Thermal Spa Condominium located in the City of Carhué, Buenos Aires, Argentina on the shores of Lake Epecuén Lake Epecuén has the same medicinal and healing properties found in the internationally renowned Dead Sea; but unlike its Middle Eastern counterpart, the Epecuén has a much higher alkalinity and the colloidal nutrients that populate its waters are much richer, as they come from the very fertile land of the Argentinean Pampa, and not from the desert.

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2. Epecuén,
a Lake Like
No Other
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Located in the Province of Buenos Aires, the City of Carhué was
founded in 1877; right after the Mapuche Indians lost sovereignty
over Lake Epecuén. The Mapuche tribe defended the waters of the
Epecuén to the last consequences, as the lake had been a vital
source of health and life for the tribe and their horses.
Just as the native Indians, the first European settlers appreciated
both the medicinal and the commercial value of the Epecuén
waters, re-baptizing it with the Christian name of Lake “Saint Luke”
(the beloved physician Saint) and exploiting its waters by mining
one of the most coveted minerals of the times: salt.
But, why is Lake Epecuén a lake like no other?

3. The Dead Sea
of The
Patagonia
Lake Epecuén has the same medicinal and healing properties
found in the internationally renowned Dead Sea; but unlike its
Middle Eastern counterpart, the Epecuén has a much higher
alkalinity and the colloidal nutrients that populate its waters are
much richer, as they come from the very fertile land of the
Argentinean Pampa, and not from the desert.
The Mapuche Indians intuitively recognized the lake’s
outstanding capacity for mineralization and its relevance as a
source of energy, vitality and health, to the point that a full
immersion bath in its salty waters was a mandatory part of their
hunting and war-preparedness rituals; which included the
immersion of the horses as well.
After the capture of Carhué and the appropriation of the Lake
by European settlers, the legend of this “Sea of Life” started to
resound throughout the territory, drawing the attention of the
first health tourists.
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4. X Epecuén
Mar MuertoThe lagoon is an endorheic hyper-saline body of water
located in the basin of the “Encadedanas del
Oeste” (Western Chained). The lake is situated in the
deepest indentation of a tectonic depression that also
includes the Alsina and the Guaminí lagoons. The
Mapuche tribe named the lake “Epe” (almost) and
“Cuen” (roast or burn) from the burning sensation the
hyper-saline waters produce when in contact with the skin.
Large deposits of salt rest on the lake shores, which have
been known and exploited since ancient times. The lake is
20 km long and 8 km wide.
Epecuén
Dead Sea

5. X
Epecuén
Dead Sea
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The extraordinary healing properties of immersion
baths in hyper-saline waters are highly recognized,
but in addition to the high concentration of salt, the
waters of the Epecuén Lake also have colloidal
minerals that are not found in any other body of water
in the world.
Among the minerals that contribute to the therapeutic
properties of the waters are: magnesium, calcium,
sodium, potassium and a great concentration of sulfur.
The mud, the water and the salts extracted from the
lagoon are to blame for the well regarded reputation
of the Epecuén. It is said the waters are very effective
in the treatment of skin conditions and to improve
hydration and circulation, heal rheumatic conditions,
stimulate the renewal and repair of cells, and as a
skin exfoliant, cleanser, detoxifier and smoother.
Salinity
Dead Sea
Epecuén
Ocean
245
210
35
Gr/L
Grams / Liter

6. XEpecuén
Dead Sea
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The state of illness or health in our bodies is
determined by the level of acidity or alkalinity present
in our internal mediums. In a condition of alkalinity, the
body functions better and there is health. A condition
of acidity however, results in a state of illness. It has
been proven that illness develops and thrives in acid
mediums, while it is not possible for illness to survive
under alkaline conditions.
Ph Dead Sea
Epecuén
Ocean
7
9.5
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7. Villa
Epecuén
Spa City
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The health tourism industry in the shores of the Epecuén dates back to
1885, when people from nearby towns camped in its littoral to bathe and
prepare their bodies for winter. At the beginning of the XX Century, the
medicinal and therapeutic waters of the lake obtain, for the first time, their
scientific credibility.
In the eighty (80) years that followed, the shoreline of the Epecuén
became one of the most relevant tourist attractions of the region, giving
birth to Villa Epecuén. In 1920, the construction of castles, hotels, resorts
and other impressive structures result in the availability of 7,000 hotel
beds.

