The Company purchased by public auction from the Government of the Autonomous City of Buenos Aires (hereinafter “GCABA”) a property located at Beruti at the corner of Av. Coronel Díaz, in front of the Alto Palermo shopping center, owned by the Company, in one of the main commercial corridors of the city, in the Palermo neighborhood.
The property, built on a lot with an area of approximately 2,386.63 m2, consists of a first floor, six upper levels, basement and a total covered area of approximately 8,136.85 m2 and has potential for future expansion. The purchase price was ARS 2,158,647,620, which was paid in full.
To date, the signing of the deed of transfer of ownership is pending. Simultaneously with the deed, the Company is obliged to enter into a gratuitous bailment agreement with the GCABA, which will hold the property free of charge for a term of 30 months, in accordance with the terms and conditions agreed upon at the auction.
