19 April 2017
Frankfurt
Reporter: Theo Andrew
Savills IM sells €579 million of European assets as SEB liquidation continues
Savills Investment Management (IM) has sold 14 European assets from its open-ended property fund SEB ImmoInvest, for around €579 million.

The fund, currently in liquidation, will be handing over its remaining assets to the custodian bank, CACEIS, on 30 April. CACEIS will be responsible their sale.

Of the assets, half are located in the Netherlands, four are in Paris, two assets are in Germany and one is in Vienna.

The Dutch assets, amounting to €136 million, are located across the Rotterdam and Greater Amsterdam areas and comprise of 60,000 square metres of floorspace.

Acquired by Signal Capital Partners, the properties are let to seven companies and provide a stable income, according to Savills IM.

The four Paris office buildings were acquired by Deka Immobilien and J.P Morgan Asset Management France, for above the last determined market value of €387 million, according to the seller.

Located across three separate locations, together they offer 57,000-square metres of space and are currently 87 percent let.

In Germany, Stiftstraße 30, a 4,700 square metre office building in central Frankfurt, was sold to a Munich-based project developer.

According to Savills IM, the asset is suitable for high-rise residential development, and sold for double its current market value, which was not disclosed.

The other German property sold in Unterschleißheim, north of Munich, to a private investor.

The final property in Vienna is a retail space that was refurbished in 2009. Currently 90 percent let, it was acquired by an Australian real estate fund for €38 million.

Carolina von Groddeck, managing director at Savills Fund Management, said: “With the sale of these 14 assets in four countries we successfully managed to considerably reduce the broadly diversified property portfolio. The fund management continues to work on the sale of further assets.”

Of the 14 assets sold, 13 were part of the fund SEB ImmoInvest and one was jointly owned by the fund and SEB Global Property Fund.

The fund, currently undergoing liquidation, still held more than 50 properties at the beginning of April.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Dolphin Living makes splash with Retail Charity Bond
23 June 2017 | London | Reporter: Theo Andrew
The money raised will be invested in Dolphin Living’s London portfolio, which includes 196 homes currently under development
New York apartment block bagged for $57 million
23 June 2017 | New York | Reporter: Theo Andrew
The 53,000-square foot 12-storey property consists of 54 one-, two- and three-bedroom newly-refurbished units
AEW Germany fund hits €118 million on first close
22 June 2017 | Berlin | Reporter: Theo Andrew
Focusing on Germany’s seven main cities, the fund will also strategically target other established office locations around the country
Wanda HK acquires Nine Elms Square for £470 million
21 June 2017 | London | Reporter: Theo Andrew
Vinci St. Modwen, the 50/50 joint venture between St. Mowden Properties and Vinci expects to complete the sale of the 10-acre site later this summer
Majority stake in Barcelona Hilton bagged by AXA IM - Real Assets
21 June 2017 | Barcelona | Reporter: Theo Andrew
Purchased from Iberdrola Inmobiliaria on behalf of AXA Insurance Companies, the 4-star hotel is currently operated by Hilton Hotels on a long-term lease
UK self-storage market expands for third year running
21 June 2017 | London | Reporter: Theo Andrew
The UK now accounts for 47 percent of Europe’s self-storage space, according to the UK Annual Industry Report
Hermes dispatches East London portfolio to Great Portland Estates
20 June 2017 | London | Reporter: Theo Andrew
Spanning 1.1 acres, the properties are located between Aldgate and the new Whitechapel Crossrail Station