SEB Asset Management Deutschland has acquired an office building in the Polish city of Lodz for its SEB ImmoPortfolio Target Return Fund mutual fund from the Polish subsidiary of Dutch-based electronics giant Philips. The parties agreed not to disclose the purchase price.
SEB Asset Management Deutschland has acquired an office building in the Polish city of Lodz for its SEB ImmoPortfolio Target Return Fund mutual fund from the Polish subsidiary of Dutch-based electronics giant Philips. The parties agreed not to disclose the purchase price.
The Philips Building was constructed in 2006 has total rental space of 6,534 m2. Originally planned by Philips as its European Service Center, the class A property is used by Infosys Technologies. It has been let to the business IT services provider, whose clients include Philips, until at least 2012.
The acquisition was the second in Poland for SEB ImmoPortfolio Target Return Fund. The portfolio now comprises 30 properties in ten countries with real estate assets of around EUR 637mln. SEB Asset Management has been investing in Poland for its open-ended real estate fund since 2005, and the company said further acquisitions will follow shortly.
SEB Asset Management in Frankfurt is the specialist real estate and securities investment unit of Northern European financial group SEB Group. The group's total assets amounted to EUR 244bn in June 2008.
