Macquarie Asset Management is buying a three-asset office portfolio in Chile from Credit Suisse Asset Management.
IPE Real Assets understands that the portfolio in Santiago is worth around $143m (€124m).
Macquarie, which has agreed the deal on behalf of an unnamed institutional client, said Credit Suisse held the properties on behalf of one of its international real estate strategies. Credit Suisse acquired the office assets between 2010 to 2014.
The portfolio comprises the Apoquindo 5400, Magdalena Norte and Ombú buildings, offering a total of 32,608sqm of office space and 927sqm of retail area.
Macquarie said Credit Suisse will remain a key tenant of the Magdalena Norte property.
The deal marks Macquarie’s largest private real estate transaction in Latin America to date. Macquarie now manages 10 office buildings in Mexico, Peru and Chile via private mandates.
Christian Goebel, co-head of core/core-plus real estate, Macquarie Asset Management said: “This acquisition represents an excellent opportunity to grow our portfolio of institutional real estate in Santiago de Chile, one of the most highly-regarded core real estate markets in Latin America.
“It aligns with our strategy of building and expanding our diverse portfolio across the Americas region.”
Martin Lamb, managing director, global head of acquisitions and sales at Credit Suisse Asset Management, said: “This transaction is in line with our long-term strategy of investing in high-quality commercial properties in urban centres with strong fundamentals while tactically adjusting for differential country market cycles.
“The sales proceeds will be reinvested to further optimise and expand the global portfolio of properties.”
Credit Suisse was advised commercially by CBRE and legally by Garrigues. Legal counsel for Macquarie was Guerrero & Olivos.
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