The company was awarded one of the most sought-after lots, auctioned by Agencia de Administración de Bienes del Estado (Agency for the Administration of State Property) in Catalinas Norte II area.
With a total surface of 3.200 m2, the land bought by Consultatio SA is located on Madero Avenue, between Boulevard Grierson and San Martín Street, a strategic location facing the river, with great potential due to its proximity to Catalinas area and adjacent to Puerto Madero.
The land will be destined for a new office project with an approximate surface of 30.000 covered square meters, 139 mts high. It is expected to be completed in four years. “The office vacancy rate is virtually inexistent in this area and it is a very good time for the sector. We estimate a total investment of about 120 million dollars, Eduardo F. Costantini explained.
Consultatio’s last project of the kind is Catalinas Norte Tower, sold to BBVA Francés, who opened their corporate offices in April, on 23 of the 33 floors of the building. Consultatio Real Estate also moved their main office there. Located at the northern entrance to Puerto Madero and the financial and political city hub, it is one of the most renowned towers in Latin America. It is 155 meters high, the tallest of the twelve towers that make up Catalinas today
Gonzalo de la Serna, Consultatio’s CFO, took part in the panel “Which direction is the market heading?” in the second edition of one of the most important Real Estate events in the country. When asked about the market, funding opportunities and the company’s portfolio projects, he said: “We are planning a new generation of projects leveraged in the strategy of bringing Oceana brand into the country: Due to the success in Miami of our developments Oceana Key Biscayne and Oceana Bal Harbour, we are going to launch Oceana Puerto Madero and later Oceana Nordelta”
Regarding the current situation, Consultatio’s CFO added: “It is a good time for the Real Estate market since demand is on the rise due to several factors, such as money laundering, the increase in mortgage loans and the implementation of cooperative working styles such as coworking and crowdfunding”.
At the end of the panel, the lecturers agreed on the fact that UVA loans (inflation-linked mortgage loans) represent a good market opportunity but they are not yet fully established in the country “With these loans, value can be sustained in a fairer and more efficient way than the dollar (…) If inflation keeps going down, it will be a success, partly because it is linked to mortgage loans and thus, they will rise jointly” concluded De La Serna.
Consultatio and Endeavor Argentina are organizing a series of four meetings with different business leaders of the sector. The common denominator in the talks is the entrepreneurial track-record of the protagonists, in addition to their vision of the present. Each event starts with an interview to a young entrepreneur.
The first event was held in Malba on Thursday, July 6th with the presence of Eduardo Costantini, Founder and President of Consultatio, and Martín Migoya, co-founder and CEO of Globant. Both leaders reviewed their entrepreneurial history, together with Clarín journalist Silvia Naishtat. The session began with an interview to Martin Frank, the young CEO of Restorando.
Costantini spoke about his early days, even his childhood in a boarding school, and how he had gone into debt in order to do a Master’s degree in England. Finally, he returned to his country to work with his brother and support the family he had started when he was very young. Once settled, he made investments in real estate, which helped him grow and develop. In this sense, he said: “Things were going well, but I didn´t want to be a mere checking account; I have always been interested in social issues and it was then that I started to envision what today is MALBA.”
On the other hand, Migoya explained that after his entrepreneurial father went bankrupt in the 2002 crisis, being self-employed was condemned in his family. However, he resumed the entrepreneurial initiative and created Globant with three friends. It is a multinational company of innovative software products, which was even chosen by Google.
Endeavor is a global organization with over 50 offices all over the world. They provide strategic support to entrepreneurs and offer a network of mentors. By promoting successful stories and developing entrepreneurial eco-systems nationwide, they contribute to fostering the entrepreneurial culture, inspiring future generations of business leaders.
Consultatio bought the last available site in Dique 2 for the construction of a new building.
For the first time, Eduardo F. Costantini and Alan Faena (main real estate developers in Argentina), get together to create a new project: Oceana Puerto Madero. Through this creative association, both teams will be working on the conception of two residential buildings, with a vast public square of amazing landscaping, in addition to a program of public art.
Within the framework of this agreement, Consultatio SAU (subsidiary of Consultatio SA) acquired the premises in joint ownership with investment fund “Consultatio Inmobiliario Fondo Común de Inversión Cerrado Ley 27.260” (20%) –at an 80/20 ratio- in 44 million dollars, and will be in charge of the development. Alan Faena, on the other hand, will contribute to its design and concept.
Oceana Puerto Madero will be the last piece of Distrito Faena; both buildings will occupy approximately 26.000 m2 (salable, over 40.000 in total surface), and will respect the urban environment and the identity of a historical area.