SEB Asset Management has acquired an office portfolio in the Netherlands with a lettable surface area of 40,400 m² for its open-end real estate fund SEB ImmoInvest. The investment volume is approx. 125 mln. Eurocommerce is the selling party.
Artist impression of the Place Vendôme.
The portfolio consists of six high quality and fully let office buildings in Breda, Deventer (two properties) and Zwolle (three properties). Amongst the total of 23 lessees are GE Bank Artesia, Capital Finance and the Dutch Justice department, more&more advertising as well as Eurocommerce's new headquarters in Deventer.
The average running time of the rental contracts in the portfolio is 8.5 years. Three office buildings have already been added to the fund. After delivery in Spring 2008, SEB ImmoInvest will also take over the second part of Eurocommerce's portfolio.
Through the acquisition of the office buildings with a long-term and stable cash flow, SEB strengthens its real estate portfolio in one of Europe's most stable and most promising real estate markets.
Source: SEB Asset Management