Union Investment vende il “ portafoglio cileno”

Precisely six years after entering the Chilean market with Unilmmo: Global amid much media interest, Union Investment has disposed of its Latin American sub-portfolio. The fund’s Chilean portfolio, consisting of five office properties, was sold for some EUR 171 million to local property investor Aurus Renta Immobiliaria. A multi-phase bidding process achieved sale proceeds that exceeded the original purchase price of the portfolio by EUR 33 million. “It’s not only this successful sale that makes Chile a resounding success story for the fund,” says Volker Noack, Member of the Management Board of Union Investment Real Estate GmbH, Hamburg. “The portfolio generated stable rental income for the fund throughout the holding period.”
The transaction covers total rental space of 55,725 sq m and comprises the Birmann 24, Torre Paris, Xerox, Bandera 76 and Teatinos 254-258 properties, all located in Santiago, the Chilean capital. The properties were acquired for UniImmo: Global between December 2006 and June 2008, with the fund being the sole owner in each case. This made Union Investment one of the largest owners of wholly owned properties in Chile. “In a market where partial ownership is the norm and office space is commonly sold by the 2 Hamburg, 20 December 2012
storey, this unusual ownership situation attracted additional attention from wealthy investors,” says Volker Noack.
UniImmo: Global remains invested in Latin America following the disposal of its Chilean holdings. The fund owns six properties or real estate companies in Mexico worth around EUR 230 million as of 30 November 2012.
Fonte : CS della Società