The thesis
A permanent asset, bought during a temporary discount.
Land keeps its value through cycles because the world keeps eating. Argentina is selling that asset at a discount, and the discount is the temporary part.
The asset
A hectare of productive ground is a claim on output the world keeps needing
US farmland has returned roughly ten percent a year since 1992 at realized volatility of six to seven percent, against sixteen to eighteen for the S&P 500. Its drivers are agricultural, not financial: rainfall and yields, not rates. It held value through 2008 and through 2022. Developed-market farmland now trades at two to four percent cap rates. Argentina offers the same asset at a repriced entry.
Sources: NCREIF Farmland Index; Savills Global Farmland Index (2024 data).
The mispricing
Same soil, different passports
Top cropland trades at $42-45k per hectare in the US, $27.5k in Brazil, $17-20k in Argentina. Yields in Argentina's core zone match Iowa and Mato Grosso in a normal year, on 5.7 times less fertilizer per hectare than Brazil, on rainfed soils that need no liming. The price gap is in export taxes and currency history, capitalized into every hectare. Uruguay, with lower yields, closed 2025 above $4,000 per hectare averaged across all rural land. Export taxes on soy now step down on a published schedule through 2028. Prime-zone prices already rose about ten percent in a year.
We do not compete for core-zone land. We buy undeveloped ground in the north for a few hundred dollars a hectare and build it into something a producer pays thousands for. Our exit case is the spot price next door.
Why now
The re-rating has started. The land has not caught up
Argentina has unified its exchange rate, brought monthly inflation down to low single digits, aligned its ratings across the three agencies and passed its IMF reviews. Global capital has followed, into energy, mining, equities and fertilizer plants, on the record and at scale. Farmland still trades near pre-reform prices. Land bought at today's base captures both the productive transformation and the country re-rating. Land bought later captures only the first.
The model
One hard sale becomes many simple ones
We acquire at scale, off-market, at the undeveloped basis. We put roughly a third of project capital into access, water, fencing, pasture, soil and permitting. From year three we sell 1,000 to 10,000 hectare parcels to producers who can run the land but never assemble it. The hold is seven years, all equity, no leverage. Returns come from the sale multiple, not from operating cashflow.
Three provinces, one playbook. Salta and Formosa are in active evaluation; Santiago del Estero is mapped behind them. Each project gets its own vehicle, secured at the same time as its capital, so investors underwrite a specific asset and never a blind pool.
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The transformation
The land we sell is richer than the land we bought
Restoration is the value-creation engine, not a footnote. Our agronomist leads it in-house. Native tree cover stays in place, a working silvopastoral system. Drought-adapted perennial pasture, proven by INTA across the northwest, goes in under it: 7.5 to 10.5 tons of dry matter per hectare, and about a fifth of annual growth in the dry season. Permanent cover rebuilds organic matter, water infiltration and carrying capacity on ground that is degraded and poorly managed today. A producer pays a premium to step into that basis.
The moat
Source, redevelop, exit
Sourcing. More than half the land that changes hands in the north never reaches a broker. Our senior GP has bought and sold it for thirty years.
Redevelopment. A written playbook: an 11-point acquisition screen, a vendor scorecard with three bids minimum, funding released only against certified milestones, and a showroom field next to every parcel we sell.
Exit. A deep, fragmented base of expanding producers, and the option of seller financing repaid in tons of soy or kilos of beef, which widens the buyer pool without being part of the base case.
Who this is for
Patient capital that can think in land
Families and individuals who want a dollar-referenced real asset they can hold without leverage, who are comfortable underwriting Argentina with the facts in front of them, and who would rather own the ground than a share of someone else's wrapper. If that is you, ask for the materials. They set out every risk we underwrite and what we do about each one.
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This is not an offer to sell or a solicitation to buy any security. Any offer is made solely to qualified investors pursuant to definitive documentation and subject to review by counsel in Argentina and the United States.