Download Report

PRESS RELEASE
FOR IMMEDIATE RELEASE
Knightsbridge Partners Adds Class A Office building in
Santiago, Chile to its Portfolio
Property acquired from Barrick Gold Corporation
SANTIAGO, Chile (January 23rd, 2014) – Latin American based investment
management firm Knightsbridge Partners today announced the acquisition of the Barrick
building, a 102,816 square-feet Class A, LEED Certified, office building in the fast
growing neighborhood of Providencia—adjacent to Cencosud’s Costanera Center new
shopping mall and office complex. The company purchased the property in late
December 2013 from Barrick Gold Corporation for US$19 million, investing US$7
million of equity in the transaction while MetLife provided US$12 million of financing.
“This transaction is an example of our unique cross border sourcing capabilities,” said
Daniel Melhem, Managing Director of Knightsbridge Partners. “We were able to buy a
good asset at a discount even in a tight market and located within one of the best office
areas Santiago has to offer.”
The acquisition is the company’s first purchase of commercial property in Chile in this
cycle and represents a strategic addition to Knightsbridge Partners’ Andean countries
commercial real estate platform, which will soon include other properties in Chile,
Colombia and Peru.
Melhem explained, “There is a significant value-added opportunity for this asset by
transforming a vacant office building into a fully leased asset. In addition, the building is
located in the newly renovated area of Holley-Suecia—where five other new office
buildings have been recently completed, and is just meters away from the new
underground Metro station (Los Leones) which will be opening in 2015. All of this fits
well with our strategy of capturing value over time while generating a strong income.”
About Knightsbridge Partners
Established in 2003, Knightsbridge Partners is an independent merchant bank with a focus on Private Equity, Real Estate,
Asset Management and M&A advisory services. The firm has offices in the U.K., Argentina and Chile. The company offers
a comprehensive platform of global investments, private capital advisory as well as financial management services.
Through its fund business and direct investments opportunities, Knightsbridge has become a strategic partner for several
institutional and private investors. For further information on Knightsbridge Partners Limited, please visit
www.knightsbridgepartners.com