Alto Palermo
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Alto Palermo S.A. (APSA) is an Argentine real estate company whose fundamental commercial objectives are the possession, development, administration, acquisition and construction of productive shopping centers. APSA is a subsidiary of Inversiones y Representaciones S.A., a real estate holding company based in Buenos Aires, Argentina.
Performance and developments during 2006
During the 2006 fiscal year, APSA's sales grew by 34% in nominal values and occupancy rates were close to 100%. As a result of the favorable conditions prevailing in the sector, APSA entered into a purchase agreement subject to due diligence to acquire Córdoba Shopping. Located in the Villa Cabrera neighborhood in Córdoba City. Córdoba Shopping has a total surface area of 35,000 square meters with 160 retail stores, 12 movie theaters and parking space for 1,500 vehicles. APSA also acquired an undeveloped parcel of land to build a shopping center in the Saavedra neighborhood of Buenos Aires and began implementing major improvements in Shopping Mendoza Plaza, which it started to manage in 2005.[1]
Notes
- ^ Eduardo S. Elsztain, Letter of the Chairman, IRSA Annual Report 2006