IRSA Inversiones y Representaciones S.A.'s Subsidiary Alto Palermo S.A. Announces the Acquisition of a Plot of Land Close to Alto Palermo Shopping Center
Posted on June 27, 2008 at 15:26 PM EDT
BUENOS AIRES, Argentina, June 27 /PRNewswire-FirstCall/ -- IRSA Inversiones y Representaciones S.A.'s subsidiary Alto Palermo S.A. ("APSA") reported today to the Argentine Comision Nacional de Valores the acquisition of a plot of land located at 3351/9 Beruti Street (between Coronel Diaz Ave. and Bulnes St.) in the well-known neighborhood of Palermo, City of Buenos Aires.
The transaction was made for a total price of USD 17.8 million, comprising a total area of 3,207 square meters. The importance of this acquisition lies in the strategic location of the asset, which is very close to APSA's main shopping center known as "Alto Palermo Shopping" situated at Coronel Diaz Ave. between Santa Fe Ave. and Beruti St.
About IRSA and APSA:
IRSA Inversiones y Representaciones S.A. (NYSE:IRS) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange.
Through its subsidiary Alto Palermo S.A. (NASDAQ:APSA), IRSA manages an expanding top portfolio of shopping centers in Buenos Aires and other cities.
As well, IRSA owns a unique portfolio of AAA class office buildings for rental, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions), having recently celebrated a partnership with Brazilian developer Cyrela, and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns an 11.8% stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country.
Source: IRSA Inversiones y Representaciones S. A.
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