IRSA Inversiones y Representaciones S.A. Announces the Acquisition of the Office Building Known as Edificio Republica

BUENOS AIRES, Argentina, April 29 /PRNewswire-FirstCall/ -- Today, IRSA
Inversiones y Representaciones S.A. (NYSE: IRS; BASE: IRSA) announced it
has acquired and taken possession of 100% of the office building known as
Edificio Republica upon the exercise of the option it already had. The
final price paid for the building was USD 70.3 million. This property,
which was designed by renowned architect Cesar Pelli (also involved in the
design of the World Financial Center in NYC and the Petronas Towers in
Kuala Lumpur), constitutes a unique premium office building in downtown
Buenos Aires and brings about 19,890 gross leasable square meters to IRSA's
portfolio. Within that total leasable area, the Company expects to close
lease agreements for about 16,000 sqm in the short term.

About IRSA:

IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA) is
Argentina's largest, most well-diversified real estate company, and it is
the only company in the industry whose shares are listed on both the Bolsa
de Comercio de Buenos Aires and The New York Stock Exchange. Through its
subsidiaries, IRSA manages an expanding top portfolio of shopping centers
and office buildings, primarily in Buenos Aires. The company also develops
residential subdivisions and apartments (specializing in high-rises and
loft- style conversions) and owns three luxury hotels. Its solid,
diversified portfolio of properties has established the Company as the
leader in the sector in which it participates, making it the best vehicle
to access the Argentine real estate market. Additionally, IRSA owns an
11.8% stake in Banco Hipotecario, Argentina's largest mortgage supplier in
the country.



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Source: Real Estate Newswire