Munich-based property fund manager GLL Real Estate Partners has bought a 29,200m2 office building in Chilean capital Santiago.
The Class A office building, Territoria El Bosque, is located along Santiago’s principal office corridor at the intersection of Apoquindo and El Bosque.
The scheme was completed in late 2012, and has been acquired from a consortium of Chilean firms consisting of Territoria, IM Trust and Viviendas 2000.
Tenants include JP Morgan, H&M, BBVA, ITAU, and the Embassy of South Africa.
CBRE advised GLL on the acquisition. Tim Gifford, senior vice president of CBRE’s global capital markets group, said that the acquisition is evidence of the continued importance of Chile as an attractive global destination for institutional real estate investors.
He added: “With one of the most liquid and attractive property investment markets in Latin America we expect to see investment activity to remain strong in Chile over the coming months.”
CBRE also advised in Union Investment’s $225m (€170m) sale in January of a 55,725m2 portfolio of five properties in Santiago to local property fund Aurus Renta Immobiliaria.
