BUENOS AIRES (JTA) — Jewish-Argentine businessman Eduardo Elsztain has purchased a Buenos Aires city government building for more than $68 million.
The building, known as Edificio del Plata, is located on the main avenue in the financial center of Buenos Aires.
Elsztain, 56, is the controlling shareholder of Israeli IDB Holding Corp., which owns Israel’s Cellcom communications company and Supersol chain of supermarkets. He personally took part in Wednesday`s bid for the building, which started at a base price of $42 million. The bidding was between three groups of investors.
Edificio del Plata will house the main office of Argentine mortgage lender Banco Hipotecario of which Elsztain is the controlling shareholder.
Elszstain is chairman and chief executive of IRSA, Argentina’s largest real estate company, which manages the largest shopping malls in Buenos Aires. He acquired IDB Holding Corp. two years ago, after Israeli businessman Nochi Dankner lost control of the company in a debt bailout.