SEB acquires logistics asset for new fund

SEB Asset Management has purchased the first property for its newly launched real estate fund, SEB Konzept Stiftungsfonds, a vehicle dedicated to foundations and endowments.

The fund has bought a logistics property in Wolfsburg from Hamburg-based project developer Ixocon for around €18 mln.

The asset was completed in September 2013 and provides around 31,600 m2 of space leased on a 10-year rental term to international logistics services group Rudolph Automotive Logistik. The asset boasts a Silver pre-certificate from the German Sustainable Building Council (DGNB).

'This first property is an excellent example of our Stiftungsfonds’ investment strategy,' said Barbara Knoflach, board chairman of SEB Asset Management. 'It meets the highest standards and boasts an excellent location to the south of Wolfsburg - a region which is dominated by the automobile industry - as well as being leased for the long term to a tenant with strong financial credentials.'

SEB Konzept Stiftungsfonds is an open-ended investment structure targeting individual properties between €15 and €40 mln. Knoflach added that the fund's next investment will be in the office property sector, 'to ensure that the fund achieves healthy portfolio diversification in terms of location and tenant structure right from the start'.