SEB Asset Management said on Tuesday that it has increased the proportion of German properties in its SEB ImmoPortfolio Target Return Fund open-ended real estate fund with the addition of the six-storey Cäcilium office property in Cologne. The fund now has 11 German properties.
SEB Asset Management said on Tuesday that it has increased the proportion of German properties in its SEB ImmoPortfolio Target Return Fund open-ended real estate fund with the addition of the six-storey Cäcilium office property in Cologne. The fund now has 11 German properties.
Cäcilium was constructed by Essen-based project developer Kölbl Kruse, and SEB acquired it when it was still under development in August 2008 for an investment volume of EUR 75.5 mln.
Located on Cäcilienstrasse and the corner of the Nord-Süd-Fahrt traffic artery, the Cäcilienstrasse property was pre-certified by the DGNB (Deutsches Gütesiegel für Nachhaltiges Bauen) with the German seal of approval for Sustainable Building in silver.
Cäcilium has around 17,500 m2 of office rental space plus approximately 1,700 m2 of storage and other space. Two storeys below ground offer 141 underground parking spaces. The property is already 89% let on completion. A two-year general lease agreement has been signed with the seller for the remaining space.
SEB ImmoPortfolio Target Return is an internationally focused open-ended real estate fund and is positioned as a core-plus product. It is aimed at institutional investors and high net worth clients.
