SEB Asset Management has increased the proportion of German properties in its SEB ImmoPortfolio Target Return Fund open-ended real estate fund (ISIN: DE0009802314) to 11. Around 14 months after signing the purchase agreement, it has added the Cäcilium in Cologne, which was constructed by the Essen-based project developer Kölbl Kruse GmbH, to its portfolio. The total investment cost is approximately 75.5 million.
The new six-story building on Cäcilienstrasse / the corner of the Nord-Süd-Fahrt traffic artery was pre-certified by the DGNB (Deutsches Gütesiegel für Nachhaltiges Bauen) with the German Seal of Approval for Sustainable Building in silver.
The Cäcilium has around 17,500 m² of office rental space plus approximately 1,700 m² of storage and other space. Two storys below ground offer 141 underground parking spaces. The property is already 89% let on completion. A two-year general lease agreement has been signed with the seller for the remaining space. The largest tenants include the German branch of BNP Paribas Fortis, Medizinische Dienst der Krankenversicherung Nordrhein, International Management Group GmbH and König & Reeker GmbH Rückversicherungsmakler.
SEB ImmoPortfolio Target Return is an internationally-focused open-ended real estate fund and is positioned as a core plus product. It is aimed at institutional investors and high net worth clients. The key features of its investment strategy include investing in established real estate markets as well as in regions and types of use with clear growth prospects. The Fund's assets total approx. 734.3 million and the portfolio consists of 37 properties in 12 countries. Since its launch in October 2001, the Fund has recorded an aggregate performance of 88.1%, which represents an average annual return of 8.2%.
Source: SEB Asset Management
