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SANTIAGO, CHILE-Late 2012 deals are still coming to light, and this one was a whopper, especially for South America. CBRE Capital Markets has just unveiled the sale of a 600,000-square-foot office portfolio here, proclaiming it this country's largest 2012 transaction. The price tage was $225 million.
Miami-based Tim Gifford repped the seller, Union Investment Real Estate. The buyer was Aurus Renta Inmobiliaria, a Chilean institutional property fund. The deal, he says, broker records both in terms of square footage and dollar amount.
And the returns aren't bad either. UIR investors are enjoying a 16.7% return. “This sale is evidence of a major transition in the Latin American markets in which they are evolving from small, non-institutional markets to international institutionally driven commercial real estate centers,” says Gifford.
GlobeSt.com will follow up on the sale and South American activity shortly.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
