Gaucho Group Holdings Inc (NASDAQ: VINO) is trading significantly higher Tuesday after the company announced it will acquire additional real estate assets in Argentina for $2.4 million.
Gaucho Group Holdings will acquire the real estate assets from Hollywood Burger Holdings, Inc. One of the property lots is located in the San Rafael, Mendoza region of Argentina, and the other is in Córdoba, Argentina.
“This transaction is one more of many potential opportunities for strategic and accretive acquisitions. Of the two properties, one of them currently generates positive cash flow through lease revenues and will be accretive to the company, and we expect the other to have substantial development opportunities,” said Scott Mathis, chairman and CEO of Gaucho Group Holdings.
Gaucho Group Holdings develops and operates real estate projects in Argentina including hotels, a golf and tennis resort, a vineyard and winery and more.
VINO Price Action: Gaucho Group Holdings has traded as high as $9.03 and as low as 32 cents over a 52-week period.
The stock was up 25.20% at $3.93 at time of publication.
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