IRSA Buys Patio Olmos Building for $10M

IRSA closed the purchase of the building housing the Patio Olmos shopping center in Cordoba on 9 September 2026. The transaction was completed through Alto Palermo Centros Comerciales (APSA), the IRSA subsidiary that owns and manages the group's shopping malls.

The purchase price was approximately $10 million, or exactly 32.5 million Argentine pesos. The seller was the province of Cordoba through Corporacion Inmobiliaria de Cordoba SA (Corincor), which had launched a public tender for the site. APSA won first place in the price bidding process in December 2006.

APSA acquired only the property itself, while the shopping mall operations remain under an existing concession contract running for several more decades. However, APSA has been in talks for at least a year and a half with the operator to take over the mall. In the city of Cordoba, the company also owns Cordoba Shopping Villa Cabrera, which it purchased from Grupo Roggio in July of last year.

IRSA and APSA hold liquidity after previously issuing nearly $320 million in debt. That financing was placed with a ten-year maturity and an annual coupon slightly below 8%. Recent property additions for IRSA also include a 50% stake in the former BankBoston tower, the Microsoft tower on Bouchard Street, and the Edificio Republica.