Alto Palermo S.A.
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 fiscal 2006, sales for APSA 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. Additionally, APSA acquired an undeveloped parcel of land to build a shopping center in the Saavedra neighborhood of Buenos Aires and APSA began implementing major improvements in Shopping Mendoza Plaza, which APSA started to manage in 2005.
- Eduardo S. Elsztain, Letter of the Chairman, IRSA Annual Report 2006