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SEB Asset Management has sold two portfolio properties belonging to its SEB ImmoInvest open-ended real estate fund following the other successful sales that were recently announced.
The “City Carrée” retail park in Salzgitter and the “Das ES!” shopping centre in Esslingen were sold for a total of approximately EUR 103 million.
The retail park, which was completed in 2008, is located in downtown Salzgitter and was acquired as part of a portfolio transaction. The sale offered the Fund the opportunity to optimise the portfolio structure from a risk/return perspective while generating attractive selling proceeds of around EUR 34 million. The buyer is the international asset and fund manager Aviva Investors.
The city-centre retail and office centre in Esslingen changed hands after a nine-year holding period. Impressive selling proceeds of EUR 69 million were achieved. The buyer of the property in the Stuttgart region, which has a retail area of around 14,500 sqm, office space of 8,500 sqm and 322 underground parking spaces, is Rockspring Property Investment Manager LLP.
Preparations are currently being made for further sales on behalf of the SEB ImmoInvest Fund. In February, SEB Asset Management already announced the sale of two office buildings in Milan and Brussels for a total of EUR 125 million.