SEB AM sells ImmoInvest properties for EUR 103m

SEB Asset Management has confirmed the sale of two portfolio properties in Germany belonging to its SEB ImmoInvest open-ended real estate fund. The two properties - City Carrée retail park in Salzgitter and the Das ES! shopping centre in Esslingen - were sold for a total of EUR 103 mln.

The buyer of the Salzgitter property is international asset and fund manager Aviva Investors. SEB AM said the sale, which generated proceeds of around EUR 34 mln, offered the fund the opportunity to optimise the portfolio structure from a risk/return perspective.

As reported last week Rockspring Property Investment Manager was the buyer of the Esslinger shopping centre which was acquired for EUR 69 mln. The asset has a retail area of around 14,500 m2, office space of 8,500 m² and 322 underground parking spaces.

Preparations are currently being made for further sales on behalf of the SEB ImmoInvest Fund. In February, SEB Asset Management already announced the sale of two office buildings in Milan and Brussels for a total of EUR 125 mln.