Marcelo mindlin has just started a process of reorganization of its major construction companies such as the Argentine Society of Construction and Development (SACDE) and Creaurban. Starting this week, both companies will start a merger process by absorption whereby Creaurban will be dissolved to incorporate all its services, its assets and liabilities and all of its assets to the first mentioned.
This is the former Iecsa, which Mindlin and a group of partners bought in 2017 independently from its holding Pampa Energía and which until then was owned by Angelo Calcaterranephew of Franco Macri and cousin of Mauricio Macri who, when he assumed the presidency of the country, asked him to sell the company to avoid conflicts of interest.
At that time, Calcaterra divested from the Obras, Desarrollos y Servicios (ODS) Group, which was made up of Iecsa; Createurban; Fidus SGR; financial services, road concessions and the Geometales mining company, which went to swell Mindlin’s assets.
For the businessman, the operation was extremely important, since he incorporated into his group one of the largest construction and infrastructure companies of the country to which he changed the name to SACDE, which is chaired by his brother Damián.
In the case of Creaurban, it is considered one of the most important real estate developers in Argentina and counts among its executed projects, ventures in Puerto Madero such as Madero Plaza; Torres Mulieris and Torres del Yacht, as well as the Art-María project (jointly with SACDE through Madero Urbana SA) and the suburban mega-development Mirasoles de Monte Grande, in the province of Buenos Aires.
In the segment of architectural works, since 1997, it has delivered more than 1,500 housing units and has built more than 215,000 m2.
Creaurban has developed a large number of projects in the port area of Puerto Madero
Between the major architectural projects, the construction of the High Complexity Hospital “El Cruce” in Florencio Varela stands out; the reform in the Basilica of Luján and the construction of social housing in the district of Monte Grande.
Added to this is the decision to participate as a construction company in the investment fund in which QM Asset Management and Banco de Servicios Transacciones will act as managing company and depository company, respectively, whose maximum issue amount is US$300 million. .
On the other hand, it began with the project agreed with Compañía Buenos Aires SA (who acts in its capacity as trustee of the trust called Av. Figueroa Alcorta 6464) for the construction and turnkey start-up of a complex of buildings that will be built on several properties located in Av. Figueroa Alcorta and La Pampa.
Another of the projects undertaken by Creaurban is based on the purchase of verified credits that Banco Comafi and Edenor had in the preventive contest of Ribera Desarrollos (RDSA) for the construction and commercialization of the “Al Río” project in the district of Vicente López.
new stage
Now, the objective of this merger will be to optimize the administrative structures and increase the productivity and profitability of the economic group of which the two companies owned by the also owner of the Pampa Energía group are a part.
Through a communication sent to the National Securities Commission (CNV), it is explained that SACDE participates in 98.9% of the share capital of Creaurban and ensures that “the merger will be beneficial for both companies and for the entire corporate group to which belong, since it will allow an improvement in the rational and adequate use of human, material and economic resources; and a greater efficiency in the management of financial information”.
Sacde has been owned by Mindlin since 2017, when it was bought from businessman Ángelo Calcaterra
In this sense, the operation and maintenance of a single transactional information system and centralization of the entire accounting registration process; a single financial statement will be presented to the control agencies with the consequent cost savings in accounting and advisory fees, tariffs and other related expenses; the process of reporting and consolidation of accounting information will be simplified; and greater standardization of accounting and administrative policies and procedures will be achieved.
The note also describes as “significant” the fact that SACDE and Creaurban carry out complementary activities within the same field, so it is understood that the merger will allow the alignment of interests and reciprocal use of their direct technical experiences.
During a Creaurban board meeting held on December 14, it was added that another element considered when facing the merger is that the companies share customers, suppliers, subcontractors and providers, “so it is estimated that the process will enable the generation of synergies in the organization of commercial activities”.
The company executives also considered at that meeting that the procedure will create financial synergies to produce more stable and predictable cash flows, with a reduction in the cost of working capital.
“In short, the dissolution without liquidation of Creaurban, as a result of the merger, will entail a notable reduction in administrative, management and control tasks, generating efficiencies from a significant decrease in administrative, auditing and external consulting costs. , at the same time that it will imply a simplification of the corporate structure of the group”, is stated in the minutes of the board meeting.
As of this Monday, January 1, the procedure for the total transfer of assets, liabilities, rights, obligations and any component that forms part of the assets that Creaurban owns in favor of SACDE began. That is, all activities, trademarks, patents, models and designs, credits, movable and immovable assets, intangible assets, inventories, stock holdings and commercial papers, and all the rights and obligations of the two companies existing on the date of the merger, “such as those that could exist or arise due to actions or activities prior to the merger by both companies involved”.
