Property prices of two and three rooms in the Autonomous City of Buenos Aires (CABA) showed an average retraction of 2.5% in the last quarter, and in February a decrease of 8.8% in comparison with the same month of 2019, according to a survey of Reporte Inmobiliario (Real Estate Report). In February 2020 the average price was $2,190 per square meter.
DHL Global Forwarding, the division dedicated to air and maritime transport within the German logistics company DHL, opened Parque Ciudad, a new distribution centre in Buenos Aires city with a 15,422 square meters warehouse. The project started in mid-2019 is already 60% complete and contemplates a total investment of $ 350 million over a period of three years.
Nearly 600 thousand SMEs that maintain debts with the Treasury of the province of Buenos Aires for about AR$26billion ($427.9billion), will be able to apply from March 2 to a moratorium which includes “total interest, fines and punitive removals” plus capital payment in instalments up to 10 years.
Buenos Aires province will not default and will pay this week $250 million capital plus $27 million interest of bond BP21 originally due on Jan. 26, Governor Axel Kicillof said. The announcement came after failure of negotiations for getting agreement with 75% of bondholder over a delay until May 1, being Fidelity Investments the main group opposed to the deal. The province will use own resources to make payments.
The Government of the province of Buenos Aires proposed today to pay 30% of the bond capital due on January 26 ($ 75 million) and defer the remaining 70% to May 1. Bondholders will also receive the interest corresponding to that postponed capital, if at least 75% of them accept the terms before this Tuesday.
The government of the province of Buenos Aires proposed holders of BP21 bonds for $250 million matured on January 26, the advance payment of interest from January 27 to May 1, if they accept to defer until that date the payment of capital. If bondholders accept the offer by Friday, they will receive next week $28.70 for every $1,000 of deferred capital.
The real estate market of the city of Buenos Aires fell 41.6% and that of the province 30% in 2019 compared to the previous year, due to a virtual disappearance of bank credit and macroeconomic instability, reported the Colegio de Escribanos (Notary Council). In the federal district 33,411 deeds were registered, the lowest figure in the historical record since 1998. In the province, there were 83,627, the lowest number in the last 14 years.
Argentine bonds dipped on Wednesday as the provincial government in Buenos Aires was forced to extend until Jan. 31 a deadline for creditors to agree or reject a plan to delay a $250 million bond repayment originally due on Jan. 26. Prices for Argentina’s over-the-counter (OTC) bonds were down on average around 1.3%, while Buenos Aires bonds fell across the board, led by a 3.5 point drop in the 2021 bond.
The governor of the province of Buenos Aires, Axel Kicillof confirmed that he will not be able to pay $ 275 million of the Buenos Aires 2021 bond that expires on January 26. In an Argentine newspapers publication this morning, he announced that he will seek an agreement with creditors to postpone payment until May 1, 2020.