SEB Asset Management sells three properties in Berlin for €300 mln (DE)

SEB Asset Management has sold three properties in Berlin for a total of about €300 million for its open-ended real estate fund, SEB ImmoInvest. The transfer of ownership took place on payment of the purchase prices at the beginning of April 2013.

The Grand Hyatt, part of the 19-property Quartier Potsdamer Platz complex, and the Maritim Hotel in the Diplomatic Quarter in the Tiergarten district were transferred to a subsidiary of Al Faisal Holding. 

In addition to the two hotels, the office building in Johannisstrasse 20 in Berlin-Mitte, which has just under 10,300 m² of space, also changed hands. The seven storey building, which is leased to Rocket Internet GmbH, was acquired by a real estate fund provider in Berlin. Constructed in 1907/08, the Johannishof building had been purchased for the SEB fund in 2001 following extensive renovation and modernization work.

Since May 2010 a total of 35 purchase agreements have been signed for SEB ImmoInvest. In 2012, the fund already paid out over 20% of its assets (€1.3 billion or €11.49 per unit) to investors. The next distribution is planned for summer 2013.

Source: SEB

Related News