SEB Asset Management's German open-ended property funds - even after the incorporation into Cordea Savills - will remain some of the most active vendors amongst German funds in liquidation after a busy year in 2014, according to research released by DTZ.

SEB Asset Management's German open-ended property funds - even after the incorporation into Cordea Savills - will remain some of the most active vendors amongst German funds in liquidation after a busy year in 2014, according to research released by DTZ.

Both its SEB ImmoInvest and SEB ImmoPortfolio Target Return funds have to be liquidated in 2017. SEB AM sold off almost €2 bn of assets in 2014.

On 19 March Nordic banking group SEB announced it was selling SEB Asset Management to international property services and investment group Savills for €21.5 mln. The SEB AM business will become part of the investment arm Cordea Savills.

SEB ImmoImvest currently ranks among the top 10 GOEFs in terms of total assets under management by value with €3.9 bn. With €2.5 bn of assets under management, KanAm Grundinvest Fonds, which is due to be liquidated in 2016, has just exited the top 10 and currently ranks in 11th position. The fund will also have to sell assets in Canada and the US.

CS Euroreal A, which is due to be liquidated in 2017, also ranks in the top 10 with assets under management of €3.8 bn.

SEB ImmoPortfolio Target Return Fund was among the last GOEFs to announce its liquidation. Together with CS Property Dynamic it will bring an additional €1 bn of assets for sale by 2017.

The liquidation of GOEFs has already generated €10 bn of sales since 2012. After accelerating in H1 2014, sales volumes slowed down in the second half of the year, resulting in a yearly total of €3.3 bn, slightly below the 2013 volume of €3.5 bn. Average discounts last year came to 20%.

All in all, 18 different GOEFs are due to sell €12.8 bn of assets by 2017 as they enter into their liquidation phase. The European market accounts for the bulk – or €10.6 bn - of the total.

The next two years will be decisive for eight liquidating GOEFs which still hold €10.6 bn of assets in Europe. In terms of distribution of assets by country, a large percentage is located in Germany (€3.6 bn) and the Benelux (€2.6 bn).

Meanwhile France and Southern Europe are set for asset sales totalling €1.7 bn and €1.3 bn respectively. The UK and CEE markets will not benefit from large disposal programmes as liquidating GOEFs there hold less than €900 mln of assets in each country.