IRSA - Inversiones y Representaciones SA Announces the Acquisition of an Option to Purchase Parque Arauco SA's Stake in Alto Palermo S.A.

Jan 14, 2010, 17:51 ET from IRSA - Inversiones y Representaciones SA

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