Inversiones y Representaciones Sociedad Anónima

Inversiones y Representaciones S.A. (IRSA)
TypePublic
NYSE: IRS
BCBA: IRSA
MERVAL component
IndustryReal estate
Hospitality
FoundedJune 23, 1943 (June 23, 1943)
FounderEduardo Elsztain
HeadquartersBuenos Aires, Argentina
Key people
Eduardo Elsztain
(Chairman and CEO)
ServicesShopping malls
Office leasing
Real estate development
Hotels
Land rental
RevenueIncrease US$ 381 million[1][2]
Total assetsIncrease US$ 1.3 billion (6/2009)[1]
ParentCresud S.A.
Websiteirsa.com.ar

Inversiones y Representaciones Sociedad Anónima (mostly known for its acronym IRSA) is a corporation with Argentinian capital. It is 64% controlled by Cresud S.A.C.I.F. y A. and is engaged in the real estate business.[3]

IRSA owns shopping centers and is responsible for overseeing several of the biggest real estate projects in the country. The current president of the company, in his capacity as well as through Cresud S.A., is Eduardo Elsztain.[4]

Overview

Alto NOA Shopping in Salta

IRSA was incorporated as a joint stock company on June 23, 1943. In the following decades, the company operated as a small, independent real estate company based in Buenos Aires, distinguished by low activity and small asset base.[5][3]

In June 1991, Eduardo Elsztain acquired control of IRSA for an agreed consideration of US$120,000.[6]

IRSA began its listing on the New York Stock Exchange (NYSE) through an initial public offering made on December 19, 1994, raising US$110 million. [7]

By 2000, the Dolphin Fund had withdrawn from IRSA, reducing its available capital from US$300 million to approximately US$150 million. In 2002, IRSA sold its stake in a joint venture with a Brazilian group to meet its local financial obligations. The group recorded a net loss of 590 million pesos during the 2000–2002 period.[8]

IRSA continued to expand into the mortgage lending sector, purchasing 28% of the formerly state owned Banco Hipotecario,[9] and into the farming and ranching sectors, acquiring the local subsidiary of Amarillo, Texas-based Cactus Feeders in 2009,[10].

Shopping malls

From 1996, through its subsidiary company Alto Palermo S.A. (APSA), IRSA embarked on the acquisition of twelve shopping malls. The firm's APSA unit later purchased Buenos Aires Design, Galerías Pacífico, Patio Bullrich, Patio Olmos, and a number of other leading Argentine shopping centers, as well as important tourist assets such as the Llao Llao Hotel, a Bariloche mountain resort privatized in 1997. The following year, the firm redeveloped the historic Abasto de Buenos Aires, a landmark Art Deco former wholesale market. The firm, by then, also owned 13 of the most important commercial office buildings in Buenos Aires, enjoying occupancy rates of 97%, and some of the city's highest rents.[11]

In 2009, IRSA acquired the lot where it developed Dot Baires Shopping in the Saavedra neighborhood of Buenos Aires, with an investment of US$160 million.[12][13] In December 2013, it developed the Distrito Arcos shopping center.[14][15]

In December 2024, the company returned to the acquisitions market, purchasing the Terrazas de Mayo shopping center from the Carrefour group for US$27.5 million.[16]

In 2025, IRSA announced the opening of Distrito Diagonal, the first shopping center in the city of La Plata, with its opening scheduled for 2026,[17] and the acquisition of Shopping Al Oeste, in Haedo, Morón Partido.[18][19]

Real estate development

In 2007, IRSA formed a joint venture with Cyrela Brazil Realty to develop residential buildings in Argentina. The first joint project was Horizons, a six-tower residential complex in Vicente López with an investment of US$80 million, completed in 2010.[20][21]

In May 2008, it purchased the Edificio República in Catalinas Norte, designed by Tucumán-born architect César Pelli.[22]

In 1997, IRSA had acquired a roughly 70-hectare lot at the former Ciudad Deportiva de Boca Juniors, located on Buenos Aires's Costanera Sur. The project remained inactive for more than 20 years.[23] In December 2021, the Buenos Aires City Legislature approved the zoning regulations for its development under the name Ramblas del Plata.[24][25] The master plan allocates 29% of the total area (20.6 hectares) to private lots, with the remaining 71% (50.9 hectares) designated for public space.[26]

The company resumed its purchases of office buildings during the recovery. Notable among these was Bouchard Plaza in 2007, which brought the number of such buildings in its portfolio to 17.[27] It also purchased one of three remaining undeveloped lots in the Catalinas Norte office park in 2009.[28]

In 2018, IRSA acquired a 60% stake in the DirecTV Arena through the company Ogden Argentina.[29]

Other investments

IRSA also ventured into the agricultural sector by being purchased by Cresud S.A. in 1994. Cresud became a leading landowner of prime pampas agricultural land, controlling over a million hectares (2.5 million acres), as well as acquiring a significant stake in BrasilAgro.[30][31]

Group subsidiaries

Shopping centers

Hotels

  • Hotel InterContinental Buenos Aires
  • Llao Llao Hotel
  • Libertador Hotel
  • Edificio República
  • Intercontinental Plaza