8. 8
A Brief History of
Carhué and
Lake Epecuén

9. 91876
Way before the arrival of the first European settlers, the
Mapuche Indians intuitively recognized the benefits provided by
this “Sea of Life”. Tribe members would immerse in the waters of
the Epecuén with their horses to prepare for battle, recover their
health and life force and before embarking in extensive hunting
expedition through the Argentinian Pampas.
1877
After the colonization of Carhué and the dominance over the
Epecuén, the lake was re-baptized with the name “Lake San
Luke”, referring to the “beloved physician Saint”, patron of
surgeons and physicians. The European settlers not only
recognized the lake as a fountain of health, they also recognized
its great potential as a provider of one of the most coveted
minerals of the times: salt.
1886
After hearing of the magical fables surrounding Lake Epecuén,
people from nearby towns arrived in large caravans to camp
alongside the shore; giving birth to the first tourism industry of the
region.

10. 1920
Big castles, hotels, resorts and other impressive structures
are built; generating rooms to accommodate 7,000 people.
1950
Demand generated by the health tourism industry
gives birth to a railway from Buenos Aires to Villa
Epecuén.
1960
The touristic health industry continues to generate demand
and intensify growth in the region, encouraging the
construction of ominous and luxurious resorts and other
structures of great magnitude.
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11. 1970
1985
1990
In the 1970s, there were three direct railways and 250
commercial establishments to accommodate the affluence of
visitors. It is said that by this time, Villa Epecuén hosted an
average of 25 thousand visitors in the summer time alone.
Miscalculations in the planning of civil works cause the
Epecuén Lake to overflow, causing a flooding that completely
submerged Villa Epecuén.
In 1990 the waters receded, revealing the ruins of the “Spa
City”; which have become a tourist attraction in their own right,
sparking interest among photographers, journalists, tourists and
extreme sport enthusiasts from all around the world.
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12. 2000
The “Salty Forest” of Villa Epecuén becomes a preferred location
for professional and amateur photographers.
2012
The lake recovers its legendary medicinal conditions and salt
crystals cover the shoreline once again.
2013
BBC Documentary
https://www.youtube.com/watch?v=Boa7VyHG7P4
ALJAZEERA Documentary
http://www.youtube.com/watch?v=YoQYTX5wlAg
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13. 13
Opportunity

14. After the shock and devastation of the Villa and the Lake, in
1989 the City of Carhué initiates it revitalization program with
a slogan that defines their determination to reconquer this
area and turn it into the jet set tourist location it once was:
CARHUÉ IS BACK!
2016
Carhué
Is Back !
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15. 15
Due to its strategic location, Carhué remained untouched
before, during and after the birth, rise and fall of Villa
Epecuén; thus becoming the only haven for the health
tourism that refuses to die and give up on the opportunities
for wellness and enjoyment offered by the Argentinian
Pampas and the privileged waters of Lake Epecuén.
Strategic
Location
Cahué
Villa Epecuén
The Time Is Now!

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In addition to its proximity to the oil rigs of “Vaca Muerta”, the City of
Carhué is a crossroad between the four (4) biggest and most important
cities of the Province of Buenos Aires: the city of Buenos Aires, Bariloche,
Bahía Blanca and Mar del Plata. This strategic location makes it
accessible to a peripheral population of 17 million people residing under
800 km.
The Gateway
to Patagonia Buenos Aires
Vaca Muerta
Yacimiento
Bariloche
Ski Resort
Bahia Blanca
Carhué

17. Historic
Relevance
Because of its strategic location, Carhué was the territory
with the biggest stride along the borders in 1876. The
Chief of the South Division, Lieutenant Commander
Nicolas Levalle, occupies the region on April 23rd 1876.
Only a month later, on January 21st, 1877, the town of
Adolfo Alsina was officially founded and named after
Levalle’s superior officer and friend. In 1949, the town of
Adolfo Alsina is declared a “City” and recovers its original
and ancestral name: Carhué.
Because of its relevance in the history of Argentina,
Carhué has a historic center with museums, architecture
and art dating back to its ancestral times.
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18. Medicinal and
Therapeutical
Relevance
The medicinal and therapeutic properties of Lake Epecuén
are only comparable to those of the Dead Sea. There is no
other body of water in the world with a composition similar
to that of these to lakes. The uniqueness of the waters in
both cases, is due to the high concentration of salt and
other minerals scientifically proven to help in the treatment
of many health conditions.
The qualities of hypersaline waters for beauty, health and
wellness have been recognized and leveraged for
centuries, through the experience of locals and visitors in
the waters of both, the Dead Sea and the waters of Lake
Epecuén in the Argentinian Pampas.
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19. Touristic
Relevance
In additional to the attractions characteristic of the City
and the ruins of Villa Epecuén, Carhué is a median to
other exclusive leisure locations in the area; such as
the hunting grounds in the Pampas, the Polo Fields in
Coronel Suarez, the mountain range of “La Ventana”,
the vineyards and wineries of Tornquist, the black
truffles of Espartillar, the sport fishing activities of
Guamini and the City of the Jewish Gauchos in Rivera.
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20. 20
Growth
Potential

21. Tourism in
Numbers
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The global market for health tourism increased 12.5%
between 2012 and 2013.
Official statistics confirm that 2,000,000 people visit the Dead Sea
every year, with a minimum investment per capita of 1,000. The
estimated income as a result of this activity is calculated in over one
thousand million dollars per year.
With similar conditions and over 17,000,000 inhabitants in its range of
influence, Carhué currently hosts under 50,000 visitors per year and
generates an income below five million dollars.
The Spa Industry grew 7.7% between 2007 and 2013;
increasing profitability from 60 billion dollars to 94 billion
dollars; even during the years of global recession.
The health and beauty industry is a global market worth 3.4
trillion dollars (3.4 times bigger that the global
pharmaceutical industry).

