SEB acquires Spanish logistics property for EUR 39m

Swedish firm SEB Asset Management said on Thursday it had acquired a logistics property in Ciempozuelos, 35 km south of Madrid, for its mutual fund SEB ImmoPortfolio Target Return Fund for EUR 39.5 mln. The seller is Coperfil Real Estate, a subsidiary of the Spanish property developer Coperfil Construcción.

Ciempozuelos is the first acquisition in Spain for SEB ImmoPortfolio Target Return Fund. The fund's portfolio now consists of 29 properties in 10 countries with real estate assets worth around EUR 543mln. 'The prices of commercial properties have plummeted by approximately 25% in Spain in the wake of the subprime crisis. The time is right to re-enter the Spanish market, albeit selectively,' said Barbara Knoflach, CEO of SEB Asset Management.

The property comprises two logistics buildings and is part of the 350,000 m² 'Ciempozuelos' logistics park constructed in 2004. The two units offer 21,783 m² and 23,923 m² of rental space, as well as 240 parking spaces. Major tenants include Norbert Dentressangle, and Deutsche Post's subsidiary Exel.