SEB ImmoPortfolio Target Return Fund acquires home improvement store; long-term lease in Munich (DE)
Thursday 1 July 2010
SEB Asset Management has increased the proportion of German properties in its globally orientated SEB ImmoPortfolio Target Return Fund to 13. A commercial property with a longterm lease in Munich-Pasing was acquired for the open-ended real estate fund.
The total investment costs are approximately €20.4 million. The seller is Vienna-based MG Grundbesitz Objekt Gleisdreieck Pasing GmbH & Co. KG, a project development company belonging to UBM Realitätenentwicklung AG.
The property has total rental space of 12,650 m² and is leased to Praktiker Bau- und Heimwerkermärkte AG, which is listed in the MDAX, until December 2027. A key advantage of the “Am Gleisdreieck / Bodenseestraße“ location is its direct link to the B2 national highway, one of the major arteries leading to Munich city centre.
SEB ImmoPortfolio Target Return Fund (DE00009802314) is aimed at institutional investors and high net worth private clients. The fund is positioned as a core plus product. Its proactive investment strategy encompasses investments in both established real estate markets and regions and types of use with clear growth prospects. This acquisition in Munich has expanded the portfolio to a total of 45 properties in 12 countries.