Argentina’s biggest developer looking to europe for property investment

Argentina’s biggest real estate developer is to look for opportunities in crisis stricken Europe and keep expanding its business in the United States and Argentina, it has been announced.

‘The best transactions are done when everybody stops and is paralysed,’ said Eduardo Elsztain, chief executive officer of IRSA Inversiones y Representaciones.

‘These days, the whole world is in some way frozen and the best way to preserve value is to have real assets,’ he added but did not reveal what kind of investments he is looking for in Europe, or the specific countries.

The sovereign debt crisis in Europe is depressing real estate prices across the continent, with the cost of UK commercial real estate failing to rise for the first time in more than two years in October, according to Investment Property Databank.

Source: PropertyWire.com