Argentinian developer capitalising on European freeze | 7 December 2011
IRSA Inversiones y Representaciones, Argentina’s biggest real estate developer, is continuing to look for opportunities in Europe despite economic uncertainty in the region reports Property Wire
The firm, which also wanted to expand its portfolio in the United States, believe that real bargains can be found during times of uncertainty.
Eduardo Elsztain, chief executive officer of IRSA Inversiones y Respresentaciones, commented on the expansion of the business: “The best transactions are done when everybody stops and is paralysed.
“These days, the whole world is in some way frozen and the best way to preserve value is to have real assets. When you see a crash, people are reluctant to sell an apartment at half the price, but you can see shares of very good assets selling at 60 per cent discount,” he added.
Businesses attempting to expand their portfolio may require property management software in order to manage their new purchases, especially after prices continue to drop.
Property prices in Greece are reported to have dropped 15 per cent since the end of 2010 cites businessweek.co.uk – while the cost of UK commercial real estate failed to rise for the first time in more than two years in October, reports independent body, Investment Property Databank.
Speaking about US investment, Elsztain beamed: “The value of the properties are attractive, the cash flows of the companies are attractive [as well as] the locations.”
Written by Ashley Curtis on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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