Other properties

References

  1. 1 2 Memoria de Estados Contables, period from 06/2008 to 06/2009 (in Spanish)
  2. ↑ "IRSA Inversiones y Representaciones Sociedad Anónima (IRSA.BA) stock quote". Yahoo Finance. Retrieved February 10, 2026.
  3. 1 2 Cape, Mario (June 23, 2025). "La inolvidable historia de IRSA, la dueña de los shoppings" (in Spanish). El Inversor de Bolsillo. Retrieved February 10, 2026.
  4. ↑ "Elsztain sigue de compras: éste es el nuevo edificio de IRSA en Ciudad de Buenos Aires". Bloomberg Línea (in Spanish). October 31, 2025. Retrieved February 10, 2026.
  5. ↑ "Eduardo Elsztain: el visionario detrás de un imperio empresarial" (in Spanish). Líderes.ar. August 19, 2025. Retrieved February 10, 2026.
  6. ↑ Squires, Scott (October 3, 2023). "Ex-Soros partner surfs Argentine crisis with real-estate empire". Buenos Aires Times. Retrieved February 10, 2026.
  7. ↑ "IRS stock quote & overview". Stock Analysis. Retrieved February 10, 2026.
  8. ↑ "IRSA, la inversora que vuelve al ruedo". Administraciones.com (in Spanish). 2005-02-16. Archived from the original on 2011-07-07. Retrieved 2026-05-07.
  9. ↑ de la Sota, Candelaria (2005-07-26). "Hipotecario: crece más la pelea de IRSA y Economía". Clarín (in Spanish). Archived from the original on 2006-12-16. Retrieved 2026-05-07.
  10. ↑ El Campo: Se va Cactus (in Spanish)
  11. ↑ "IRSA Inversiones y Representaciones S.A. history". FundingUniverse. Retrieved February 10, 2026.
  12. ↑ García Falcó, Marta (2009-04-08). "Dot Buenos Aires: la reinvención del shopping center". La Nación (in Spanish). Archived from the original on 2009-04-12. Retrieved 25 June 2026.
  13. ↑ Dattilo, Sergio (21 January 2009). "IRSA: u$s 160 M en nuevo shopping Dot.Baires". Ámbito Financiero (in Spanish). Retrieved 25 June 2026.
  14. ↑ "IRSA presentó Distrito Arcos, el nuevo shopping a cielo abierto de Palermo". iProfesional (in Spanish). 14 December 2013. Retrieved 15 March 2026.
  15. ↑ "Distrito Arcos, el nuevo shopping de Palermo, fue presentado en sociedad". La Nación (in Spanish). 14 December 2013. Retrieved 25 June 2026.
  16. ↑ Sainz, Alfredo (3 December 2024). "Después de diez años, IRSA sumó un nuevo shopping". La Nación (in Spanish). Retrieved 25 June 2026.
  17. ↑ Ferro, Mariano (25 August 2025). "La Plata deja de ser la ciudad sin shopping: se confirmó la apertura del nuevo centro comercial". La Nación (in Spanish). Retrieved 25 June 2026.
  18. ↑ "Lucas Ghi se reunió con el grupo que realizará una importante inversión en Morón". Municipio de Morón (in Spanish). 29 September 2025. Retrieved 25 June 2026.
  19. ↑ Fernández, Belén (17 September 2025). "IRSA compra un viejo shopping del Oeste para transformarlo en un nuevo outlet". El Cronista (in Spanish). Retrieved 25 June 2026.
  20. ↑ "IRSA y la brasileña Cyrela invierten US$ 80 millones". La Nación (in Spanish). 1 March 2008. Retrieved 17 June 2026.
  21. ↑ "Información institucional". IRSA-Cyrela (in Spanish). 25 May 2009. Retrieved 25 June 2026.
  22. ↑ Fernández, Belén (19 April 2022). "IRSA le vendió a Grupo Petersen un edificio de oficinas emblemático de los '90 en más de u$s 130 millones". El Cronista (in Spanish). Retrieved 25 June 2026.
  23. ↑ "Paso clave para el megaproyecto de IRSA en la ex Ciudad Deportiva de Boca". El Cronista (in Spanish). 20 July 2021. Retrieved 25 June 2026.
  24. ↑ "Orden del día – Expediente N.º 1831-J-2021". Legislatura de la Ciudad de Buenos Aires (in Spanish). Retrieved 15 March 2026.
  25. ↑ Paredes, Alejandra (20 August 2024). "Construcciones en Costanera Sur: IRSA y sus edificaciones de élite". InfoBaires24 (in Spanish). Retrieved 25 June 2026.
  26. ↑ "IRSA avanza con «Ramblas del Plata»: así es el mega proyecto de torres de lujo en Puerto Madero". El Economista (in Spanish). 1 February 2025. Retrieved 25 June 2026.
  27. ↑ "IRSA acordó la adquisición de la torre Bouchard Plaza". La Nación (in Spanish). 2007-01-03. Retrieved 2026-05-07.
  28. ↑ "Pagaron $ 110 millones por un terreno de la Ciudad". Clarín. 6 November 2010. Retrieved 25 June 2026.
  29. ↑ "IRSA y el empresario Diego Finkelstein compraron el 60% de DirecTV Arena". La Nación (in Spanish). 21 February 2018. Retrieved 2026-05-07.
  30. ↑ "Cresud S.A.C.I.F. y A. History". FundingUniverse. Retrieved 2026-05-07.
  31. ↑ "Cresud". Cresud. CRESUD S.A.C.I.F. y A. Archived from the original on 2010-01-30. Retrieved 2026-05-07.
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