Union Investment has sold an office asset in Mexico City.
The Santa Fe III office asset, held in the UniImmo: Europa portfolio for 10 years, has been bought by Grupo Metta, one of the largest property developers in Mexico.
Located in the western sub-market of the Mexican capital, the complex offers around 19,200sqm of rental space.
Grupo Metta leases around 3,800sqm, making it the largest tenant in the building, with around 20% of the space.
The rest of the building is occupied by smaller tenants.
The manager said strong performance of the market meant the sale price was “substantially above” the original purchase price of 10 years ago.
Union Investment said the Mexican office market and the capital remained a key focus after the sale of Santa Fe III.
At the end of May, the investment manager bought the fully let Corporativo Dos Patios office building for $117m.
Further acquisitions, worth $250m-300m, are planned over the medium term.
Union Investment said it now held six office properties in Mexico worth $400m.