Success for SEB ImmoInvest sales program (DE)

SEB Asset Management has signed purchase agreements for 10 properties worth a total of approximately €680 million belonging to its open-ended real estate fund SEB ImmoInvest in the Netherlands, the US, Belgium, Italy and France. This puts SEB ImmoInvest back on track with its measures to procure liquidity after individual negotiations were delayed as a result of the sovereign debt crisis.


The Megaló shopping center in Italy.

The aggregate selling prices achieved were 0.5% above current market values. Once ownership of the properties is transferred, the Fund's liquidity will increase to 21.8%, or approximately €1.4 billion. This brings the total sales volume to 14 properties in Germany and abroad worth over €910 million.

The details of the new deals are as follows:

The two Dutch office buildings leased to Royal Haskoning and ABB, 'Lotus A and B', were sold to a property company belonging to Real I.S. for approximately €57 million. The properties are located in the Rotterdam office location of Alexanderplein and belong to a four-part complex that was acquired for the Fund as a development project in 2007. The selling price for the two buildings is 2% above the aggregate market value.

The Fund's 23-story art deco office building at 225 Bush Street in San Francisco is also part of the selling portfolio. Constructed in 1922 and extensively renovated over the last few years, the building was acquired for the Fund six years ago for approximately US $179 million. The selling price is almost on a level with the market value of US $213 million. Just under three quarters of the total space of approximately 52,000 m² is currently let to a number of different companies.

The office building at 139/141 Rue Royal, Brussels, is also changing hands after a 15-year holding period, for approximately €5.4 million. The building was constructed in 1976 and has just under 5,500 m² of space. The new owner is the Centre Public d'Action Sociale de Bruxelles, a Belgian public authority, which plans to use the currently vacant building itself.

The Megaló shopping center in Italy is located in the provincial town of Chieti. It offers a combination of 110 shops and leisure offerings such as a multiplex cinema and restaurants on a total area of approximately 48,500 m². The new owner is a European shopping center fund. The selling price is substantially above the current market value. Purchase agreements were signed for five properties in France. The parties agreed not to disclose the individual purchase prices.

An international investor consortium successfully bid for four properties in Paris that were acquired between 1998 and 2006. The package comprises approximately 31,600 m² of office and retail space. The selling price of €290 million is slightly below the current aggregate value.

The purchase agreement for the 'Le Villette' office building in the center of Lyon has also been signed. An institutional investor is purchasing the property, which offers approximately 10,200 m² of space. The selling price is over 50% higher than the purchase price paid in 2001. The parties agreed not to disclose the purchase price.

The 'Quartier Potsdamer Platz' property portf

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