SEB has decided to sell its property holdings in Estonia, Latvia and Lithuania. This is in line with SEB's strategy of not owning properties and outsourcing non-core operations.
The property holdings comprise one sale and leaseback portfolio of 47 properties, in which SEB intends to lease premises over a long period of time, and one commercial portfolio of 16 properties. The commercial portfolio consists primarily of larger properties with significant development potential in attractive locations.
These properties will mainly be let to other tenants or in which SEB intends to lease only for a limited period of time.
The total book value amounts to €104 million.
"This is a unique opportunity for real estate investors to invest in a broad portfolio with properties in all the three Baltic countries. In addition, the strong economic growth in the Baltic countries creates favourable conditions for long-term rental growth together with an increasing demand for office space," says Anders Arozin, deputy head of Eastern European Banking.
SEB has retained Catella Corporate Finance, SEB Enskilda and SEB Vilfima as exclusive advisors in the sale process. The bids shall be submitted before 16 January 2007, and the sale is expected to be completed during the first quarter of 2007.