Houston-based Hines is making its first foray into the Chilean market to manage a portfolio of office buildings.
German investment group Union Investment Real Estate GmbH has retained Hines to manage the buildings in Santiago, Chile. The properties total 354,633 sq. ft.
“We are proud to build on the relationship we have established with Union Investment in the U.S. and Mexico, and appreciate the confidence entrusting Hines with their Chilean portfolio,” said Eduardo Bo, Hines South America’s director of property management, in announcing the contract on July 5. “While this assignment represents Hines’ first foray into Chile, we hope to expand our presence in this stable, growing real estate market.”
The assignment commences on Aug. 1 this year and will include Torre Paris, Bandera 76, Teatinos 254 and the Xerox Building, all in Santiago. The buildings are almost fully leased to multinational companies and Chilean firms.
While new to Chile, Hines has firm footholds in Latin America. Hines manages or owns 22 office projects in Brazil, chiefly in São Paulo. In Panama, Hines manages a 500,000 s.f. office project and a 93-acre office/industrial development, both in Panama City.
Hines’ has developed projects throughout Mexico and lists 10 properties currently under its management. All told, privately owned Hines has more than 120 million sq. ft. under management, with offices in 106 cities in 17 countries, and controls assets valued at approximately $23.7 billion.
Union Investment Real Estate GmbH is part of the Union Investment Group, based in Frankfurt, Germany.