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
Barings Real Estate appoints Marco Court in Italy expansion
28 April 2017 | Milan | Reporter: Theo Andrew
In his new role, Corti will be responsible for increasing investment and asset management in the country
COIMA board appoints independent directors
28 April 2017 | Milan | Reporter: Theo Andrew
The appointments mean seven out of nine board members are now independent
Heimstaden expands Copenhagen portfolio for €118 million
27 April 2017 | Copenhagen | Reporter: Theo Andrew
Haimstaden currently has a number of projects underway in Copenhagen, including the Bjerglandsbyen development
New director of self-storage at W.P. Carey
27 April 2017 | New York | Reporter: Theo Andrew
Boulter joins from Wasatch Storage Partners, where he was vice president of business development
PGIM debt fund raises over £1 billion
27 April 2017 | London | Reporter: Theo Andrew
The fund raised more than 80 percent of the capital in the nine months following the UK’s vote to leave the EU in June
WELPUT fund sell £135 million London office
26 April 2017 | London | Reporter: Theo Andrew
The deal, made on behalf of Schroder’s West End of London Property Unit Trust (WELPUT) fund, reflects a net initial yield of 3.96 percent
Clifford Chance promotes Matt Taylor to real estate partner
26 April 2017 | London | Reporter: Theo Andrew
Taylor has been in the real estate arm of Clifford Chance for the past 10 years, joining the law firm in 2005 as a trainee solicitor