BUENOS AIRES, Argentina, Jan. 14 /PRNewswire-FirstCall/ -- Today, IRSA
(NYSE: IRS; BASE: IRSA) has announced the acquisition of an option to purchase
the totality of Parque Arauco's (SSE: PARAUCO) direct and indirect equity and
debt stake in Alto Palermo S.A. (NASDAQ: APSA, BASE: APSA). IRSA has paid for
the option USD 6 million to be credited against the final price, agreed by
both parties, of USD 126 million. The option can be exercised until August 31,
2010, extendable to November 30 of this year.
We believe that once the transaction is perfected, apart from being an
excellent business opportunity, it will also help us consolidate our position
in the Argentine shopping center market, placing us at the forefront of this
industry.
Finally, we deem it appropriate to remark on the strategic and commercial
importance that our association with Parque Arauco, a leading Company in the
shopping mall sector in Chile, has played in the development of our shopping
center business.
SOURCE IRSA - Inversiones y Representaciones SA