22. Health &
Beauty
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Beauty and Anti-Aging Health Tourism
Integrative and Alternative
Health
1.025 494
186
Real Estate Investment Destined
to Health and Beauty
Spa Industry
Thermal Therapies and
Mineral Springs
100
9450
*Yearly worldwide industry revenue expressed in
Billions of Dollars
* *
* *
*
*
It is believed that there are currently 105,591 Spa facilities,
compared to 71,762 existing in 2007. The industry of
thermal waters and natural and mineral springs is currently
comprised of 26,847 facilities operating around the world.

23. One Project
Three Goals
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24. 24
Located in the Historic City of Carhué, Argentina, the first Premium
Thermal Condominium, Caldén, seeks to recover the booming
touristic value that characterized this unique Latin American region for
80 consecutive years. The flooding of Villa Epecuén by the hyper-
saline waters of the lake, marks the end of an era of unprecedented
touristic growth and expansion.
Investment
Health &
Social Responsibility
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25. Caldén
Premium
Thermal
Condominium
Currently, Carhué provides only 600 of the 15,000 beds
necessary to satisfy the demand generated by local
visitors. Caldén is being edified as the first initiative to
create the conditions to boost the unbelievable touristic
potential of the city and its hyper-saline lake.
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26. 26
The “Condominium Caldén” Project is comprised of two buildings with
three floors each, for a total of 22 Premium Quality Apartments with
one (1) and two (2) bedrooms each. Every apartment has a balcony of
generous dimensions, private laundry closet, 10 foot ceilings and direct
sunlight.
The interior of the apartments are designed with premium furnishings
and finishes and materials of the highest quality. The building counts
with next generation smart elevators to transport visitors to all levels,
including the Private Terraces level. Each private terrace has a mini-
immersion pool with hyper-saline water supply.
On the ground floor, guests can enjoy two heated pools, one with
freshwater and the other one with hyper-saline water from Lake
Epecuén. Both pools are under a retractable roof to ensure the best
conditions throughout the different seasons. A Restaurant is located in
the ground floor of the east building and the spa is located in the
ground floor of the west building.
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27. Nonprofit
Mar DeVida
Thallaso-Spa
Following the tradition of the City as a Health & Spa destination,
Condominium Caldén makes the “Mar De Vida” Thallaso-Spa
experience available to visitors. The Thallaso-Spa is organized as a
nonprofit organization that seeks to increase the availability of
therapeutic treatments to a young, vibrant underserved population.
The “Mar De Vida” Thallaso-Spa will also offer traditional beauty
treatments as well as relaxation and wellness programs.
Furthermore an exclusive line of beauty products will be
manufactured locally and sold globally. This line of products will be
manufactured with Salts and Peloids from “Lake Epecuén”. This
line of products will be comparable to those manufactured with
Dead Sea Minerals.
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29. Social
Responsibility
In an effort to promote the development and growth of the region, for the
benefit of its inhabitants, Condominium Caldén will result in the creation
of thirty five (35) new temporary construction jobs and twenty (20) new
permanent hospitality jobs.
Furthermore the operation of “Café Martinez” located on the ground
floor of the East Building, will generate ten (10) additional permanent
Food & Beverage jobs.
In addition, our “Mar de Vida” Thallaso-Spa will generate six (6)
permanent healthcare jobs and provide free training for 20 students per
year, and free treatment to local pre-qualified elderly patients for
rehabilitation during the off season.
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71 new jobs for Carhué are
only the beginning…

30. Opportunities for
the investor
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31. An Overview
in Numbers
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• 22 New Premium Short Term Rental Condos to supply a highly underserved demand
• Only 600 hotel beds are currently available to meet the demand of over 15,000
• Safe investment with an estimated 15% yield
• REIT Registration - 11/07/2012
• Land Ownership Registration 13/03/2013
• Architectural Costs - 100% paid
• Municipal Permits Costs -100% paid
• Demolition costs perimeter fence 100% paid
• Excavation and foundations for the first building (East Building) 100% paid

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Great for your
Portfolio,
Body and Soul
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