The Company announces that it has acquired “Los Gallegos” shopping mall, located at Rivadavia 3050, in the city of Mar del Plata, Buenos Aires Province. The transaction was carried out through the acquisition of 100% of the entities owning the asset.
“Los Gallegos” shopping mall has approximately 10,500 sqm of gross leasable area (GLA), comprising 49 retail stores, 14 stands, 2 movie theaters and a department store. In addition, it includes 115 parking spaces.
The purchase price amounted to USD 13.5 million, of which USD 12.5 million was paid at closing, with the remaining USD 1 million retained as collateral.
Mar del Plata, the leading seaside city on Argentina’s Atlantic coast, located 400 km south of the City of Buenos Aires, is one of the country’s main commercial hubs outside the capital. With a population of nearly 800,000 inhabitants and a significant flow of tourists, the city offers strong potential for the development and expansion of commercial activity.
Following this acquisition, the Company’s shopping malls portfolio comprises 18 assets, 16 currently operated by IRSA, totaling more than 400,000 sqm of GLA.
