SEB acquires property on London's Threadneedle St

SEB Asset Management added a building located in London's financial district to its open-ended real estate fund: SEB ImmoPortfolio Target Return Fund shortly before Christmas. The property is rated Grade A and is fully let. The seller was Wellcome Trust, a British charity that finances biomedical research projects. The total investment costs are approximately EUR 39.7 mln.

The property is located at 1 Threadneedle Street in the City of London. It is immediately adjacent to the Bank of England and the Royal Exchange. The underground stations Bank and Liverpool Street can be reached on foot. The building was completed in 1992 and has a total rental space of 4,991 m2, of which 4,537 m² of office space is let to the chambers of Halliwells until February 2014. The remaining 454 m² have been let to the travel agency Trailfinders. Its rental agreement expires at the end of 2017.

SEB ImmoPortfolio Target Return Fund is an internationally focused open-ended real estate fund and is positioned as a core-plus product. It is aimed at institutional investors and high net worth individuals. Currently, the fund's assets amount to EUR 788 mln. The portfolio is comprised of 40 properties located in 12 countries. Since its launch in October 2001, the fund has recorded an aggregate performance of 89.4%. That corresponds to an average annual return of 8.1 %.