SEB Asset Management has acquired an office building with a long-term lease in Las Rozas de Madrid, Spain, for its SEB ImmoPortfolio Target Return Fund (DE00009802314) open-ended real estate fund. The seller is Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid). Spain's oldest savings bank has also rented the building for 30 years. The purchase prise amounts to 108 million.
The six-storey building, which comprises total rental space of around 43,700 m2 and 537 parking spaces, is part of a business park located 18 km north west of Madrid that was developed in the mid-1990s. A key advantage of the Las Rozas Business Park is its excellent links to public transport and the A6 motorway to La Coruña. Caja Madrid was established in 1702.
The fourth-largest Spanish financial services provider is backed by the City and the Autonomous Region of Madrid. The bank has long-term ratings of A from Standard & Poor's, A1 from Moody's and A+ from Fitch.
"Secure long-term income at an established location means solid earnings growth", said Barbara Knoflach, CEO of SEB Asset Management AG. "Our goal is to significantly increase the investment activity of SEB ImmoPortfolio Target Return Fund."
Source: SEB Asset Management