Earlier i shared some thoughts on CRESY, an Argentinian land company that is the majority owner of IRS. The IRS piece may be more interesting than CRESY.

In the CRESY piece, I listed IRS’s non Argentine assets. In addition to those listed there, IRS also owns 94.9% of APSA (an argentinian property co) and 29.77% of BHPTY (an Argentinian bank) both of which are publicly traded.

As of Friday close IRS had a market cap around $480M. The market value of the pieces that they own listed above is about $570M, so there might be a trade here if one can get comfortable with multiple legs, currency risk, and limited liquidity.

In a perfect world you would isolate the US pieces of the puzzle by buying IRS and shorting APSA and BHPTY… that leaves you with a piece of the US REITS at a price discounted to the public price… short the public pieces, and capture the spread.

Not an easy trade, but something to think about.