SEB Asset Management has successfully closed the sale of its real estate portfolio featuring 137,200 m² of floor space in properties located in Germany.
With payment of the purchase price the ownership of a total of eleven office properties was transferred to Dundee International REIT in mid-March, as planned. SEB Asset Management had announced the signing of the purchase agreement with Dundee at the beginning of February. The portfolio comprises properties constructed between 1992 and 2009 with an average economic occupancy rate of approximately 94 per cent. Overall, the purchase price of around €420 million is slightly less than five per cent below the most recently appraised market values.
Two of the eleven office buildings (in Cologne and Nuremberg) were part of the SEB ImmoPortfolio Target Return Fund, a semi-institutional real estate fund. The remaining nine properties belonged to the open-ended real estate fund SEB ImmoInvest and are located in Düsseldorf, Frankfurt, Freiburg, Hamburg, Mannheim, Munich and Stuttgart.