In 2004 we created First South American Investments (FSA), a holding company now comprising real estate development and brokerage, construction and hospitality subsidiaries. FSA owns over three million sq ft of prime real estate, completed or under development in Argentina.
Our first major foray into residential real estate began in Singapore in 2004 with the creation of First Oriental. We acquired 120 properties in Singapore's prime residential areas. First Oriental's transactions have exceeded $300 million since its inception.
In 2004 we commenced the sale of many of our ships during what was to become one of the most significant upturns ever seen in global shipping. In the same year we created Lease Corporation International, our first business outside shipping which grew rapidly to become the world's largest privately owned aircraft lessor.