Hamburg-based Union Investment Real Estate has continued its strategy of expanding in 'up-and-coming overseas property markets' with the acquisition of two properties in Central and South America for a total of EUR 73 mln.
Hamburg-based Union Investment Real Estate has continued its strategy of expanding in 'up-and-coming overseas property markets' with the acquisition of two properties in Central and South America for a total of EUR 73 mln.
Union Investment has been active in Latin America since 2005 and the latest deals bring its holdings in the region to twelve properties and projects. The new additions to the Latin American portfolio are the Xerox Building in Santiago de Chile, which is fully let to user Xerox Chile and was acquired for the open-ended real estate fund UniImmo: Global, and Parque Industrial Tecnologico II in Guadalajara. This property is also fully let. Comprising around 121,500 m2 of rental space, the business and logistics park was acquired for UniImmo: Europa and was is the company's first venture into the Mexican logistics property market.
The acquisitions at the start of 2008 coincided with Union Investment's entry into the Malaysian market, the company said.
