SEB Global Property Fund

SEB Global Property Fund has been in liquidation since 5 December 2013, the date on which the managing company, Savills Fund Management GmbH, gave notice to terminate its management mandate. After expiration of the notice period on 5 December 2016, ownership of the Fund’s assets, which are held in trust for investors, was transferred by law to the depository bank CACEIS Bank S.A., Germany Branch. Further information is provided on Profile and Downloads.

 

Profile

Current situation

We would like to inform you that, due to a change in the structure of the CACEIS Group, CACEIS Bank Deutschland GmbH was merged with its French fellow subsidiary, Paris-based CACEIS Bank S.A. The merger took effect as of midnight on 31 December 2016. 

Starting from 1 January 2017, CACEIS’s business in Germany will be conducted by the German branch of CACEIS Bank S.A., which is identical for operational purposes to the previous CACEIS Bank Deutschland GmbH. 

The merger took effect as of midnight on 31 December 2016. Section 122a of the Umwandlungsgesetz (German Reorganisation Act) provides that, with the merger, all of CACEIS Bank Deutschland GmbH’s assets and existing contractual rights will be transferred by law by way of universal succession to CACEIS Bank S.A. These also include all assets and contractual rights that CACEIS Bank Deutschland GmbH holds after 5 December 2016 for SEB Global Property Fund. 

SEB Global Property Fund has been in liquidation since 5 December 2013, the date on which the managing company, Savills Fund Management GmbH, gave notice to terminate its management mandate. After expiration of the notice period on 5 December 2016, ownership of the Fund’s assets, which are held in trust for investors, was transferred by law to the depository bank CACEIS Bank S.A., Germany Branch. 

After midnight on 5 December 2016, CACEIS’s role, as the Depositary, is to sell the assets left in the Fund while preserving investors’ interests and in accordance with the requirements of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin – the Federal Financial Supervisory Authority) within three years. The Depositary’s task is not to manage the Fund on an ongoing basis but to wind it up and to distribute the proceeds to investors. In accordance with BaFin’s requirements, the Depositary is obliged to sell the assets transferred “at the best possible price that can be realised on the market” (BaFin Circular GZ WA 42-Wp-2136-2012/0039 of 27 November 2012, available at https://www.bafin.de). Otherwise, however, it is not subject to any requirements with respect to the size of the proceeds to be generated. In particular, it is not bound by the most recent appraisal value. 

To ensure that this task is performed effectively, CACEIS has mandated Savills Fund Management GmbH with subtasks on an operational level, this mandate covers both the management of the Fund and the sale of the properties and is designed to ensure the continuity of the Fund’s management. In this capacity Savills Fund Management GmbH’s role is to continue performing its existing administrative tasks in relation to the Fund, e.g. to manage the properties and perform the Fund’s accounting, to continue its efforts to sell the remaining properties under the changed legal conditions mentioned above and, in the interests of investors, to prepare for closing the deals in such a way that CACEIS can review the sales documentation and make a final decision on a proposed sale.

Key Facts

ISIN DE000SEB1A96
WKN SEB1A9
Fund type Open-ended real estate fund
Fund currency EUR
Depository bank CACEIS Bank S.A., Germany Branch
Launch date 19 Oct 2006
Fiscal year 01 Jan – 31 Dec
Minimum investment Once EUR 5,000,000.00