Simpson Thacher represented IRSA – Inversiones y Representaciones S.A. in connection with the sale in a block trade of shares in the form of American Depositary Shares (ADSs) of IRSA Commercial Properties. The sale of 2,560,000 ADSs (10,240,000 shares) raised proceeds of $138 million and settlement took place on October 31, 2017.
JPMorgan acted as underwriter. IRSA and IRSA Commercial Properties are clients of the Firm. We advised IRSA Commercial Properties in connection with its initial public offering and its recent filing of a shelf registration statement on Form F-3.
IRSA is one of Argentina’s leading real estate companies by total assets, and is engaged, directly and indirectly through subsidiaries, in equity investees and joint ventures, in a range of diversified real estate-related activities in Argentina, including: shopping centers, office and other commercial properties primarily for rental purposes, luxury hotels, residential properties and other real estate development activities.
IRSA Commercial Properties is one of the largest shopping center and office and other commercial properties companies in Argentina by gross leasable area and number of rental properties. It owns and operates 15 shopping centers in Argentina, of which several are in Buenos Aires. It also owns and manages six premium office buildings in Buenos Aires and substantial land reserves for future development.
The Simpson Thacher team for this transaction included David Williams, Jaime Mercado, Luis Pellerano, Javier Rivera-Alvarado and Mariano Peró (Capital Markets); and Jonathan Cantor (Tax).