SEB Asset Management has sold the EuroCentre office property in Lille on behalf of its openended real estate fund, SEB ImmoInvest to an institutional investor from France. The selling price achieved is around 22% higher than the purchase price and around 13% above the current market value.
The Fund management company had purchased the EuroCentre building as a development project for approximately €20.6 million and added it to the Fund portfolio on its completion in 2006. The modern multi-tenant office property is located in the Euralille office district in the city of Lille, the third most important financial center in France. A new lease was signed in the summer for 600 m² of office space on the ground floor. This latest leasing success means that the ninestorey building with over 7,470 m² of space is fully let. Once fully let, the building met the prerequisite for marketing it successfully.
In addition, the transaction took place at a time when demand for prime properties in established regional centers is clearly increasing. Barbara Knoflach, CEO of SEB Asset Management AG, said, “The successful sale demonstrates both the quality of the investment and that the asset management approach was right.” The purchase price for the property in Lille, France, has already been paid and ownership transferred, and the Fund management is holding promising negotiations on further property sales with potential investors.
Source: SEB ImmoInvest
