Preparations for the reopening of the SEB ImmoInvest open-ended real estate fund are in full swing. SEB Asset Management has signed another purchase agreement, this time for an office building at Gorch-Fock-Wall 3-7 in the center of Hamburg.
The listed property, which has around 13,500 m² of rental space, will be transferred to Catella Real Estate AG for the 'Sarasin Sustainable Properties - European Cities' fund by the end of December for 34.8 million.
After undergoing extensive renovation in 2005, the historic building was acquired for SEB ImmoInvest's real estate portfolio in 2006 for around 32.7 million. The building is 97% let to three different tenants at standard market rates. The largest tenant is an international telecommunications company, which accounts for a total of 8,585 m² of rental space.
Negotiations are also being conducted for the sale of an equity interest in Potsdamer Platz and other selected portfolio properties, meaning that further sales are expected to be completed in the near future.
The buyer of the San Francisco building was forced to withdraw from the purchase agreement (announced on November 7, 2011) due to financing difficulties. The sale of the building is already being renegotiated.
Including the latest deal in Hamburg, the sales program covers a total of 14 properties in Germany and abroad. As a result, liquidity will increase to over 21% by the end of the year.
Source: SEB Asset Management