Word: elsztain
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Dates: during 1990-1999
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...Aires bolsa, but they are also listed as the only Argentine real estate play on the New York Stock Exchange. IRSA's American connection is gold plated: much of the firm's capital comes from U.S. hedge-fund billionaire and philanthropist George Soros. IRSA's president and CEO, Eduardo Elsztain, 37, met Soros in 1990 in New York City, where the younger man, who was tending a $10 million portfolio of Argentine-owned properties, had moved for a year...
After a series of meetings with Soros' analysts, Elsztain finally won an audience with the legendary investor, who quickly signed up as the company's most important backer. As Elsztain says, "The final decision to go ahead was taken by George himself...
...IRSA's corporate headquarters in a three-story, neoclassical-style building overlooking the Plaza de Mayo in central Buenos Aires, the atmosphere is relaxed. Since Elsztain snapped it up in 1991, the company has grown from three employees to 110. Under Elsztain's supervision, they handle property selection and investment decisions, turning over architectural and construction contracts to outsiders. So far, IRSA has focused mainly on urban property, but Cresud, the agricultural real estate company owned by the same principals, has invested in 850,000 acres of farmland around the country...
Business is booming. In fiscal 1997, IRSA brought in profits of $31.4 million. The stock has risen from $27.50 for 10 units in December 1994 to $43 today. IRSA, which had assets of only $150,000 when Elsztain founded it, is now worth close to $500 million. And future growth prospects seem as promising as the wanton look in a tango dancer's eye. --Reported by Uki Goni/Buenos Aires...
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