-0.25% |
|
(21,966) |
|
(3,837) |
Long-term inflation (basis) - |
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|
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|
Increase |
|
+0.25% |
|
20,633 |
|
15,836 |
Decrease |
|
-0.25% |
|
(19,874) |
|
(15,404) |
Discount rate (basis) - |
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|
Increase |
|
+0.5% |
|
(70,400) |
|
(56,868) |
Decrease |
|
-0.5% |
|
83,611 |
|
66,193 |
|
| Summary of Future Minimum Fixed Rental Income |
(g)Below are the nominal amounts of the future minimum fixed rental income of the Group’s investment property (operating leases):
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|
2025 |
|
|
2024 |
|
Year |
|
S/(000) |
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|
S/(000) |
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Within 1 year |
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|
73,351 |
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|
72,831 |
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After 1 year but not more than 5 years |
|
|
221,826 |
|
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|
249,668 |
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Over 5 years |
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|
653,610 |
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|
750,179 |
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Total |
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|
948,787 |
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|
1,072,678 |
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