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CRESUD Inc
Eduardo Elsztain chairs Cresud, a publicly traded Argentine firm combining over 700,000 hectares of South American farmland with IRSA's mall portfolio.
CRESUD Inc
Cresud was founded in 1936 as a diversified agricultural operator and has since evolved into a unique hybrid on the Buenos Aires Stock Exchange, combining large-scale farming with commercial real estate development. The Elsztain family, through their holding company IRSA, exercises control over Cresud and uses it as a platform to acquire and manage rural land across Argentina, Brazil, and other parts of Latin America. The firm produces soybeans, corn, wheat, and beef cattle, while also operating a portfolio of shopping malls that includes some of the country's most visited retail properties. Cresud's strategy splits along two parallel tracks. On the agricultural side, it owns and operates over 700,000 hectares of farmland — making it a direct player in global soft commodity supply chains with significant landholdings in the Argentine Pampas and Brazil's Cerrado region. On the real estate side, it controls IRSA, Argentina's largest commercial property company, whose assets include iconic Buenos Aires retail destinations and office towers. Confirmed holdings through subsidiaries include Alto Palermo, Abasto Shopping, and Dot Baires. The firm generates revenue through crop sales, land appreciation, and rental income from its retail portfolio. With a market capitalization that has historically fluctuated between $400M and $1.5B depending on Argentine macro conditions, Cresud reports financials in both Argentine pesos and US dollars to mitigate local currency distortion. The Elsztain family — Eduardo, his brother Alejandro, and members of the next generation — maintain tight operational control. In January 2024, Cresud completed a $60M bond issuance in international markets to roll its short-term debt and extend maturities, signaling continued institutional access despite Argentina's volatile credit profile. Cresud's structure as a public company with a family-controlled board creates an unusual blend of liquidity, governance, and long-duration asset ownership. Unlike pure-family offices that manage private capital, Cresud's status as a listed entity forces ongoing disclosure and analyst coverage while still concentrating voting power with the Elsztains. This architecture allows the family to maintain generational control over farmland and prime real estate while offering partial liquidity to outside shareholders — a governance model common in Latin American conglomerates but rare in global agricultural enterprises.
General information
Firm type
other
Year founded
1936
AUM
Undisclosed
Location
Region
Latin America
Country
Argentina
City
Buenos Aires
Corporate office
Buenos Aires, Argentina
Principals
Eduardo Elsztain
Chairman
Alejandro Elsztain
Second Vice Chairman
Sector focus
Frequently asked questions
How does Cresud's structure differ from a typical family office?
Cresud is not a private family office — it is a publicly traded corporation controlled by the Elsztain family through their holding company IRSA. This means any institutional investor can buy shares on the Buenos Aires Stock Exchange or via ADRs in New York, gaining direct agricultural and real estate exposure alongside the family. The tradeoff is that public listing imposes securities filing requirements and minority shareholder protections that a private family office would never face.
What is the relationship between Cresud and IRSA?
Cresud is the controlling shareholder of IRSA, Argentina's largest commercial real estate company. IRSA owns and operates shopping malls, office buildings, and hotels, while Cresud retains direct ownership of the farmland assets. The Elsztain family sits atop both entities, using Cresud as the public vehicle that consolidates agribusiness and real estate under one ticker.
Where does Cresud own farmland and what does it produce?
Cresud's agricultural operations span more than 700,000 hectares across Argentina and Brazil. The firm grows soybeans, corn, wheat, sunflowers, and sorghum, and runs cattle operations for beef production. Its Brazilian assets, acquired over the last two decades, include large tracts in the Cerrado region, where farmland values have appreciated substantially relative to Argentine properties.
Who runs investment and operational decisions at Cresud?
Eduardo Elsztain, the Chairman, is the central decision-maker for capital allocation and strategic acquisitions. His brother Alejandro serves as Second Vice Chairman. The Elsztain family has controlled the board since taking over in 1994, and operational management for the agricultural and real estate divisions runs through separate subsidiary CEOs who report to the board.
How does Cresud handle Argentina's currency and capital controls?
Cresud reports financials in both Argentine pesos and US dollars to give international investors a clearer picture of asset values and operating cash flow. The company has historically accessed international credit markets — including a $60M issuance in early 2024 — to fund operations and refinance debt outside the peso-denominated local banking system, though it remains exposed to Argentine sovereign risk.
Is Cresud purely an operating business or does it function as an investment vehicle?
Cresud operates as both. It actively farms its own land and manages its real estate properties, generating operating income, but it also acquires and sells land parcels as an investment strategy — particularly in Brazil where it has realized significant land value gains. This dual operating/investing posture makes it resemble a permanent capital vehicle more than a traditional farming company.
Does Cresud have any philanthropic or separate family investment structures?
No separate philanthropic entity is publicly disclosed. The Elsztains concentrate their business interests through Cresud and IRSA, and Eduardo Elsztain has historically used public board positions — such as his role at IDB Development — rather than foundation structures for broader community engagement. Private family wealth outside the listed companies is not publicly documented.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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