BUENOS AIRES, Argentina, April 29 /PRNewswire-FirstCall/ -- Today, IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA) announced it has acquired and taken possession of 100% of the office building known as Edificio Republica upon the exercise of the option it already had. The final price paid for the building was USD 70.3 million. This property, which was designed by renowned architect Cesar Pelli (also involved in the design of the World Financial Center in NYC and the Petronas Towers in Kuala Lumpur), constitutes a unique premium office building in downtown Buenos Aires and brings about 19,890 gross leasable square meters to IRSA's portfolio. Within that total leasable area, the Company expects to close lease agreements for about 16,000 sqm in the short term.
About IRSA:
IRSA Inversiones y Representaciones S.A. is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft- style conversions) 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.
