IRSA Propiedades Comerciales S.A

What it is

IRSA Propiedades Comerciales is a commercial real estate company in Argentina, engaged in the ownership, lease, management, development, and operation of shopping malls and office buildings. It was the dedicated commercial property arm of the wider IRSA group, owning flagship malls across Buenos Aires and in the provinces of Córdoba, Mendoza, Salta, and Santa Fe.

Through the wider IRSA group, the portfolio also includes luxury hotels and resorts under the Intercontinental, Libertador, and Llao Llao brands, as well as residential development projects. In late 2021, IRSA launched a merger by absorption — IRSA acting as the absorbing company, IRSA Propiedades Comerciales as the absorbed company — consolidating the two publicly listed vehicles into one.

Who owns it

The direct majority shareholder is IRSA Inversiones y Representaciones S.A., and the ultimate majority shareholder of the group is Consultores Assets Management S.A., based in Buenos Aires. The structured data shows insiders control approximately 80.6% of the float, leaving a free float of roughly 19%.

Eduardo Sergio Elsztain, born in 1960, is the Argentine businessman at the top of this structure and the chairman of IRSA, Argentina’s largest real estate company. In 1990, Elsztain secured a meeting with George Soros and persuaded him to commit $10 million, which he managed “with great success” — the partnership that seeded IRSA’s rise.

Who runs it

Eduardo S. Elsztain serves as chairman of both IRSA and IRSA Propiedades Comerciales, as well as of Banco Hipotecario and the agribusiness firms Cresud and BrasilAgro.

Alejandro Gustavo Elsztain, Eduardo’s brother, serves as Executive Vice Chairman of IRSA Propiedades Comerciales and is also Vice Chairman of Cresud.

Under its bylaws, daily business is run by an Executive Committee of five directors and one alternate director, including the Chairman, First Vice-Chairman, and Second Vice-Chairman of the Board. The CFO role is not separately disclosed in available sources.

The money, in plain words

Revenue has been sliding: from ARS 11.7 bn (US$8 mn) in FY2020 down to ARS 11.0 bn (US$8 mn) in FY2021 and ARS 9.2 bn (US$6 mn) on the trailing twelve months — a drop of roughly 21% over three years (our calculation). The net loss of ARS 21.9 bn in FY2021 (~USD 15 mn) reflects Argentina’s relentless peso depreciation eroding the book value of peso-denominated property assets and financial liabilities.

The balance sheet carries ARS 177.4 bn (~USD 121 mn) in total assets against ARS 99.4 bn (~USD 68 mn) in liabilities — so owners’ equity stands at ARS 72.5 bn (~USD 49.6 mn) (our calculation). Cash on hand of ARS 793 mn (~USD 543K) is thin; total debt is not separately disclosed in available data.

The return on equity of –50.1% means the company lost roughly 50 cents of book value for every peso shareholders had invested — a figure dominated by currency and fair-value swings rather than operating failure in the malls themselves.

What it is doing now

In December 2024, IRSA completed the acquisition of “Terrazas de Mayo,” a shopping mall located in the Malvinas Argentinas district, northwest of Greater Buenos Aires, adding approximately 33,720 square metres of leasable area to the portfolio. This is the first portfolio addition since the merger consolidated the two entities.

IRSA is also advancing Ramblas del Plata, a large waterfront urban development on a 22-hectare site; by 2025 fifteen residential buildings had been sold and 17 of the 20 first-phase lots committed to local developers. Tenant sales in the shopping mall segment grew 8.9% in real terms in the first half of fiscal year 2024, with occupancy holding at 98%.

What to watch

• Merger completion: IRCP’s separate public listing is winding down as it is absorbed into IRSA (NYSE: IRS; BYMA: IRSA) — investors holding IRCP shares should track the exchange ratio of 1.40 IRSA shares for each IRSA Propiedades Comerciales share and the final registration timetable.
• Currency risk: Nearly all revenues are peso-denominated in a country with persistent inflation; every devaluation shrinks the dollar value of rents and assets, which is the chief driver of the reported accounting losses.
• Argentine macro recovery: Argentina’s GDP grew 6.3% year-on-year in Q2 2025, the strongest signal in years that consumer spending — and mall tenant sales — could rebound materially.
• Ramblas del Plata: This is the group’s largest residential bet; delivery pace and pricing will test whether IRSA can monetise its vast land reserves at scale.

This is news, not investment advice.