IRSA, owner of major shopping malls in the country and several emblematic office buildings, is taking advantage of the exchange trap to get clients into the real estate business.

The company has sold out this year several floors of the Torre Della Paollera, in Catalinas, with banks such as Santander and Industrial and financial companies such as Mastercard. Because they can’t buy dollars or transfer their earnings out of the country, buyers turned to bricks to preserve the value of their heritage.

And now, in an instant, it had collapsed the whole building of the republica neighbor of Catalinas, in the amount of US $ 131.8 million, as indicated in a statement on the Buenos Aires Stock Exchange.

The buyer the market was shocked. This is a surname that left the center of public opinion a few years ago: the Eskenazi family.

By the Petersen groupthe Eskenazis are owners of four banks (one in Santa Fe, Santa Cruz, San Juan and Entre Ríos), where the operation would have closed, according to real estate market sources.

Consumers, says IRSA, paid “approximately 80% cashthat is, US $ 105.1 million or 11,944.8 million pesos, and the remaining amount including the delivery of an estate of 46 acres located on the Buenos Aires-La Plata highway in the Quilmes district.

This property has approved regulations and urban indicators to be developed a mixed-use development with a construction capacity of approximately. 521,400 square metersadded the selling company.

IRSA indicated that the operation yielded US $ 6,629 per square meter. But that price is “nominal”, because the company must take the official exchange rate. In the market they estimate that when making the account in MEP or Stock Exchange dollars, the price per m2 becomes lower.

The República building, on Tucumán 1, was built by banker Raúl Moneta in the 1990s under the direction of architect César Pelli. The tower has 19,885 square meters of gross leaseable area on 20 office floors and 178 garage units.

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From YPF owners to the low profile

Eskenazi’s surname gradually disappeared from public opinion when, exactly 10 years ago, the YPF was nationalized and the family, who entered with 25% of the oil company under the sponsorship of Néstor Kirchner and without putting up a dollar in 2008, he lost his stake in the oil company.

However, the company where they bought the YPF stake went bankrupt and was acquired by Burford, a vulture fund dedicated to obtaining lawsuits. Now, because of that demand, Argentina and the nationalized oil company are faced with that one demand could reach US $ 8,500 million.

Once they returned to the low profile they had before their time at YPF, the group continued with their business: they have four banks (Santa Fe, Entre Rios, San Juan, Santa Cruz); the insurance company Qualia: Maintenance and Services, which specializes in landscaping and electrical installations, the Xumek winery (formerly Santa Sylvia) and the construction company Petersen, Thiele & Cruz, which is the group’s first company.

NE