SEB ImmoInvest buys EUR 237m German portfolio

SEB Immobilien-Investment has acquired a portfolio of six German office and retail properties comprising total surface area of about 78,300 m² for its mutual fund SEB ImmoInvest from Züblin Development. The total investment volume is around EUR 237 mln, including EUR 13 mln transaction costs. Züblin, which is part of the Strabag SE Group, was advised by Colliers PropertyPartners.

The portfolio comprises one existing building and five properties under construction. The development projects are the 6,100 m² Airport City building, located near the Düsseldorf Airport (completion scheduled for the end of 2007), a 15,400 m² office and service centre being built at Freiburg’s main railway station (delivery planned for mid-2008), a 16,100 m² retail park in Salzgitter city centre (mid-2008), a 7,700 m² office building in Karlsruhe (mid-2008) and a 18,300 m² office complex in Hamburg. The existing 14,700 m² Colonius Carré office is located in the centre of Cologne and is expected to be transferred to SEB ImmoInvest by June 2007. About 51% of the portfolio has already been leased. Tenants include Deutsche Telekom, Air Berlin, Kaufland, Penny, Metro AG Kaufhof BKK and Kur und Reha.

SEB ImmoInvest has bought and sold properties over the last six months with a total transaction volume of over EUR 1.2 bn. Only a few weeks ago, the company sold a portfolio of 26 existing properties located throughout Germany. 'The acquisition of this new high-quality portfolio of properties in German commercial centres has enabled us to reinvest the proceeds of the sale in prime macro- and micro-locations. We have taken this opportunity to rejuvenate our real estate stocks in Germany and to secure substantial growth potential', said Barbara Knoflach, ceo of SEB Asset Management and managing director of SEB Immobilien-Investment.