Union Investment has sold an office asset in Mexico City.
The Santa Fe III office asset, held in the UniImmo: Europa portfolio for 10 years, has been bought by Grupo Metta, one of the largest property developers in Mexico.
Located in the western sub-market of the Mexican capital, the complex offers around 19,200sqm of rental space.
Grupo Metta leases around 3,800sqm, making it the largest tenant in the building, with around 20% of the space.
The rest of the building is occupied by smaller tenants.
The manager said strong performance of the market meant the sale price was 鈥渟ubstantially above鈥� the original purchase price of 10 years ago.
said the Mexican office market and the capital remained a key focus after the sale of Santa Fe III.
At the end of May, the investment manager bought the fully let Corporativo Dos Patios office building for $117m.
Further acquisitions, worth $250m-300m, are planned over the medium term.
Union Investment said it now held six office properties in Mexico worth $400m.
