Buenos
Aires, Argentina - November 10, 2023 – IRSA Inversiones y
Representaciones Sociedad Anónima (NYSE:IRS; BYMA:IRSA),
Argentina's leading Real Estate company, informs that today,
in compliance with the provisions contained in articles 72 and 73
of Law 26,831 and in Section IV, Chapter III, Title II of the CNV
Rules, it has executed a Trust Administration Contract at cost for
a project development and construction of a residential building,
stores (gastronomic use), and complementary parking spaces, which
is subject to fulfillment of certain suspensive conditions detailed
below, and in which the Company will have the character of money
trustor. Likewise, and as beneficiary of the trust, IRSA will
receive approximately 5,128 salable square meters and 32 parking
spaces, also fulfilling functions as a developer based on its
expertise in residential real estate development. TMF Trust Company
(Argentina) S.A., a company with a fiduciary purpose that is not a
related party, will act as trustee.
The
aforementioned trust contract involves the contribution of a
building owned by Banco Hipotecario S.A. (“BHSA”), an
entity in which the Company holds a significant interest. The
building is located in the block embraced by the streets Carlos
Pellegrini, Presidente Perón, Sarmiento and Pasaje Carabelas,
in the City of Buenos Aires. As previously indicated, the
aforementioned contract is subject to certain suspensive
conditions, including: (i) formalization of the corresponding
approvals by BHSA; (ii) transfer of the property to the trust by
BHSA as land trustor; (iii) participation of money trustor’s
investors until reaching 100% of the funds required for the project
and (iv) obtaining the final approval of the project under the
provisions of Law 6508 of the Buenos Aires City Government. To
date, the foregoing suspensive conditions are pending and have not
been materialized.
Finally,
it is informed that the trust underlying project has pre-approval
for the Microcentro district reconversion regime issued by the
Government of the City of Buenos Aires (Law 6508).
The
execution of the aforementioned contract has been approved
yesterday by the Board of Directors of the Company, with the
corresponding consultation to the Audit Committee that had no
objections towards this transaction and the statement is available
to all the Shareholders at the Company´s
headquarters.