Cresud is an Argentine holding company with two core businesses: agricultural production and real estate. On the agriculture side, Cresud owns and operates farms across Argentina, Brazil, Bolivia, and Paraguay, producing grains (soybeans, corn, wheat, sunflower), sugarcane, and cattle. As of June 2025, Cresud owned 26 farms covering roughly 578,000 hectares. Cresud sells crops as commodities to large trading firms like Cargill, Bunge, and Glencore, and sells cattle to domestic slaughterhouses and supermarkets. Cresud also holds a 35% stake in BrasilAgro, a listed Brazilian agricultural company. A key part of Cresud's agricultural strategy is land transformation: buying underdeveloped farmland, improving productivity, and selling farms at a gain, with proceeds recycled into new acquisitions. On the real estate side, Cresud owns 54% of IRSA, one of Argentina's largest real estate companies. IRSA owns 16 shopping malls across Argentina totaling roughly 371,000 sqm of gross leasable area, premium office buildings in Buenos Aires, three luxury hotels, and large land reserves for future development. IRSA's shopping mall tenants pay the higher of a base rent or a percentage of tenant sales, with leases indexed to CPI. Office leases are denominated in U.S. dollars. IRSA also holds a roughly 29% stake in Banco Hipotecario, one of Argentina's main mortgage lenders.