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LAN & Tucumán Build A Blueberry Bridge

On September 2, 2010, In competitiveness, energy & agriculture, foreign investment, by InvestBA

Blueberry Bridge

Fresh, not Frozen: BA, Entre Ríos and Tucumán have ramped up U.S. blueberry exports with LAN Cargo.

Global demand for strawberries and blueberries has been on the rise, which is good news for the three Argentine provinces that produce the bulk o’ the berries: Buenos Aires, Entre Ríos and Tucumán. And while Argentina is South America’s third largest exporter of strawberries (after Brazil and Chile), she’s moved up to number two (behind Chile) on the blueberry chart. Agronomy engineer Daniel Kirschbaum told La Gaceta that blueberry demand is up thanks to the fruit’s many nutritional and aesthetic qualities. Kirschbaum, an INTA director and University of Florida IFAS graduate, says blueberry production is creating both jobs and foreign investment in Argentina with greater quantities now being exported at more competitive prices. Argentina’s competitive edge is also a success story in logistics for both Tucumán and LAN Cargo. “Thanks to the agreement with LAN we could open to U.S. markets, since the export duration is only 20 hours,” said Tucumán Governor José Alperovich. LAN Cargo General Manager Carlos Larraín says his company is now “the bridge between the fruit harvested in Tucumán and served one day later on the tables of Americans.”

FreshPlaza.com published the export numbers, while the Buenos Aires Herald has a more in-depth piece on “The Blueberry Route” between Tucumán and Miami. ThePacker.com says Tucumán and Concordia have just come through the coldest August on record, so the route may ramp up a little slower this year. “Argentina is going to be a little bit delayed,” says Dave Bowe of Dave’s Specialty Imports. “They’ve had some freeze damage, so supplies are going to be down a little bit. But overall, the weather has not been conducive.”

For more information on Argentina agribusiness opportunities, see our archives and download the new edition of InvestBA Privada.

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Real Estate Showdown: BA vs. Uruguay

On September 1, 2010, In foreign investment, tourism, uruguay, by InvestBA
Rock Em Sock Em Robots

Stay in BA or follow the Movida Esteña? Argentines and foreign buyers alike are asking the question.

More Argentines are crossing the river to invest in Uruguay real estate. While this headline from Mirador Nacional (MN) highlights the obvious, it also digs deeper with a cost per square foot comparison of Uruguay destinations with some of Buenos Aires’ most expensive neighborhoods. But first, MN points to the oft-cited $1.5 billion in Uruguay closings over the past 18 months number and breaks it down by region: $700 million in Punta del Este, $120 million in José Ignacio & Garzón and $40 million in La Barra. And while an estimated 60% of Punta del Este buyers are from Argentina, the remaining 40% is a rich cultural mix from Brazil, Canada, Chile, the E.U. and increasingly the United States. Financial, legal and political stability are three factors in Uruguay’s favor as are competitive real estate prices. The average new construction cost in Punta del Este is $288/SF which compares favorably with $250/SF in Las Cañitas, $278/SF in Palermo Soho, $325/SF in Recoleta and $342/SF in Puerto Madero, according to Reporte Inmobiliario. Recent sales in Punta del Este include a 2/2 apartment in La Mansa for $341,000, a 3/2 in La Brava for $286,000 and a furnished 2/2 on Roosevelt Avenue for $245,000. Still, the comments section of the article reveals Punta del Este isn’t for everyone. “Why invest in a place that is only active one month each year?,” writes Lucia, and Carolina opines, “It’s too small and stressful in summertime.” For these ladies, emerging destinos uruguayos like Punta Colorada, San Francisco or Playa Verde might be a better fit. (Full article in Spanish)

For more news and information on local real estate markets, search our archives and download the new edition of InvestBA Privada.

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Solid Bet: Argentina, Uruguay Gaming Sector

On August 30, 2010, In arts & entertainment, foreign investment, lifestyle, tourism, uruguay, by InvestBA
Conrad Punta del Este

Punta, Baby, Punta! Argentina & Uruguay are home to high-end casinos like the Conrad Punta del Este.

