Union Investment has sold the Montes Urales I and Montes Urales III office buildings in Mexico City to the Mexican real estate company Inmofin. The sale price was not disclosed. Montes Urales I has been part of the portfolio of the open-ended real estate fund UniImmo: Europa since 2006, Montes Urales III has been part of UniImmo: Global's portfolio since 2007.
"The leasing dynamic has improved significantly in the past two years. At the same time, investor demand for well-located and high-quality office properties has also increased, especially in Mexico City. After a holding period of 17 and 16 years respectively, we have therefore decided to take advantage of this positive market development to sell the two properties and rejuvenate the fund portfolios," says Tal Peri, Head of Investment Management US East Coast and Latin America at Union Investment.
Montes Urales I and III are located in the Lomas submarket, one of three submarkets in Mexico City's central business district. Numerous well-known companies such as Google and Oracle have branches in this submarket.
