IRSA acquires Al Oeste shopping center; plans outlet conversion

Rhea-AI Filing Summary

IRSA Inversiones y Representaciones S.A. acquired the "Al Oeste" shopping mall in Haedo, Greater Buenos Aires, for USD 9.0 million. The company paid USD 4.5 million at closing and will pay the remaining balance in four annual installments. Al Oeste currently has ~20,000 sqm GLA with 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, 1,075 parking spaces and expansion potential of 12,000 sqm. IRSA plans to convert the asset into an outlet center and relaunch it next year. The acquisition increases IRSA's mall portfolio to 17 assets (16 operated by IRSA) totaling ~390,000 sqm GLA.

Positive

• Acquisition completed expanding IRSA's shopping mall portfolio to 17 assets totaling ~390,000 GLA sqm
• Low purchase price at USD 9.0 million with only USD 4.5 million paid at closing, reducing near-term cash outlay
• Clear redevelopment plan to convert the underperforming mall into an outlet center with a planned relaunch next year
• Expansion potential of 12,000 GLA sqm provides room for future growth

Negative

• Asset currently operating below potential, indicating near-term revenue weakness prior to repositioning
• Deferred payments spread over four annual installments create future cash commitments
• No financial performance metrics disclosed for the mall (rent roll, occupancy, or revenues) in the filing

Insights

M&A Specialist

TL;DR: Small, strategic retail acquisition priced at USD 9M with staged payments and clear redevelopment plans.

The purchase of Al Oeste for USD 9.0 million, with USD 4.5 million paid up front and the remainder in four annual installments, indicates a low upfront cash requirement and predictable future outflows. The asset offers immediate operating capacity (20,000 sqm GLA, cinemas, food court, parking) and 12,000 sqm expansion potential, aligning with IRSA's stated plan to convert it into an outlet center. For transaction assessment, the key elements are the acquisition price, payment schedule, current operating metrics, and stated conversion plan; these are provided in the filing.

Retail Real Estate Analyst

TL;DR: Acquisition expands IRSA's mall footprint to 17 properties and targets value creation through repositioning.

Al Oeste adds ~20,000 sqm of GLA to IRSA's portfolio, bringing total operated/owned GLA to ~390,000 sqm across 17 malls. The filing specifies current underperformance and a planned conversion to an outlet center to be relaunched next year, suggesting a repositioning strategy rather than immediate yield improvement. Important disclosed details include the mall's composition (40 stores, 14 cinemas, 1,075 parking spaces) and 12,000 sqm expansion potential which could support future scale increases.

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 FORM 6-K

 REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15b-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of September, 2025

 IRSA Inversiones y Representaciones Sociedad Anonima

(Exact name of Registrant as specified in its charter)

IRSA Investments and Representations Inc.

(Translation of registrant´s name into English)

 Republic of Argentina

(Jurisdiction of incorporation or organization)

Carlos Della Paolera 261 9th Floor

(C1001ADA)

Buenos Aires, Argentina

 (Address of principal executive offices)

 Form 20-F ⌧ Form 40-F  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No x

IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANONIMA

(THE “COMPANY”)

REPORT ON FORM 6-K

Attached is an English translation of the letter dated September 17, 2025, filed by the Company with the Bolsa de Comercio de Buenos Aires and the Comisión Nacional de Valores.

Buenos Aires, September 17, 2025 – IRSA Inversiones y Representaciones S.A. (NYSE: IRS; ByMA: IRSA), Argentina’s leading real estate company, informs that the Company has acquired “Al Oeste” shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires.

The shopping mall is currently operating below its potential, and within the framework of the Company’s development plan to create opportunities in different districts of the Province of Buenos Aires, it is planned to be converted into an outlet center and relaunched during next year.

“Al Oeste Shopping” has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm.

The purchase price was set at USD 9 million, of which USD 4.5 million has been paid to date. The remaining balance will be paid in four annual installments.

With this acquisition, the Company’s shopping mall portfolio now includes 17 assets, 16 of which are operated by IRSA, totaling approximately 390,000 GLA sqm.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.

	IRSA Inversiones y Representaciones Sociedad Anónima
	By:	/s/ Saúl Zang
		Saúl Zang
September 17, 2025		Responsible for the Relationship with the Markets

FAQ

What did IRSA (IRS) acquire?

IRSA acquired the "Al Oeste" shopping mall in Haedo, Greater Buenos Aires for USD 9.0 million.

How was the purchase of Al Oeste financed and paid?

USD 4.5 million was paid at closing; the remaining USD 4.5 million will be paid in four annual installments.

What are the size and features of Al Oeste?

Approximately 20,000 sqm GLA with 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, 1,075 parking spaces, and 12,000 sqm expansion potential.

What will IRSA do with the property?

IRSA plans to convert Al Oeste into an outlet center and relaunch it during next year.

How does this change IRSA's mall portfolio?

The acquisition increases IRSA's shopping mall portfolio to 17 assets, 16 of which are operated by IRSA, totaling ~390,000 GLA sqm.