IRSA Commercial Properties (IRSA PC), the holding company from shopping malls and offices of the group led by Eduardo Elsztain, continues to divest its real estate assets. Now, it is the turn of a Historic building in the Microcentro.
Its about Maple Building, a office tower at Suipacha 652 (between Viamonte and Tucuman). It is exclusively marketed by Newmark.
Through a private bidding contest, establish a reference price and the interested parties should bring their proposals closer.
“There is no base price. But, due to the conditions of the property, its footage and its location, a total value of the building of between u $ s 8 million and u $ s 10 million “, Explain Domingo Speranza, president of Newmark.
The building has seven floors of offices and 62 garages. Most plants are 1580 square meters (m2) of surface, with a total locative area that averages the 11,465 m2, detail from IRSA.
Among its main tenants were Advertising Media Monitor, Business Director Services Organization (OSDE) and Tarshop, among others. But today “is 100% empty; contracts to market the property were dropped“Speranza explains.
IRSA’s main objective is to sell the building en bloc, although there will also be the possibility of commercializing at least two stories. “In that case, since it is more than 3000 m2, a value close to US $ 2.5 million is calculated“, remarks the real estate entrepreneur.
The building was acquired by the company that Elsztain commands in 1991 and, in 2011, he tried to sell it but to no avail. “It was another moment in the country. It was also called a contest,” explains Speranza.
At that time, the real estate Jong Lang Lasalle was in charge of marketing, with a base price above the current one, close to US $ 16 million.
Who are the interested parties?
From the real estate that, this time, commercialize the office complex, they assured that they hope to be able to close the offers for the second week of December.
“We are receiving interested companiess. But we are not yet accepting formal proposals, “explains Speranza.
“There is a lot of interest and we already have at least three companies interested in acquiring at least two flats. Also, there are many others that are beginning to lean towards acquiring the entire building, “he highlights.
According to the broker, the place is ideal for unions, medical centers, a university or even the possibility of converting it into a residential building. “It is a trend that we are beginning to notice in the Microcentro, which, for many, becomes an opportunity“, exemplified.
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Joins the list
In recent weeks, IRSA disposed of several of its properties in the Microcentro area. The most recent was the auction of 50 of his garages in the Prourban tower (“El Rulero”), in Retiro.
These were the last units of the emblematic building that belonged to Eduardo Elsztain. “It is a building that today, in a pandemic, is no longer so attractive,” they had explained from IRSA
At the beginning of the month the company managed to place another three floors of its office tower in Catalinas. In this case, it was 261 Della Paolera, the complex opened in December last year. According to this newspaper, the buyer was the Spanish bank Santander.
As reported in the National Securities Commission (CNV), “The price of the transaction was approximately $ 3,197 million, which was paid in full.”
In the company’s last annual results report, closed on June 30, it was reported that tenant sales and shopping center revenues fell 27.8% and 40.3%, respectively, in real terms during the year. Office revenues fell 22% and hotel revenues 69.7 percent.
The net result for fiscal year 2021 showed a loss of $ 37,591 million Mainly explained by operating income, the impact of the change in the rate, from 25% to 35%, on deferred income tax and the loss recorded by discontinued operations.