*IRSA: Ramblas del Plata: Long-Term Value for IRSA* See full report here: https://tinyurl.com/AdcapIRSARdPVisit *Yesterday we visited IRSA’s “Ramblas del Plata” landbank in Puerto Madero, a transformational project that could double the company’s size over the long term.* The development spans 60 lots and 870,000 sqm of buildable mixed-use space, currently recorded at cost on IRSA’s books. The project follows a low-risk strategy based on land-for-floor-space swaps with third-party developers, limiting IRSA’s upfront capital needs. Phase 1 includes 20 lots (164,000 sqm), with 11 already sold or swapped and the remainder in progress. *IRSA is investing USD 40 million in infrastructure over the next 12–18 months,* with initial construction expected by 2026 and tower deliveries by 2028–29. With 200,000 sqm of potential returns and prices ranging from USD 3,400 to USD 12,000/sqm, the project *could generate USD 1 billion over a decade*. It’s drawing strong interest from local and international developers, with residential at its core and a mix of retail and services. *Meanwhile, Argentina’s property market is recovering, supported by rising mortgage activity, removal of capital controls, and improving wages.* IRSA’s broader portfolio remains solid, with strong shopping mall performance (98% occupancy) and upside in conservative valuations. Office assets are undervalued in DCF models but typically sold, while hotels lag with declining EBITDA. Financially, IRSA is in a strong position, with 1.4x net leverage and USD 100 million earmarked for development, while its rental business generates USD 160 million in EBITDA and USD 100 million in free cash flow annually.