Investors in the one time €6 bn SEB ImmoInvest fund are to receive a further €128 mln on 1 July 2014 as part of the liquidation of the German open-ended fund.
Investors in the one time €6 bn SEB ImmoInvest fund are to receive a further €128 mln on 1 July 2014 as part of the liquidation of the German open-ended fund.
The payment corresponds to €1.10 per unit. The fifth consecutive payment brings the amount paid out to investors to €16.85 per unit, about €2 bn in total or one-third of fund assets.
SEB ImmoInvest was one of the high-profile victims of the liquidity squeeze that beset the German open-ended property fund sector in the aftermath of the 2008 global financial crisis.
SEB Asset Management, the German fund management arm of Nordic financial group SEB, said the payments are being made as part of the 'orderly liquidation' of the open-ended real estate fund, under which investors are to be repaid on a half-yearly basis. The payment is based on the sales completed over the past months, as well as the fund’s regular income.
Since the last distribution in January, the fund has sold the 41 Avenue des Arts property in Brussels and its interest in the 225 Bush Street office and commercial building in San Francisco’s CBD. The selling prices achieved for the two properties significantly exceeded the most recently appraised market values, SEB AM said.
SEB ImmoInvest is currently negotiating the sale of additional properties.
