SEB Immobilien-Investment GmbH has acquired two office projects in Toulouse and in Aix en Provence for its open-ended real estate fund, SEB ImmoPortfolio Target Return Fund. The seller of both buildings, currently under construction and with a total volume of around €20 million, is the French Lazard Group, which specialises in office developments in the French regional markets.
Les Pleiades III office complex, Parc de la Duranne, Aix en Provence.
The "Les Pleiades III" office complex, with around 5,640 m² and 299 parking spaces, is in Parc de la Duranne between Aix en Provence and Marseilles, a location with an excellent infrastructure. The entire project will be transferred to the Fund on completion in April 2006. 50% of the total usable space is already let, and further leases are in the final stages of negotiation.
Southeast of Toulouse, the Fund acquired the first construction phase of the "Regent Park" office complex in the Labège-Innopole commercial park, with around 6,130 m² of office space and 260 parking spaces. Completion and transfer to the Fund are also scheduled for April 2006. An option to buy two further construction phases was agreed with the seller, covering around 10,800 m² of office space due to be completed by mid-2009. The "Regent Park" project is currently still unlet. A two-year rental guarantee for both new acquisitions was agreed with the seller.
Regent Park office complex, Labège-Innopole, Toulouse.
With the two new acquisitions, the Company has systematically expanded its commitment in France to a current total of 15 properties. The SEB ImmoPortfolio Target Return Fund was represented in Germany, Poland and the Netherlands, and in Saint-Ouen l'Aumone in France with a logistics property.
Source: SEB Immo Invest
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