The Investment Management Unit of SURA Asset Management has just signed a promise to buy the Edificio de las Artes Building in Santiago, Chile. This will allow completing the total investment fund of SURA Renta Inmobiliaria II, which began operations just one year ago, and starting to invest its Fund SURA Renta Inmobiliaria III, which will participate in this transaction with an amount exceeding the size of the Fund II.
The Edificio de las Artes Building is located in the heart of the Nueva Las Condes neighborhood. This building will be part of the portfolio of assets including today the New Santa Maria Tower and a warehouse center located in Izarra, Pudahuel area, also in the Metropolitan Region.
Consequently, SURA Renta Inmobiliaria II Fund will be managing assets amounting to USD $122 million. This fact, in turn, marks the beginning of investments of SURA Renta Inmobiliaria III Fund, which already has the subscription of investment commitments by institutional and non-institutional investors.
This will be SURA’s third real estate investment in the Nueva Las Condes neighborhood as in 2016, SURA, jointly with GLL – the German investment fund –, purchased the building where ITAÚ Bank is located today and also developed, together with SENCORP, the construction of Nueva Córdova on the corner of Cerro el Plomo Street and Alonso de Córdova Avenue.
The occupancy rate of the Edificio de las Artes Building is stabilized and generating income flows through lease agreements with first class companies. This Class A real estate asset has 23 floors and an architecture of excellence given it has two bridges and a 3-level commercial site connected by escalators, providing the sector with gym, restaurants, coffee shops, among others.
The Investment Management unit has developed a regional platform with scalable operation models and high portfolio & risk management standards, relationship with institutional clients and development of Latam products.
About investment funds SURA Renta Inmobiliaria
The Investment Fund SURA Renta Inmobiliaria II considers an investment strategy with high-level real estate assets, seeking to generate stable flows over time through lease agreements. In turn, the newly launched Investment Fund SURA Renta Inmobiliaria III is its continuation; although with a focus mainly on an institutional sector. This product was created based on positive prospects for the real estate market in the coming years.
About Investment Management
Investment Management is the SURA Asset Management Unit dedicated to managing assets and investments for the institutional segment. Our knowledge and widespread presence in several Latin American countries, managed under a regional platform, makes us an optimal investment vehicle connecting the region with global markets.
We create customized solutions, seeking to contribute to their competitiveness through our more than 400 investment funds in equity instruments, fixed income, multi-assets, insurance, mandates, alternative assets among other.
We have developed a regional platform with scalable operation models and high standards in portfolio management and relationship with institutional clients.
About SURA Asset Management
SURA Asset Management is a Company expert in Pensions, Savings and Investments and is present in Chile, Mexico, Colombia, Peru, El Salvador and Uruguay. It is subsidiary of SURA Group with other minority investors. As of September 2018, SURA Asset Management’s AUM amounts to USD$135 billion owned by about 20 million customers.
* Customers and AUM include AFP Protection in Colombia and AFP Crecer in El Salvador, although not controlled companies, SURA AM has a significant stake.