The state oil company YPF announced the sale of its headquarters in Puerto Modero. The Tower designed by Cesar Pelli has been the headquarters of the company since 2008. The market value of the building is around 400 million dollars.
Official sources assured that the decision joins other corporate actions that have pointed in the same direction in recent months. It seeks to rearrange the structure to the transformation that has driven the pandemic and the possibilities that remote work has generated. Mainly recognizing the unjustified cost of maintaining important and large structures such as the Puerto Madero tower.
The objective defined by the oil company is to dispose of different building assets in order to return to the firm more agile and modern, while the resources obtained from sales are reallocated to the core of the business, which is energy production.
“The possibility of executing the operation has been launched as soon as an offer with the expected value is reached. According to the real estate market it would be approximately 400 million dollars ”, indicated sources close to the company.
They added that “the decision is part of the strategy of the oil company to concentrate all its resources on the core of the business, this is energy production and finance part of the work plan with the resources ”. The firm carries out a policy of austerity in management to try to rearrange the imbalances of recent years.
The Tower designed by Pelli features 160 meters high, 33 floors and 3 basements. It is part of the landscape of Puerto Madero and in recent years it has become a landmark building.
YPF had recently sold a building in downtown Buenos Aires for 30 million dollars. It is the Torre Blanca, located in Tucumán 744, which was acquired by Aysa, a company that until then rented offices in the same space.
The state oil company has gone through severe difficulties in recent years, including a decline in the price of crude internationally and a collapse of shares at the lowest prices in history. Although in recent months it posted better management results, in the third quarter it continued to post a deficit balance. The loss of the firm was over 1,500 million dollars.