Ready to change the bad times in the real estate market, Eduardo Elsztain, main shareholder and witness of the Irsa group, invented accept Argentine debt securities as payment for the properties you have for sale or rent. And she’s causing a stir.

From what emerged, various models in Irsa have pointed out, have overturned the question and will take the titles recognizing 30% of its market value.

By the way, these are very depressed values. One of the most iconic stocks is the AL 30, which is used to buy the stock dollar. On average, it trades $ 21.59 on a face value of $ 100.

Before announcing the initiative, Irsa consulted the proposal with various levels of government and above all with Sergio Massa and the owner of the Centrale, Miguel Pesce.

These stocks are held by traditional banks, investment banks and even so-called vulture funds. “It will work”, they said in an entity that asked not to be named.

Elsztain’s bet is that the headlines will increase in price. In turn, the owners modify the investment for properties that can also be revalued. Of course, the opposite can happen in Argentina.

This type of operation disappeared during the government of Raúl Alfonsín with the return of democracy in 1984, when banks with debt securities they exchanged them for participation in state-owned companies. And it reached its peak in the 1990s. A curious fact is that Citibank bought the Llao Llao hotel with an exchange of those securities, which later went to Irsa.

Of course this time they are private negotiations. The proof will be none other than the Maple building, in the central Suipacha street at 600, and immortalized in the tango, Corrientes 348.

In the 1920s, Maple was a furniture store specializing in hardwood floors, which is why the text says “Small apartment that Maple put: piano, mat and nightstand”. The property is not “a mini apartment” and is spread over several floors of superlative size, 1,580 square meters.

Near Irsa they mention other properties and make it clear that some, such as the brand new Catalinas tower with full occupancy, do not appear on that list.

The IRSA, owned by the Argentine capitals, is listed on Wall Street and is the the largest real estate investor: owns the most emblematic buildings of the city, leads into shopping centers and with Cresud is one of the largest landowners. Among his possessions he titles the mortgage bank with 29%. The rest belongs to the state.