Savills IM offloads portfolio of SEB assets for €579m

Savills Investment Management has sold a large portfolio of real estate assets it inherited from its 2015 takeover of SEB Asset Management.

Seven assets in the Netherlands, four assets in Paris, two assets in Germany and one asset in Vienna have been sold by Savills for around €579m.

The assets were part of open-ended real estate funds in dissolution, including SEB ImmoInvest and SEB Global Property Fund.

Carolina von Groddeck, managing director of Savills Fund Management, which held the portfolio, said: “With the sale of these 14 assets in four countries we successfully managed to considerably reduce the broadly diversified property portfolio.”

Work on the sale of further assets continues, she says.

Seven Dutch offices, in the Randstad region, were sold for €136m to Signal Capital Partners.

Savills IM said sales contracts for four office buildings in Paris were signed last month for €387m.

The assets were bought by Deka Immobilien and JP Morgan Asset Management France.

In Germany, two assets in Unterschleißheim and Frankfurt, were bought by a private buyer and a Munich-based developer, respectively.

An open-ended Austrian real estate fund bought the Vienna asset, which is 90% let, for €38m.