The agricultural company Cresudof the IRSA group, informed the National Securities Commission (CNV) that sold a portion of land of 3,630 hectares of reserve with productive potential of the “Los Pozos” establishment, located in the province of Salta for a value of US$2.2 million. The fact is that the company had already sold another 4,264 hectares of the same establishment in October of last year and The main characteristic is that they are fields that can be reached by EU regulations that establish that as of January 1, 2025, agro-industrial products from areas that have been deforested after December 31, 2020 will not be able to enter the block.
The reservation fields, are those that the company is not exploiting and are located in forested areas and that in this framework are also reached by local regulations, that is, they could be exploited, but under a management plan that preserves the natural ecosystem.
By case Cresud, currently has more than 433,000 hectares of reserve and that can become a problem in the very near future, since the anti-deforestation regulations of the European Union, which come into force next year, It reaches key agricultural goods for Argentina such as soybeans and beef, among many others.
In this way, as of January 1, 2025, any lot that has been or will be deforested from 2021 onwards cannot be used for agriculture or livestock in the event that the raw material or its products are destined for the Union. European.
Logically, This regulation does not only cover Cresud, but also other large land holding firms. which may also be affected. The same happens with those that are already producing in deforested fields after 2020.
In the particular case of Cresud sold the 3,630 hectares at a price of US$614 per hectare, of which they received US$1.1 million and the remaining balance of US$1.3 million, the buyer would pay, through a mortgage, in a single installment in September 2025.
According to the company, the field fraction was valued in accounting at $56 million and the profit from the operation, which will be recognized in the company’s financial statements for the first quarter of fiscal period 2025, amounts to the approximate sum of $2,150 million.
Of course the signature Commanded by the Elsztain family, it not only has reserve lands, as can be seen from its balance sheet, it has more than 307,000 productive hectares under production distributed between Argentina, Brazil, Bolivia and Paraguay. Likewise, it rents an additional 120,966 hectares (in Argentina, Brazil and Bolivia) totaling 428,491 productive hectares.
The focus of its business is precisely on the acquisition, development and operation of fields with appreciation potential.. In this framework, during the past year in addition to selling a fraction of 4,262 hectares of reserve with productive potential of the “Los Pozos” establishment, located in the Province of Salta, for US$2.3 million (US$540 per hectare), was divested of a fraction of 500 hectares of agricultural activity from the “El Tigre” establishment, located in the department of Trenel, province of La Pampa, for US$3.75 million (US$7,500 per hectare). In parallel, it acquired 1,250 hectares, located in the department of Conhello, province of La Pampa, for US$4.5 million (US$3,600 per hectare).
Source: Ambito
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