Overview

• Argentina’s state assets agency AABE sold the 42,044 m² parcel at Cerviño and Bullrich to Eduardo Costantini’s Consultatio after a competitive auction, and Portal Palermo will keep operating until the scheduled handover by December 2026.
• The winning price reached $127 million, more than 56% above the $81.8 million base and the highest amount paid to date for an AABE auction.
• Other bidders included Simali in partnership with Raghsa and Gepal linked to the Coto family, while Cencosud opted not to bid in the final stretch.
• City zoning for area U86 requires ceding 65% of the site to public space and restoring the Pabellón del Centenario, with heights capped at 21 meters unless modified through a convenio urbanístico with the GCBA.
• Consultatio outlined a mixed‑use district with investment exceeding $350 million, targeting design work within a year and completion around 2029–2030, as a court rejected Miguel Ángel Pichetto’s injunction to stop the sale.