SEB has announced the transfer of two office properties. SEB Immobilien-Investment GmbH has taken over the first of the four Lotus buildings in the Rotterdam office district of Alexanderplein from Dutch developer OVG. The market value amounts to €29.3 million. The second addition, with a market value of €45 million, is the Colonius Carrée office building in the center of Cologne.
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Colonius Carrée in Cologne.
After around 20 months of construction work, SEB Immobilien-Investment GmbH, SEB Asset Management's real estate investment company, has taken over the first of the four Lotus buildings in the Rotterdam office district of Alexanderplein from Dutch developer OVG for its SEB ImmoInvest open-ended real estate fund. The eight-story new building has around 8,600 m² of rental space and 185 parking spaces and has been leased for ten years to the engineering firm Royal Haskoning. The market value amounts to €29.3 million.
The second addition, with a market value of €45.0 million, is the Colonius Carrée building in the center of Cologne. The office complex comprising four linked buildings with around 14,600 m² of rental space and 210 parking spaces is currently 76% leased to 17 companies. The seller has issued a multi-year rental guarantee for the rest of the space.
Following the addition of the two properties, SEB ImmoInvest's portfolio now has 103 properties in 14 countries.
The new additions are part of two portfolio purchases. At the end of 2005, SEB signed a purchase agreement worth more than €110 million for the Dutch Lotus office complex, which has total rental space of approximately 33,800 m². The transfer of the second phase of construction is planned for October 2007. The investment will be completed next year with the completion and transfer of the remaining two buildings.
The portfolio property in Cologne was acquired from Strabag subsidiary Züblin Development in May 2007 together with five other office and retail properties which are due for completion between the end of 2007 and 2010. The total investment volume (purchase price incl. transaction costs) for the 78,300 m² German portfolio amounted to around €237 million.
Source: SEB
