EXHIBIT 8.1
LIST OF SUBSIDIARIES
The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2021:
| Name of the entity |
| Country |
| Main activity |
| Stake at 06.30.2021 |
|
| IRSA's direct interest: |
|
|
|
| |||
| IRSA CP (1) |
| Argentina |
| Real estate |
| 79.92% |
|
| E-Commerce Latina S.A. |
| Argentina |
| Investment |
| 100.00% |
|
| Efanur S.A. |
| Uruguay |
| Investment |
| 100.00% |
|
| Hoteles Argentinos S.A.U. |
| Argentina |
| Hotel |
| 100.00% |
|
| Inversora Bolívar S.A. |
| Argentina |
| Investment |
| 100.00% |
|
| Llao Llao Resorts S.A. (2) |
| Argentina |
| Hotel |
| 50.00% |
|
| Nuevas Fronteras S.A. |
| Argentina |
| Hotel |
| 76.34% |
|
| Palermo Invest S.A. |
| Argentina |
| Investment |
| 100.00% |
|
| Ritelco S.A. |
| Uruguay |
| Investment |
| 100.00% |
|
| Tyrus S.A. |
| Uruguay |
| Investment |
| 100.00% |
|
| U.T. IRSA y Galerias Pacifico (2) |
| Argentina |
| Investment |
| 50.00% |
|
| IRSA CP's direct interest: |
|
|
|
| |||
| Arcos del Gourmet S.A. |
| Argentina |
| Real estate |
| 90.00% |
|
| Emprendimiento Recoleta S.A. |
| Argentina |
| Real estate |
| 53.68% |
|
| Fibesa S.A. (3) |
| Argentina |
| Real estate |
| 100.00% |
|
| Panamerican Mall S.A. |
| Argentina |
| Real estate |
| 80.00% |
|
| Shopping Neuquén S.A. |
| Argentina |
| Real estate |
| 99.95% |
|
| Torodur S.A. |
| Uruguay |
| Investment |
| 100.00% |
|
| EHSA |
| Argentina |
| Investment |
| 70.00% |
|
| Centro de Entretenimiento La Plata |
| Argentina |
| Real estate |
| 100.00% |
|
| Pareto S.A. |
| Argentina |
| Design and software development |
| 93.63% |
|
| Tyrus S.A.'s direct interest: |
|
|
|
| |||
| DFL and DN BV |
| Bermuda’s / Netherlands |
| Investment |
| 99.50% |
|
| IRSA International LLC |
| USA |
| Investment |
| 100.00% |
|
| Jiwin S.A. |
| Uruguay |
| Investment |
| 100.00% |
|
| Liveck S.A. (5) |
| Uruguay |
| Investment |
| 100.00% |
|
| Real Estate Strategies LLC |
| USA |
| Investment |
| 100.00% |
|
| Efanur S.A.'s direct interest: |
|
|
|
| |||
| Real Estate Investment Group VII LP (REIG VII) |
| Bermuda’s |
| Investment |
| 100.00% |
|
| DFL's and DN BV's direct interest: |
|
|
|
| |||
| IDB Development Corporation Ltd. (4) |
| Israel |
| Investment |
| - |
|
| Dolphin IL Investment Ltd. |
| Israel |
| Investment |
| 100.00% |
|
| DIL's direct interest: |
|
|
|
| |||
| Discount Investment Corporation Ltd. (4) |
| Israel |
| Investment |
| - |
|
| IDBD's direct interest: |
|
|
|
| |||
| IDB Tourism (2009) Ltd. (4) |
| Israel |
| Tourism services |
| - |
|
| IDB Group Investment Inc (4) |
| Israel |
| Investment |
| - |
|
| DIC's direct interest: |
|
|
|
| |||
| Property & Building Corporation Ltd. (4) |
| Israel |
| Real estate |
| - |
|
| Cellcom Israel Ltd. (4) |
| Israel |
| Telecommunications |
| - |
|
| Elron Electronic Industries Ltd. (4) |
| Israel |
| Investment |
| - |
|
| Bartan Holdings and Investments Ltd. (4) |
| Israel |
| Investment |
| - |
|
| Epsilon Investment House Ltd. (4) |
| Israel |
| Investment |
| - |
|
| Mehadrin Ltd. (4) |
| Israel |
| Agricultural |
| - |
|
| PBC's direct interest: |
|
|
|
| |||
| Gav-Yam Bayside Land Corporation Ltd. (4) |
| Israel |
| Real estate |
| - |
|
| Ispro The Israeli Properties Rental Corporation Ltd. (4) |
| Israel |
| Real estate |
| - |
|
| Matam - Scientific Industries Center Haifa Ltd. (4) |
| Israel |
| Real estate |
| - |
|
| Hadarim Properties Ltd. (4) |
| Israel |
| Real estate |
| - |
|
| Property & Building (Commercial Centers) Ltd. (4) |
| Israel |
| Real estate |
| - |
|
| PBC USA Investments Inc (4) |
| USA |
| Real estate |
| - |
|
| (1) | Includes interest held through E-Commerce Latina S.A. and Tyrus S.A. |
| (2) | The Group has consolidated the investment in Llao Llao Resorts S.A. and UT IRSA and Galerías Pacífico considering its equity interest and a shareholder agreement that confers it majority of votes in the decision-making process. |
| (3) | Includes interest held through Ritelco S.A. and Torodur S.A. |
| (4) | Control was lost in September 2020. See Note 4.E. |
| (5) | Includes Tyrus’ and IRSA S.A.’s equity interests. |