CBRE ARRANGES US$100 MILLION SALE OF LANDMARK ASSET IN SANTIAGO, CHILE

February 15, 2012
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Category: Press Releases || Investing, Property, Rentals, Transactions | No Comments


Deal solidifies CBRE’s position as industry-leader in Latin American cross-border commercial property trades

Santiago, Chile – February 15, 2012 – (RealEstateRama) — CBRE Group, Inc. arranged the sale of SCL Apoquindo 4501, a landmark Class A office building located at the intersection of one of the most important commercial thoroughfares in Santiago, Chile. The US$100 million transaction represents the largest Class A office disposition via an exclusive marketing process in the Chilean capital. Tim Gifford, part of CBRE’s Global Capital Advisory Group in the Miami office represented the seller, a German open-ended fund in collaboration with Carlos Antunez, President of CBRE in Chile.

“This transaction further represents a significant fundamental change in the local Chilean investment market with local institutional funds outbidding all foreign competitors,” stated Mr. Antunez. “As the market continues to mature, stratified ownerships will dissipate to make way for the more stabilized single-ownership structures. The appetite by Chilean buyers demonstrates their confidence in the market and illustrates the strengths of market fundamentals and values available in Latin America today for both domestic and international investors.”

“The SCL Apoquindo transaction sets several benchmarks among Class A office building sales in Santiago: it was first building of its kind to be marketed for sale via exclusive listing for a full-interest offering; the first disposition of a Class A office by a foreign institutional fund; and the first acquisition by Capital Advisor, a local Chilean fund comprised of a single-owner, stabilized Class A office building of this order of magnitude,” added Mr. Gifford, Senior Vice President.

Located at the intersection of Apoquindo and Americo Vespucio in Santiago’s economic center, SCL Apoquindo has been honored with a number of architectural design awards. Efficient floor plates over 21 floors and 319,987 square feet host 18 levels of office space and three retail levels. Ninety-five percent occupied at closing, notable tenants include: ITAU, BBVA, PAZ Corporation, BHP Billiton, Randstad, and Lenovo, among others.

CBRE’s Global Capital Advisory Group is responsible for the greatest share of significant cross-border investment transactions in Latin America.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com. ###

Lauren Crawford | Communications and Media Manager, Florida
CBRE | Marketing & Communications
201 E Kennedy Blvd, Suite 1500 | Tampa, FL 33602
T 813 273 8482 | F 813 223 7144
lauren.crawford (at) cbre (dot) com | www.cbre.com/florida

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