Real estate joint venture
Introduction
IRSA (Inversiones y Representaciones Sociedad Anónima) is a commercial company with Argentine capital, controlled by Cresud S.A.C.I.F. and A. 64%, dedicated to real estate. Together with numerous companies it controls, it makes up the largest real estate group in Argentina, owner of the main shopping centers and responsible for some of the largest real estate projects in the country. Its current president and main shareholder, both directly and through the company Cresud S.A., is Eduardo Elsztain.[4].
Cresud, the Argentine agricultural company, owns close to one million productive hectares.[5] It has a stake in BrasilAgro[6] and owns the Cactus Feeders operations in Argentina.[7].
History
Since 1996, through its subsidiary Alto Palermo S.A. (APSA), acquires twelve so-called shopping centers ("shoppings").
In 1996 it bought the Galerías Pacífico building from the State "Galerías Pacífico (shopping center)") in an operation suspected of corruption,[8] and in 2000 it sold it.[9] In 1997 IRSA entered the hotel market by acquiring a 50% stake in the Llao Llao Hotel, near Bariloche, and in the Intercontinental Hotel, the Libertador Hotel and a subsidiary of Sheraton Hotels. In 1997, he was one of those in charge of the privatization of the Hipotecario Nacional bank, which was reorganized as a public limited company. For the irregularities in said privatization, he was charged along with Daniel Marx and the former Minister of Economy Roque Fernández, and other officials for the alleged commission of the crimes of illicit association, fraud to the detriment of the public administration, usury, abuse of authority and violation of the duties of an official, passive bribery and influence peddling, embezzlement, embezzlement, negotiations incompatible with the exercise of public office, fraud against commerce and industry.
In 2004, IRSA increased its shareholding in Banco Hipotecario"). In May 2008, it purchased the República Building, in Catalinas Norte, whose design belongs to the famous Tucumán architect César Pelli.
In 2009, IRSA acquired the DOT Baires Shopping in the Saavedra neighborhood "Saavedra (Buenos Aires)") in the City of Buenos Aires[10].
In December 2013, it acquired the Distrito Arcos shopping center. In December 2014, after a long legal dispute, the shopping center opened. Following days, the court postpones its opening due to complaints from merchants in the area. The firm had the concession of the property until 2036, but this was revoked in 2015 and the National State then initiated an eviction trial since the government of the city of Buenos Aires had transferred land belonging to the National State to IRSA without permission. [11].