Union Investment: €1bn invested in first half of year—acquisitions in Chile
During the first six months of the year, Union Investment Real Estate AG has invested approximately €1bn worldwide, with another €250mn to be added very shortly, the firm reported. Reinhard Kutscher, chairman of the management board, said, “We have thus considerably surpassed our plans, and have a good chance of outperforming 2007’s acquisition volume of €1.5bn this year.” In Germany alone, the firm has invested €400mn. In addition, investments were made in established markets in Europe and the U.S.A., as well as in Asia and the emerging markets of Latin America. The most recent purchases, which were acquired for the UniImmo:Global fund at a total investment volume of some €14mn, are the office buildings “Bandera 76” and “Teatinos 258” in Santiago de Chile. Pan Atlantic Bank and Trust Limited is the seller of the two historical buildings which were thoroughly renovated in 1987 and 1995, respectively.