SEB Asset Management has sold four properties in Düsseldorf, Berlin and Luxembourg for a total volume of EUR 52 mln as part of the ongoing liquidation of its flagship ImmoInvest fund.
SEB Asset Management has sold four properties in Düsseldorf, Berlin and Luxembourg for a total volume of EUR 52 mln as part of the ongoing liquidation of its flagship ImmoInvest fund.
SEB said the assets were sold to various investors at prices which corresponded on average to the market values. The fund manager noted it will continue to wind down ImmoInvest’s EUR 6.3 bn real estate portfolio, adopting the best possible sales scenario for each property.
SEB AM announced on 7 May that it would liquidate its open-ended ImmoInvest fund after just one day of trading when it appeared that too many investors wanted to redeem their shares following a two-year freeze.
The latest assets to be sold are an 6,300 m2 office property in the middle of the Airport City business park in Düsseldorf-Nord; a nine-storey, 4,200 m2 commercial building in the Berlin-Mitte district let to accreditation agency Deutsche Akkreditierungsstelle; an office property with 7,350 m2 of rental space in Berlin-Charlottenburg; and a four-storey office building in Luxembourg which is to be renovated and let to fiduciary services company Société de Gestion.
The first two assets were sold to insurer Zurich Versicherung, the third to German property developer Tetris Grundbesitz and the fourth to LP Immo.
SEB AM now has until April 2017 to wind down the fund, which still contains over 120 properties spread across 18 countries and 64 cities, including Germany, the UK and France.
Around 44% of the properties are in Germany, with nearly 11% in France, 10% in the Netherlands, 7.9% in Italy, 8.9% in the US and 5.7% in Singapore.
