SEB Asset Management has sold two office properties from the SEB ImmoInvest portfolio (ISIN: DE0009802306) at a profit. The total selling price for the properties in Milan and Brussels is approximately 125 million and is higher than the current market values.
The property in Via Dante 15, Milan, generated a performance of 10.9% over the entire holding period since its acquisition in December 1999. The selling price is approximately 88% higher than the investment costs and 5.7% higher than the current market value.
The parties agreed not to disclose the name of the new owner or the selling price.
Befimmo S.C.A., a Belgian REIT, is the buyer of the commercial property in Rue de la Loi 70-74, Brussels. The selling price achieved is approximately 15.5% higher than the investment costs since the property's acquisition in March 2005 and exceeds the most recently appraised market value by around 9%.
Source: SEB Asset Management