SEB Asset Management has acquired two buildings at a logistics centre in the Austrian city of Graz from a subsidiary of Cargo Center Graz. The properties are earmarked for SEB's ImmoPortfolio Target Return Fund mutual fund. The purchase price amounted to around EUR 22 mln.
SEB Asset Management has acquired two buildings at a logistics centre in the Austrian city of Graz from a subsidiary of Cargo Center Graz. The properties are earmarked for SEB's ImmoPortfolio Target Return Fund mutual fund. The purchase price amounted to around EUR 22 mln.
The two buildings are the 16,200 m2 logistics warehouse used by the Hofer supermarket chain, the Austrian branch of the German discounter Aldi, and the Packing Center, commissioned in August 2007, with over 7,800 m2 of open land and 7,200 m2 of warehouse space. The lease with Hofer has a fixed term until 2015 with the option of an extension for another five years. The Packing Center is let until 2017.
Cargo Center Graz is located on a site comprising around 50 hectares to the south of Graz and is a key distribution centre in the Southeast European economic area, with over 70,000 m2 of space for the temporary storage, finishing and packaging of all types of products.
SEB was advised by DTZ Austria.
SEB ImmoPortfolio Target Return Fund's portfolio now comprises 27 directly and indirectly held properties in nine countries. SEB first entered the Austrian market in 1997 on behalf of its SEB ImmoInvest open-ended real estate fund.
