Press Release

Macquarie Asset Management acquires office building portfolio in Chile from Credit Suisse Asset Management

Santiago, 04 April 2022

Macquarie Asset Management, on behalf of an institutional client, has reached an agreement to acquire a portfolio of Class A office buildings in Chile from Credit Suisse Asset Management which held the properties on behalf of one of its international real estate strategies. This acquisition marks Macquarie Asset Management’s largest real estate transaction in Latin America to date through a private mandate.

The portfolio consists of three state-of-the-art, widely recognized Class A office buildings in Santiago, Chile: Apoquindo 5400, Magdalena Norte and Ombú. The properties offer a total of 32,608 square meters of office space, 927 square meters of retail area and 984 parking spaces, and are strategically located in Las Condes, Santiago’s premier business district, and Providencia, one of the city’s most important commercial hubs. The portfolio currently has an occupancy rate above the market average and is leased to a tenant roster of major local and international corporations in manufacturing, logistics, technology, financial services, and consulting, among other sectors.

Christian Goebel, Co-Head of Core / Core-Plus Real Estate, Macquarie Asset Management said, “This acquisition represents an excellent opportunity to grow our portfolio of institutional real estate in Santiago de Chile, one of the most highly-regarded core real estate markets in Latin America. It aligns with our strategy of building and expanding our diverse portfolio across the Americas region.”

Credit Suisse Asset Management acquired the office assets during 2010 to 2014 and has since seen substantial growth as well as stable income by successfully managing the buildings. Credit Suisse will remain a key tenant of the Magdalena Norte property and continues to provide wealth management and investment banking services for clients in Chile.

“This transaction is in line with our long-term strategy of investing in high-quality commercial properties in urban centers with strong fundamentals while tactically adjusting for differential country market cycles,” said Martin Lamb, Managing Director, Global Head of Acquisitions and Sales, Credit Suisse Asset Management. “The sales proceeds will be reinvested to further optimize and expand the global portfolio of properties.”

In addition to this three-office building portfolio, Macquarie Asset Management manages 10 office buildings in Mexico, Peru and Chile via private mandates. Macquarie Asset Management has been an active participant in the real estate markets through such mandates in Chile since 2007, Peru since 2015 and Mexico since 2018.  

Credit Suisse Asset Management was advised commercially by CBRE and legally by Garrigues. Legal counsel for Macquarie Asset Management was Guerrero & Olivos.

Media contacts

Australia and New Zealand
T: +61 2 8232 2336
Email regional contact

T: +1 212 231 1310
Email regional contact

T: +852 3922 4772
Email regional contact

Europe, Middle East and Africa
T: +44 20 3037 4014
Email regional contact