Published 6 January 2010
SEB Asset Management AG acquired a new retail centre with a hotel in Germany and an Austrian property this week, on top of purchases in England, Japan, the Netherlands & Germany in December. The total for the 6 purchases is about €300 million (the price of one hasn’t been disclosed).
The German asset management business of Stockholm-based SEB (Skandinaviska Enskilda Banken) has been operating for 30 years, and the Birmingham purchase took the portfolio of its ImmoInvest fund to 150 properties worth €6.2 billion worldwide.
In December, SEB Asset Management added 2 development projects – the Werfthaus, which was built directly on the banks of the river Main in Frankfurt, and the Maastoren office tower in Rotterdam – to the assets of the ImmoInvest fund, on completion.
The Werfthaus in Frankfurt’s Westhafen, has 14,000m² net lettable area on 11 storeys, 60% leased to an insurance group for 10 years, 25% on a 5-year lease & 15% covered by a 5-year rental guarantee provided by the two sellers – Groß & Partner Grundstücksentwicklungsgesellschaft mbH & OFB Projektentwicklung GmbH. The total investment costs were €69.5 million.
The 165m Maastoren in the new Kop van Zuid office location in Rotterdam is the Netherlands’ tallest office building. It has 38,000m² total rental space over 44 storeys and is fully let. The 4 largest tenants are on 10-year leases. The total investment costs were €162 million.
A week later, SEB acquired the fully leased AEON Chiba New Town Shopping Centre in the Japanese city of Chiba, in the Tokyo vicinity, for its SEB Asian Property Fund SICAV-FIS for the equivalent of €91 million. The centre was completed in 2007 and is fully let to the operator, AEON, until 2027. It has 130 shops, a cinema and fitness & leisure facilities. The centre is the sixth purchase for the special fund, which is governed by Luxembourg law and is 100% invested in Asia. In addition to Tokyo, the fund has investments in Shanghai & Singapore.
On 23 December, SEB Asset Management said it was exploiting the favourable situation in the British real estate market for the re-entry of its open-ended real estate fund SEB ImmoInvest. It bought a class A office building in Birmingham, leased until April 2022 to the Royal Bank of Scotland.
The seller is The Equitable Life Assurance Society, which was represented by Invista Real Estate Investment Management Plc, the UK’s largest listed real estate corporation. The total investment costs were the equivalent of €35.1 million.
The property at 2 St Philips Place was completed in 2002. It has 5890m² on 7 floors, plus basement storage & parking.
On 4 January, SEB acquired the first property in Austria for its SEB Europe REI real estate special fund. The 33,700m² distribution centre, in Enns, is leased to C&A Mode Gesellschaft mbH & Co until the end of 2020. The vendor, REDEVCO Central Europe, wants to focus on retail real estate. The sale price wasn’t disclosed. SEB Europe REI is a German real estate special fund aimed at institutional investors.
SEB’s latest purchase is a newly built & fully leased retail centre with hotel in the city centre of Münster, Germany. The overall investment costs were €68 million. Developed & sold by the Dortmund-based Harpen Immobilien Gesellschaft, the Stubengasse Münster was completed in 2009. It’s directly connected to the main railway station and consists of 2 4-storey buildings which combine a mix of a 140-room hotel (run by the Ramada Treff hotel group) & 16,800m² of retail, plus 318 basement parking spaces. The property has been acquired for the open-ended SEB ImmoPortfolio Target Return Fund.
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Attribution: Company releases, story written by Bob Dey for the Bob Dey Property Report.