SEB Asset Management has sold the OBI home improvement store located in the “Am Gleisdreieck” street in Munich to Scottish insurer Standard Life Investments, a global asset manager for third party investors.
The proceeds of the sale amount to €19.8 million. The home improvement store has approximately 10,700 m² of space and is leased to home improvement chain OBI until 2029, the market leader in the German DIY sector.
The property is located in the west of Munich and was acquired in 2010 by the open-ended real estate fund SEB ImmoPortfolio Target Return Fund. SEB Asset Management acquired the property after its completion for €19.2 million with home improvement chain Praktiker as the tenant. After Praktiker became insolvent, the owners succeeded in signing an immediate follow-on lease with OBI, and hence also laying the groundwork for a successful exit.
Source: SEB Asset Management