Headline:
Iconic Puerto Madero Property Sold for Record USD 34 Million in Public Auction
Article:
In a significant move towards state disinvestment, a prime property in Buenos Aires’s exclusive Puerto Madero neighborhood was sold for a record USD 34 million in a public auction led by the Agencia de Administración de Bienes del Estado (AABE). This sale is part of President Javier Milei‘s ambitious plan to raise around USD 900 million through the disposal of over 400 public properties across the country.
The building, located on Avenida de los Italianos, between Emma de la Barra and Macacha Güemes, boasts a total area of 5,233.94 square meters and a constructed area of 2,268.87 square meters. Despite being previously offered in auctions in 2019 and 2022 without success, this time the property garnered intense interest, with the final sale price surpassing the base price of USD 23.218.163.
The Fideicomiso Inmobiliario Madero 6 secured the property after a fierce bidding war, submissiong the highest offer in the final minutes of the auction. Six bidders competed for the property, including prominent players such as Olympia Development, Creaurbana, and Milamax.
The acquisition of this property is part of Milei’s strategic effort to trim government expenses and optimize state resources. Earlier this year, he issued Decree 950/24, outlining plans to dispose of unnecessary or high-maintenance properties, including public buildings, railway terrains, roadside lots, and rural surfaces.
The building, cataloged as Circunscripción: 21 – Sección: 97 – Manzana: 1Q – Parcela: 2 in the Register Nacional de Bienes Inmuebles del Estado (Renabe), comprises three distinct sectors: a principal building with reception, offices, meeting rooms, kitchen, dining area, and a multipurpose hall; a paraboloid hangar serving as a parking and storage space; and a traditional masonry construction with 11 rooms, albeit with some sections deemed at risk of collapse.
Strategically positioned near iconic landmarks like the Reserva Ecológica, the Puente de la Mujer, and the Buque Bus terminal, and close to major thoroughfares such as Avenida Corrientes, Córdoba, and Libertador, the property’s commercial value is significantly enhanced.
Notably, the sale was conducted under a deferred possession arrangement, ensuring a smooth transition for the current occupants, around 45 personnel from the Ciberseguridad area, who will have up to 12 months to vacate the premises.
The proceeds from the sale will bolster public finances, in line with Article 15 of Decree 1.382/12, as amended by Law 27.341, which mandates the direct allocation of revenues to the National Treasury, minus administrative expenses.
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