SEB Asset Management has sold four properties in Düsseldorf, Berlin and Luxembourg with a total volume of 51.8 million. The sales by the Fund management of additional properties from SEB ImmoInvest's portfolio which were made to various investors and corresponded on average to the market values represent a further step in the Fund's orderly liquidation.
The Fund management is continuing the strategic sale of SEB ImmoInvest's real estate portfolio. The best possible sales scenario is being adopted for each property, taking into account various factors such as market cycles, debt finance, letting rates and sensible modernization work from an economic perspective. Properties that meet all the criteria and are therefore market-ready are transferred to the structured sales process.
The most recent transactions are set out below:
The Peter-Müller-Strasse 20 property is located in the middle of the Airport City business park in Düsseldorf-Nord. It was sold to Zurich Versicherung. The high-quality office and service industry location is conveniently located close to the airport and has good transport links. The five-story building with approximately 6,300 m² of rental space is virtually fully let.
Airline Air Berlin and the Radprax Institute for Preventative Medicine are the main tenants. The sale by the Fund management took advantage of the positive market phase at Düsseldorf airport's business park. Colliers International acted as the agent during the negotiations.
The Kleine Kurstrasse 15 property in the Berlin-Mitte district is located centrally next to the Spittelmarkt in the immediate vicinity of a number of ministries and association offices. The nine-story commercial building with its natural stone facing has total rental space of nearly 4,200 m² and a letting rate of 91%. The main tenant is Deutsche Akkreditierungsstelle. Zurich Versicherung also bought this property, which was constructed in 2006.
The office building at Steinplatz 2 in Berlin-Charlottenburg is changing hands after an 11-year holding period. The property's new owner is TETRIS Grundbesitz. The property, which has a total of 7,350 m² of rental space, has good transport links it is five minutes on foot from the Zoologischer Garten station and the Kurfürstendamm with its offices and shops is also well within walking distance. Angermann acted as the agent during the negotiations in Berlin.
The new owner of the four-story office building on 16a Avenue de la Liberté in Luxembourg is LP Immo SA. The purchaser plans to renovate the close to 1,100 m² of space, which is currently unoccupied, and then let the offices to fiduciary services company Société de Gestion Fiduciaire (SGF) following completion. The property was fully let to Luxembourg's Finance Ministry until the end of 2011 and had been part of SEB ImmoInvest's portfolio since 1996.
Source: SEB Asset Management