Cresud Ups Stake In IRSA

Argentine agricultural group Cresud has increased its stake in property conglomerate IRSA from 22.6% to 28.1%. Earlier this week Cresud announced that it is planning to raise around $200 million from an IPO of Brazilian company Brasilagro, in which it has a controlling stake, to fund expansion in that market. Cresud, owned by Argentine family Elsztain, has a 49.6% stake in Brasilagro. It also owns retail chain Alto Palermo Centros Comerciales and Banco Hipotecario in Argentina.