German fund manager Union Investment Real Estate has completed the first ever sale of a single-owner office portfolio in Chile for $225 mln (€166 mln).
German fund manager Union Investment Real Estate has completed the first ever sale of a single-owner office portfolio in Chile for $225 mln (€166 mln).
The buyer was local property fund Aurus Renta Immobiliaria.
CBRE advised Union Investment on the transaction.
The portfolio of five properties is located in Santiago, the Chilean capital, and comprises 55,720m2 of rentable office, retail and leisure space. Tenants include international banks and government agencies, multinational corporations and major companies in technology, communications, pharmaceuticals and mining.
CBRE said that it has worked with the German investment fund in Chile since 2005 to acquire and build a strategic office portfolio in Chile, more recently advising on the optimal disposal strategy, structure and timing. The sale of the buildings, all of which are recently constructed or renovated, attracted a high level of bids from both domestic and international buyers.
Union Investment came second in PropertyEU's ranking of top investors in European real estate by volume in 2012. The German fund manager reported a volume of €2.5 bn - just behind the top investor, Norway's Government Pension Fund Global.
The Norwegian fund, managed by Norges Bank Investment Management, invested €2.6 bn in 2012, lifting its total volume since it started investing in European real estate in 2010 to some €5 bn.