If the famous scene from Swingers where Jon Favreau and Vince Vaughn drive through the Nevada desert had a South American equivalent, it would probably be Buenos Aires or São Paulo businessmen leaving their offices on Friday and flying chartered jets to Punta del Este for a full night of blackjack or roulette. The scene is played out every weekend at high-end casinos like the Conrad and speaks to regional wealth and the tremendous upside for the gaming sector, not only in Argentina and Uruguay, but in several key Latin American countries. Travel and tourism in the region is forecast to hit $200 billion this year, and a new report from Research & Markets says Latin Americans spend $10 billion on gaming and gambling annually. High Internet and mobile phone penetration rates coupled with strong economic growth are two of the factors favoring Argentina, where legal gaming activities generate upwards of $4.5 billion annually. Uruguay’s gaming sector should also continue to grow thanks to the Mujica administration’s pro-foreign investment stance which will encourage more casino projects in Montevideo, Punta del Este and even interior towns like Fray Bentos. Argentina’s El Diario de las Pampas says local casinos are also growing thanks to women who enjoy playing the slots, or tragamonedas. In the online gaming sector, Argentina was a regional pioneer with the first legal site launching in 2006 and several sites today offering online lottery (Quini 6, Quiniela) and sports gambling.

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Fasten Seat Belts: Latam Will Be Game Changer

On August 29, 2010, In competitiveness, foreign investment, tourism, by InvestBA
Lan Tam Airplanes

When Cueto Met Amaro: In the works for 7 years, the Latam merger will shake up the regional landscape.

When Chile’s LAN and Brazil’s TAM, two of Latin America’s most efficient and profitable carriers, announced plans to combine operations, the headlines trumpeted the superlatives: the region’s largest fleet, 115 destinations in 23 countries, $8.5 billion valuation, $400 million in annual cost savings, and the list goes on. But the combined operations and creation of Latam Airlines Group (LAG) trumpeted in the global financial press has been downplayed here in Argentina, and Carlos Manzoni of La Nación tells us why. “The merger will be a blow to Aerolíneas Argentinas (AR), because Aerolíneas will have to compete with (Latam) in the two most important routes they have: Chile and Brazil. They are going to lose market share when they should be gaining ground.” If Argentina decides to makes life more difficult for Latam, Manzoni says, the new carrier can retaliate in a few different ways. TAM could stifle the flow of Brazilian tourists to Bariloche during ski season by routing flights to Valle Nevado in Chile instead. Likewise, LAN could opt to shut down trans-Atlantic service from Ezeiza to Europe, and channel those flights in and out of São Paulo instead. Either way, it will be a new airline landscape where Latam dominates as the big continental carrier, while small regional airlines like Gol and Pluna continue to gain market share exploiting the low-cost niche.

In closing, Manzoni says the courtship between the Cueto (LAN) and Amaro (TAM) families has been ongoing since 2003. Now that the nuptials are pending, let’s see if old regional flames try to spoil the honeymoon. (Full article in Spanish)

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Banco Ciudad Sees Green in Parque Patricios

On August 27, 2010, In arts & entertainment, creative class, foreign investment, by InvestBA
Banco Ciudad's new headquarters will be a sustainable, distinctive addition to Parque Patricios.

Banco Ciudad's new headquarters will be a sustainable, distinctive addition to the Parque Patricios barrio.

The future just got a little brighter and greener for Banco de la Ciudad, but the green has more to do with architecture than quarterly profits. The Buenos Aires-based bank has been planning a corporate headquarters relocation to the resurgent Parque Patricios neighborhood for some time. After careful evaluation of the 15 proposals by a prestigious panel of local architects, the Bank finally announced the winner of the design contest: London-based Foster + Partners. David Summerfield, one of the firm’s design directors, described the importance of the project and the victory: “The project is Foster + Partners first office development in Argentina and we are looking forward to further developing our designs for Banco Ciudad de Buenos Aires. The plans will create a sustainable, distinctive headquarters for the bank, while drawing on the site’s industrial past to reinforce the unique character of the neighborhood.” The new building will incorporate a variety of sustainable features and should achieve LEED Silver accreditation upon completion. Banco Ciudad president Federico Sturzenegger says the new building will allow his company to streamline operations and reduce both risks and costs associated with operations currently spread out across eight facilities. The announcement is another positive step for the redevelopment of Parque Patricios where the City of Buenos Aires is investing in a Tech District as well as extending the H Line of the Subte. Neighborhood residents should also benefit culturally considering Banco Ciudad’s commitment to the arts and support for annual events like arteBA.

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