As the peso goes down due to inflation, rent goes up in pesos also due to inflation. Over time these factors even out. It is not like they have borrowed dollars and invested in pesos. They have invested in real estate, which locals like to invest in especially because it holds value independent of the currency.

That's not to say that rents in dollar terms will not vary especially with the economic downturn. Rents had climbed back to where they were before the crisis of 2002, over $30/sq m/yr and probably will back off. Even if rents fell back to 20, it wouldn't really hurt irsa because their average portfolio was at about that level.

The current price of $5/share only values the office space at about $100/sq ft. Irsa recently sold some of it for about $250 per sq ft and bought back bonds probably at half price. So I'd say Irsa is a long way from being killed. The leverage is not so high, and even if rents fell back to 10 they would be able to earn a profit.