Life insurance company Württembergische Lebensversicherung has acquired the Stubengasse shopping centre and hotel property in the city centre of German city Munster for EUR 73 mln. The vendor of the 17,000 m[sup]2[/sup] property was SEB Asset Management on behalf of its semi-institutional open-ended real estate fund SEB ImmoPortfolio Target Return Fund.
Life insurance company Württembergische Lebensversicherung has acquired the Stubengasse shopping centre and hotel property in the city centre of German city Munster for EUR 73 mln. The vendor of the 17,000 m2 property was SEB Asset Management on behalf of its semi-institutional open-ended real estate fund SEB ImmoPortfolio Target Return Fund.
SEB bought Stubengasse at end-2009 for about EUR 67 mln.
Württembergische Lebensversicherung's investment strategy focuses on the retail, residential and logistics areas. Following purchases of some EUR 380 mln in 2009 and 2010, the insurer's real estate ratio is 7.5%. This should increase to at least 9% in 2012. Württembergische's long-term investment strategy has a clear focus on direct investments in Germany.
Stubengasse’s main tenants include Esprit, Karstadt Sport, Deutsche Bank, the Ramada-Treff hotel group and parking operators WBI. The average remaining lease term is around 10 years. The underground car park boasts a total of 318 spaces.
Separately, SEB AM announced on Friday that it has sold 10 properties held by its frozen German open-ended real estate fund SEB ImmoInvest for a total of EUR 680 mln. The aim is to shore up the fund's liquidity to enable it to re-open before the end of the year. Click on the link below to read more about the sales.
