German investor Union Investment Real Estate invested about EUR 1bn in a total of 18 real estate projects and properties worldwide. Additional transactions worth EUR 250mln are also close to completion, the company said in a statement released on Thursday.
German investor Union Investment Real Estate invested about EUR 1bn in a total of 18 real estate projects and properties worldwide. Additional transactions worth EUR 250mln are also close to completion, the company said in a statement released on Thursday.
'We have exceeded our targets by a considerable margin and there is every prospect that acquisitions in 2008 will surpass last year's figure of EUR 1.5 bn,' said chairman of the management board Reinhard Kutscher.
In the first six months of the year, Union Investment acquired EUR 400 mln worth of assets in Germany alone. The company also invested elsewhere in Europe, the USA, and Asia, as well as in the emerging markets of Latin America. The most recent acquisitions are the Bandera 76 and Teatinos 258 office buildings in Santiago de Chile, which were acquired from Pan Atlantic Bank and Trust.
'Thanks to its position in the property market cycles, both globally and within Latin America, Chile is the ideal choice for portfolio diversification,' said Michael Montebaur, the management board member of Union Investment responsible for business outside Germany.
Just some 18 months after market entry, the Chile portfolio already comprises five buildings worth over EUR 100 mln in total.