SEB's frozen open-ended property fund ImmoInvest is selling an office building located in the centre of Hamburg.
SEB's frozen open-ended property fund ImmoInvest is selling an office building located in the centre of Hamburg.
The listed property, which has around 13,500 m2 of rental space, is being acquired Catella Real Estate KAG's Sarasin Sustainable Properties - European Cities fund by year-end for EUR 35 mln.
After undergoing renovation in 2005, the building was acquired for SEB ImmoInvest's real estate portfolio in 2006 for around EUR 33 mln. It is 97% let to three different tenants at standard market rates. The largest tenant is an international telecommunications company, which accounts for a total of 8,585 m2 of rental space.
Negotiations are also being conducted for the sale of an equity interest in Potsdamer Platz and other selected portfolio properties, meaning that further sales are expected to be completed in the near future, SEB Asset Management said.
Including the latest deal in Hamburg, the sales program covers a total of 14 properties in Germany and abroad. As a result, liquidity is expected to increase to over 21% by the end of the year.
