Frankfurt-based SEB Asset Management has finalised the sale of the Grand Hyatt Potsdamer Platz, Maritim Hotel and Johannishof office complex in Berlin.
Frankfurt-based SEB Asset Management has finalised the sale of the Grand Hyatt Potsdamer Platz, Maritim Hotel and Johannishof office complex in Berlin.
The sales, totalling about €300 mln, are part of the ongoing liquidation of SEB's flagship Immoinvest fund.
The five-star Grand Hyatt hotel, part of the 19-property Quartier Potsdamer Platz complex, and the Maritim Hotel in the Diplomatic Quarter in the Tiergarten district were transferred to a subsidiary of
Qatari investor Al Faisal Holding.
The Grand Hyatt was designed by Spanish architect José Rafael Moneo and offers 342 bedrooms. The 505-room Maritim Hotel, located in the Diplomatic Quarter of Berlin’s Tiergarten district, was last valued at over €186 mln.
In addition to the two hotels, the 10,300 m2 office building in Johannisstrasse 20 in Berlin-Mitte also changed hands. The seven-storey building, which is 80% leased to Rocket Internet, was acquired by an unnamed real estate fund provider in Berlin. It was last valued at €24.4 mln.
Constructed in 1907/08, the Johannishof building was purchased for the SEB fund in 2001 following extensive renovationand modernisation work.
SEB Asset Management has signed a total of 35 sales agreements for SEB ImmoInvest over the past three years. The investment management arm of Swedish financial group SEB announced last year that it was to liquidate its €6 bn ImmoInvest fund after failing to meet investor withdrawals, largely owing to a major crisis of confidence in Germany's open-ended fund industry.
In 2012, the fund paid out over 20% of its assets (€1.3 bn or €11.49 per unit) to investors. The next distribution is planned for summer 2013.
