Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria : 'El Tigre' partial farmland sale
December 14, 2023
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The company has sold and transferred a fraction of 500 hectares of agricultural activity from its "El Tigre" farm, located in the department of Trenel, province of La Pampa, Argentina.
The total amount of the operation was set at USD 3,750,000 (USD 7,500 per hectare), of which USD 2,812,500 has been collected to date. The remaining balance of USD 937,500, secured with a mortgage, will be collected as follows: USD 468,750 on December 13, 2024 and USD 468,750 on December 12, 2025.
The accounting profit from the operation amounts to the approximate sum of ARS 2,779 million, which will be restated at the time of its registration in the company's financial statements for the second quarter of fiscal period 2024.
After this transaction, the company keeps the ownership of approximately 7,860 hectares of "El Tigre" farm.
This sale is part of the company's strategy to frequently rotate its portfolio by selling high-productivity farms and acquiring others with appreciation potential. In this direction, the Company acquired last June the nearby farm "Los Sauces", of 1,250 hectares, located in the department of Conhello, province of La Pampa, for USD 4,500,000 (USD 3,600 per hectare).
Cresud S.A.C.I.F. y A. published this content on 15 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 December 2023 04:17:26 UTC.
Cresud SACIF y A is an Argentina-based company engaged mainly in telecommunications sector. Through its subsidiaries, it operates two segments: Agricultural Business and Urban Properties and Investment Business, which is divided into: Operations Center Argentina and Operations Center Israel. Agricultural Business focuses on acquiring, developing and exploiting agricultural properties. It is involved in farming activities, cattle raising, leasing land to third parties and perform agency and agro-industrial services, including a meat packing plant. Operations Center Argentina is engaged in the development, acquisition and operation of shopping malls, offices and hotels, among others, in Argentina, and owns selective investments outside Argentina. Operations Center Israel includes real estate activities in Israel and abroad, supermarket chain management and telecommunications services, both locally, as well as is engaged in the insurance, pension and provident funds, among others.
CRESUD SOCIEDAD ANÓNIMA, COMERCIAL, INMOBILIARIA, FINANCIERA Y AGROPECUARIA 
