- Another important AABE sale
The State Property Administration Agency (AABE) The land was sold for $11.9 million where one of the largest Coto hypermarkets has been operating in the city of Buenos Aires for more than twenty years. The operation was made possible by the group led by Alfredo Coto preserve its most emblematic location in RetiroA 1.5 hectare property The hotel is located in one of the city’s corridors that have increased in value the most over the last decade.
The property was acquired by Gepal SA, one of the Coto Group companies. The company was also the historic owner of the property It had been operating there since 2003 under a usage agreement with the Navy’s social welfare office. If you did not participate in the auction, had to vacate the property within a maximum period of ten months.
The property is located on Avenida Antártida Argentina at 11 a.min front of the Retiro bus station and a few meters from the Paseo del Bajo, the port and the entrances to the Miter, San Martín and Belgrano Norte lines. It is also just a few blocks from the C and E subway lines and steps from the Quartier District, a residential, office and commercial complex of more than 115,000 m² that revitalized a practically abandoned area.
In addition, it is located in a historically neglected part of the city that is looking to gain new prominence with new housing developments and the Paseo del Bajo, which has relieved heavy traffic.
With a Total area of 15,720.54 m² and almost 18,000 m² coveredThe property contains a Coto hypermarket, a Banco Santander branch and a McDonald’s store, as well as cell phone antennas, garages, disused technical areas and an Edesur transformer chamber.
Despite his current job The regulations enable mixed development of more than 100,000 buildable m²with space for offices, urban logistics or new commercial uses. When asked by this medium about possible plans for the property, the company avoided giving definitions and simply stated that “At the moment everything remains the same and operations continue as before”. Although future projects have not been confirmed, the potential of the property leaves open the possibility of future changes.
It should be recalled that the AABE had already attempted to sell the property twice and both were abandoned. In this third case Gepal was the only company to submit an offer and pay the land value. The Company also maintains a payment plan for more than $1.1 billion in lease debt accumulated between April 2023 and October 2024, which it continues to pay as agreed with the Agency.
The company is part of the Decree 950/24which made it possible for the government More than 300 properties were offered for sale that were considered “unnecessary” for public administrationwith the aim of collecting some $800 million.
Another important AABE sale
Hours before the sale of the property in Retiro, the administration auctioned it $46.5 million for a plot of land of almost one hectare in Bajo Belgrano who belonged to the federal police. The winner was ArgentonDeveloper of the neighborhood projects and, since this year, integrated into Consultatio, Eduardo Costantini’s group.
The property is located between Echeverría 1175, Cazadores S/N°, Juramento 1142 and Artilleros 2017/51/81, in municipality 13 (Belgrano) and has an exact area of 9986.79 square meters (m2). Today a parking lot and workshops run by the Federal Police. Its location – three blocks from Libertador, a few meters from Chinatown and near the Mâs Monumental stadium – created great competition. Although the basis had been set at $21.3 million, Six companies submitted offers of $40 million.
Among them were Ciudad G3, Quesada 2441 and Santagada LINE, which offered between $40 and $45 millionwhile IRSA was far from the final price with a proposal $27 million.
Carlos Spina, partner and commercial director of the company, expects The Chronicler that the floor Delivery will take place in June 2026 and work will begin in the last quarter of this year.
In addition, he pointed out that the proposal is aimed at a family audience and is in line with the physiognomy of the neighborhood, where low-rise buildings predominate. The project will coexist with another development of the brand that Argencons operates in the Bajo Belgrano area.
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