Hamburg-based Union Investment Real Estate said it has purchased the Torre Paris building in Santiago de Chile for its UnImmo: Global fund for a total investment of about EUR 36.5mln, as it continues the expansion of its Latin American property portfolio. Union Investment said the acquisition of the almost fully let 20-storey building fits with a strategy of investing in emerging markets in Latin America that offer correspondingly good prospects for rent increases. It noted vacancies are between one to two percent in the mid-range to premium office space segment in Santiago, evidence of Chile's dynamic economic growth.
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