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Eduardo Elsztain
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Eduardo Elsztain is a prominent Argentine businessman.
Eduardo Sergio Elsztain was born in Buenos Aires in 1960. His grandfather, Isaac Elsztain, had founded Inversiones y Representaciones S.A. in 1943 as an independent realty. The younger Elsztain graduated from the Buenos Aires National College, a prestigious public secondary school, and enrolled in the University of Buenos Aires School of Economics, though he dropped out in 1981 to join his grandfather's firm (which was struggling at the time).
Elsztain purchased the family firm for US$120,000 through a partnership with fellow Argentine Jew Marcelo Mindlin. A stay in New York in 1989-90 had introduced him to George Soros, and the international financier became a leading investor in IRSA. The partnership with Soros became profitable for both parties, as the Argentine economy recovered during the 1990s from the severe stagflation of the previous decade. IRSA entered the international equity markets with Soros' backing in 1994, allowing it to enter the nation's lucrative agricultural sector by purchasing Cresud, a leading landowner of prime pampas agricultural land, in 1994. IRSA became a leading local real estate development firm during the 1990s, purchasing 13 up-market Buenos Aires office buildings and a leading local shopping mall developer, Alto Palermo S.A. (APSA). Through APSA, the group purchased Buenos Aires Design, Galerias Pacifico, Patio Bullrich, Patio Olmos, and a number of other leading Argentine shopping centers, as well as important tourist assests such as the Llao Llao Hotel, a Bariloche mountain resort privatized in 1997.
Related websites
Funding Universe: Cresud
Funding Universe: IRSA
La Nacion: Dot Buenos Aires: la reinvencion del shopping center
La Nacion: Eduardo Elsztain
Chabad Lubavitch News: Mr. Eduardo Elsztain Named Chairman of WJC
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