South American Real Estate News

Celulosa and Cresud sell Argentine farmland for USD 30 million

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The forestry giant finalized an asset transfer that it had been announced last year. Meanwhile, Eduardo Elsztain’s agricultural firm Creusdi agreed to transfer part of its establishment in Entre Ríos.

This Friday, two of the main Argentine agricultural companies, Cellulose Y Cresud, reported farm sales for more than USS 28 million between them .

Cellulose sold to society AFOR Tape , belonging to the Austrian industrial group SPS Waldholding , 100% of the shareholding of the firms Rudaco , TC King and Iviraretá . That transaction had been announced on March 30 of last year. . “The price for the transfer of actions after adjustments and deductions provided for in the contract and by the wood consumption Between 10/1/2019 and the closing of the operation, it was established in the sum of USD 16,888,185, “he indicated.

At the same time, Tapebicua forester, controlled by Celulosa, transferred the forestry rights of two properties: Union , of 2,974 hectares, in the Correntino department of Saint tome ; Y Wildebeest Pora, of 1,78 hectares, in the same location. After adjustments for wood consumption, the price was established at USD 2,131,006 (plus IVA) , the company informed the National Securities Commission (CNV) .

“The Ñu Pora property will be transferred shortly, while the Unión property will be transferred once the buyer, as the new controlling entity of Rudaco SA, obtains the government permits and authorizations from the National Registry of Rural Lands and the Secretary of Security Zones of Borders, “added the note to CNV.

The transfer price of these two properties, he added, will be US $ 2.35 million, of which Cellulose received USD 977,683 this Friday as an advance .

“The price will be allocated to rebuild the working capital of society, which was used to cancel past due financial debt and lift the liens that existed on the transferred assets in order to carry out the operation. The balance, once other guarantees on the transferred assets have been released, will be used as working capital and for capex “he explained.

In March 2020, when it announced the sale of these assets to the Austrian group, Celulosa had reported a value above USD 22 million for the transaction. At that time, he reported that the transfer price of the properties reported today exceeded USD 4 million.

CRESUD

For its part, Cresud, the agribusiness investor that is lead by Eduardo Elsztain announced the signing of a contract of sale with possession of 2,440 hectares of one of its fields, the San Pedro establishment. Located in Conception of Uruguay, Entre Ríos, Cresud -which is the main shareholder of IRSA – bought the farmland in 2005. The sale includes 1,950 productive hectares of agricultural activity and its historic buildings.

After the operation, Cresud will retain 3,580 hectares. The total amount of the sale was set at USD 8.6 million, of which it has already received USD 6.5 million. .

The remaining balance, of USD 2.1 million, will be settled as follows: USD 800,000 at the time of writing the historic centre, scheduled for July, and two instalments, of USD 700,000 and USD 600,000 the other, to be paid in December 2021 and the same month of 2022, respectively.

The accounting profit of the operation amounts to the approximate sum of $ 283 million and it will be registered in the financial statements of the company in the fourth quarter of fiscal period 2021, “he said.

Source: La Cronista

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