SEB adds Frankfurt and Rotterdam properties to ImmoInvest portfolio

SEB Asset Management has added two development projects in Germany and the Netherlands to the assets of the SEB ImmoInvest fund. Following the addition of Werfthaus, which was built on the banks of the river Main in Frankfurt, and the Maastoren office tower in Rotterdam, the open-ended real estate fund launched in 1989 now has a total of 149 properties in 18 countries. Total fund assets come to EUR 6.2 bn.

Construction of the Werfthaus in Frankfurt’s Westhafen, a modern office location on the west bank of the Main, began on 17 December 2007. Just under two years later, the total rental space of around 14,000 m² spread over eleven storeys is ready for occupation. 60% of the space has been rented by an insurance group for ten years, and a further 25% by GHT Gesellschaft für Projektmanagement Hessen-Thüringen for five years.

The remaining 15% is covered by a five-year rental guarantee provided by the two sellers, Groß & Partner Grundstücksentwicklungsgesellschaft and OFB Projektentwicklung. The property is therefore fully let. The total investment costs are EUR 69.5 mln.

The 165-metre Maastoren in the new Kop van Zuid office location in Rotterdam is the Netherlands' highest office building. In addition to its striking aluminium facade, which changes colour depending on the weather, the building offers an attractive resource-friendly energy balance. The property has total rental space of around 38,000 m² over 44 storeys and is fully let. The largest tenants with leases of ten years in each case include Deloitte Holding, AKD Prinsen van Wijmen, the City of Rotterdam, Q-Park and Mabanaft. The total investment costs are approximately EUR 162 mln.