SEB Asset Management has increased the number of German properties in its global open-ended SEB ImmoPortfolio Target Return fund to 13 of the total 45 following the acquisition of a commercial property with a long-term lease. The total investment costs are EUR 20.4 mln.

SEB Asset Management has increased the number of German properties in its global open-ended SEB ImmoPortfolio Target Return fund to 13 of the total 45 following the acquisition of a commercial property with a long-term lease. The total investment costs are EUR 20.4 mln.

The seller is Vienna-based MG Grundbesitz Objekt Gleisdreieck Pasing, a project development company owned by UBM Realitätenentwicklung.

The property has total rental space of 12,650 m2 and is leased to Praktiker Bau- und Heimwerkermärkte, which is listed on the MDAX, until December 2027. A key advantage of the Am Gleisdreieck / Bodenseestraße location is its direct link to the B2 national highway, one of the major arteries leading to Munich city centre.

SEB ImmoPortfolio Target Return Fund is aimed at institutional investors and high net worth private clients.