IRSA amplía su liderazgo en centros comerciales con nueva inversión en Terrazas de Mayo
IRSA Expands Retail Empire with Acquisition of Terrazas de Mayo Shopping Center
Strategic Investment: IRSA's Growth Trajectory
In a strategic move to strengthen its dominant position in the Argentinian shopping center sector, IRSA, the leading operator in the country, has acquired the Terrazas de Mayo shopping center. The acquisition solidifies IRSA's status as the undisputed leader and aligns with the company's long-term growth strategy.
IRSA's portfolio now boasts 16 shopping centers (one of which is managed by a third party), with Terrazas de Mayo joining the ranks as one of the company's five largest properties. Eduardo Elsztain, president of IRSA, hailed the acquisition as a significant milestone, adding 33,720 m2 of gross leasable area (GLA) and over 90 stores to the company's portfolio.
The move also opens up new opportunities for expansion and innovation within IRSA's retail ecosystem, adding 10 state-of-the-art cinema screens and ample space for additional tenants.
Partnership with Carrefour: A Synergy of Strength
Terrazas de Mayo's acquisition marks the third collaboration between IRSA and the French retail giant, Carrefour. The two companies have previously partnered in the Alcorta and Soleil shopping centers, with Carrefour operating stores in each location. In each of these ventures, both groups have shared ownership of the underlying land.
This shared ownership underscores the mutual trust and common goals of IRSA and Carrefour. Candela Arias, co-CEO of Carrefour Argentina, emphasized that the joint venture allows both companies to focus their resources on their core strengths: "The operation aligns with our current business strategy, concentrating resources on further strengthening our leadership in retail."
Carrefour's Expansion Plans: A Vision for Growth
"The transaction will allow us to enhance the management of the over 100 shopping malls we manage around our branches," added Néstor Sist, co-CEO of Carrefour Argentina. "This way, we will continue to strengthen the ecosystem of products and services that complement our customers' shopping experience."
But Carrefour's ambitions extend beyond its retail footprint. The company has announced a substantial investment of US$300 million earmarked for the opening of 100 new Maxi and Express stores, formats that have proven to be highly popular with Argentinian consumers.
Terrazas de Mayo: A Prime Location with Vast Potential
Strategically situated at the crossroads of Routes 8 and 202, Terrazas de Mayo is within easy reach of San Miguel, Bella Vista, and the Campo de Mayo military base. The shopping center is a popular destination, attracting approximately 7 million visitors annually, a number that IRSA aims to increase significantly.
IRSA's strong track record in developing and operating successful shopping centers positions the company well to unlock Terrazas de Mayo's full potential, contributing to the growth of the Greater Buenos Aires area and enhancing its retail landscape.
This acquisition is a testament to our unwavering commitment to leading the shopping center industry in Argentina. Terrazas de Mayo is a prime addition to our portfolio, and we are confident that it will contribute significantly to our continued success.
Eduardo Elsztain, President of IRSA
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