Distribution by SEB Global Property Fund in April 2020

The SEB Global Property Fund distributes freely available liquidity to investors in April and October of each year on a regular basis. The Fund has not held any properties for some time. Since the regular evaluation of tax risks required an increase in the reserves for tax risks, no year-end distribution can be paid for the past fiscal year.

As at 31 December 2019, the Fund held approximately EUR 21.2 million in liquidity directly or via companies as reserves for potential and existing liabilities. These consist primarily of reserves for tax risks (77%) and to a small extent of existing or future operating liabilities (23%). The tax risks are spread across the following countries in which the Fund holds properties: Germany, the Netherlands, Austria, Poland, Spain and the USA. The subsequent tax audits are subject to the tax laws of the respective countries or national regulations and vary greatly in terms of the processing time. According to current estimates, they will be reduced on a case-by-case basis until 2023. As soon as risks continue to decrease and corresponding reserves can be released, further payments will be made to investors.

Since the beginning of the fund liquidation on 5 December 2013 the amount paid out to investors amounts to approximately EUR 151.8 million. This corresponds to around 58.4% of the Fund assets as of 5 December 2013, the date when the management mandate was terminated.

We will continue to keep you informed about the further course of the liquidation of the SEB Global Property Fund on the Internet at www.savillsim-publikumsfonds.de and in the annual liquidation reports. The current liquidation report (in German) as of 31 December 2019 is available for download from our website with immediate effect.