SEB Asset Management has acquired a fully-let nine-storey office and commercial building in London's West End from Invista Real Estate Investment Management for a total of EUR 128 mln.
SEB Asset Management has acquired a fully-let nine-storey office and commercial building in London's West End from Invista Real Estate Investment Management for a total of EUR 128 mln.
SEB said the total of seven current tenants in the 10,445-m2 building Class A property at 43/45 Portman Square offer an attractive mix of creditworthy companies from various sectors. Property adviser Cushman & Wakefield is the main tenant.
The purchase agreement was signed for mutual fund SEB ImmoPortfolio Target Return Fund. Following the deal the fund's real estate portfolio has now grown to 42 properties in 12 countries.
'This transaction means that we have acquired a prime property offering solid long-term value on the London market on attractive terms. The property optimally supplements the fund's portfolio and provides a sound basis for continued earnings growth', said Barbara Knoflach, CEO of SEB Asset Management.
A few days prior to the London transaction, SEB Asset Management purchased a Class A office building in Warsaw for approximately EUR 93 mln for the fund.
SEB said that the prestigious London property has excellent transport connections thanks to its central location directly on Portman Square in the West End. Both Hyde Park to the south and Regent's Park to the north are only a few hundred metres away.
The building was originally constructed at the end of the 1920s and was completely rebuilt between 1996 and 1998 as a modern office and commercial building while retaining the natural stone facade. This and the building's attractive architecture gives it a prestigious appearance. The interior appointments meet the highest quality requirements.