Canada's Dundee International REIT is acquiring a portfolio of 11 properties in Germany from fund manager SEB Asset Management for €420 mln.
Canada's Dundee International REIT is acquiring a portfolio of 11 properties in Germany from fund manager SEB Asset Management for €420 mln.
The 11-asset portfolio comprises some 137,000 m2.
The transfer of ownership of the properties is subject, among other things, to Dundee obtaining financing, and is expected to take place at the end of the first quarter of 2013.
Nine of the properties are held by SEB ImmoInvest, an open-ended real estate fund which is currently being dissolved. SEB ImmoInvest already paid out over 20% of its assets (€1.3 bn) to investors in 2012.
Two of the 11 buildings - in Cologne and Nuremberg - are part of the portfolio belonging to the semi-institutional real estate fund SEB ImmoPortfolio Target Return Fund.
