SEB Asset Management has signed a purchase agreement worth around 420 million with Dundee International REIT for a portfolio of eleven properties situated in a number of locations in Germany with 137,200 m² of floor space. The transfer of ownership of the properties (closing) is subject, among other things, to the purchaser successfully obtaining financing, and is expected to take place at the end of the first quarter of 2013.
The portfolio comprises a broad mix of properties with different locations, age structures, sizes, letting rates and lease terms. Two of the eleven buildings (Cologne and Nuremberg) are part of the portfolio belonging to the semi-institutional real estate fund SEB ImmoPortfolio Target Return Fund. SEB ImmoInvest's nine office properties are located in Frankfurt, Hamburg, Stuttgart, Düsseldorf and Munich as well as in the regional centers of Freiburg and Mannheim.
With the signing of this contract, the Fund management continues its extensive sales activities, designed to generate liquidity for the SEB ImmoInvest open-ended real estate fund, which is currently being dissolved. The fund already paid out over 20% of its assets (1.3 billion) to investors in 2012. The signing of the purchase agreement underlines the Fund management's ability to generate liquidity within a short period of time.