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News

25 OCT

Material Fact - Abasto Towers Barter Agreement

The Company informs that it has transferred to an unrelated third party the rights to develop a residential building (“Tower 1”) on COTO Supermarket airspace located in Abasto neighborhood in the City of Buenos Aires.

Tower 1 will have 22 floors of 1 to 3 rooms apartments, totaling an area of 8,400 sqm.

The amount of the operation was set at USD 4.5 million: USD 1 million in cash and the balance in at least 35 apartment units, which represent the equivalent of 24.20% of the owned square meters, with a minimum guaranteed of 1,982 sqm.

In a 30 months period since the signature, when certain conditions have been met, IRSA CP must transfer to the same unrelated third party the rights to build a second apartment building.