SEB Asset Management lets over 490,000 sqm since start of the year – major leases signed in Hamburg and Warsaw

07.11.2011

SEB Asset Management lets over 490,000 sqm since start of the year – major leases signed in Hamburg and Warsaw

SEB Asset Management has let roughly 493,000 sqm of its total property portfolio of nearly 3.3 million sqm in the first three quarters of 2011. New leases made up 42% of this figure, while around 58% of the leases were extended. As a result, more than 500 individual new leases and lease renewals, nearly 38% of which were in Germany, were signed for over 15% of the total space.

Four leases in Hamburg comprising a total of around 5,150 sqm as well as a large-scale lease in Warsaw for 5,500 sqm are among the most recent successes.

Colgate Palmolive, a leading global consumer goods manufacturer, has extended its lease for around 3,040 sqm in the 7-storey “Hamburger Welle” building for five years. A new tenant in the wave-shaped property is the childrens’ dentist practice Hamburger Wackelzähne Lucks/Auras, whose lease for 570 sqm runs for ten years. Both tenants have options to extend their leases in the building for an additional five years. The property, which has been in SEB ImmoPortfolio Target Return Fund’s portfolio since 2005, is located at Lübecker Strasse 128 in Hamburg’s Hohenfelde district and has good transport links. The property, with a total of roughly 16,400 sqm of space, is now nearly fully let (97%).

MW Research, a Hamburg-based market research company, has signed a lease extension for over 880 sqm in Schlossstrasse 8 in Hamburg-Wandsbek until the end of 2017. Other key tenants in the property, which has been part of SEB ImmoInvest’s portfolio since 1997, include Commerzbank, Deutsche Post, a Berufsgenossenschaft (a German occupational health and safety agency) and the Initiative Media agency. The average remaining lease term is for more than three years.

The Elbgym fitness studio, which will open in February 2012, is a new tenant at Gorch-Fock-Wall 3-7, right in the city centre of Hamburg. The lease for 650 sqm is for 12 years and includes a five-year extension option. The listed 4-storey office building with its prestigious facade is centrally located near the Dammtor station, with the Central Station also within walking distance. The property, which was renovated in 2005, has belonged to SEB ImmoInvest’s real estate portfolio since 2006.

BNP Paribas acted as the letting agent for the leases in Hamburg.

In Warsaw, existing tenant EFG Eurobank Ergasias S.A. extended its lease ahead of schedule. The financial institution will occupy a total of 5,500 sqm in the Riverside Park building in the south-east of Warsaw’s city centre until 2016. The five-storey building offers a total of 12,600 sqm of space and is virtually fully let. Other tenants are Avon, Tchibo, Olsen, Bakalland and ECE. The property was bought for the SEB ImmoInvest Fund in 2007.

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