After acquiring its first property in Prague a few days ago, SEB Asset Management has now completed the entry onto the Finnish market of its SEB ImmoInvest open-ended real estate fund.
Around 15 months after signing the purchase agreement, it has taken over the six-story Plaza Vivace office building completed in February 2008 from the Scandinavian project developer NCC Property Development. The total investment costs are approximately €23 million. SEB ImmoInvest's portfolio now comprises 131 properties in 17 countries.
Plaza Vivace is part of the Airport Plaza Business Park, which is located just outside Helsinki and is being developed by NCC in the period up to 2009. The Airport Plaza Business Park offers excellent transport links to the Helsinki metropolitan area and to Helsinki-Vantaa International Airport. A broad range of services are available in the surrounding area, including Jumbo, Finland's second-largest shopping center, in the immediate vicinity.
Around two-thirds of the property, which has total useable space of approximately 7,400 m² and 192 parking spaces, is currently let to six companies, including BMW. The letting rate will increase to around 85% in May due to another lease that has already been signed. Vacant space is covered by a two-year rental guarantee provided by the seller.
SEB Asset Management has been exploiting opportunities to enter new markets since 1995 in order to ensure risk diversification. It has been invested in Finland via its SEB ImmoPortfolio Target Return mutual fund since the end of 2005. The Company's assets, which are managed in a total of four real estate funds, comprise over 190 properties and projects in 19 countries.
Source: SEB Asset Management
