On 1 October 2018, EUR 15.00 per unit will be paid out to investors. This corresponds to an aggregate amount of roughly EUR 4.3 million.
Since the beginning of the fund liquidation on 5 December 2013 the amount paid out to investors amounts to approximately EUR 149.0 million. This corresponds to around 57% of the Fund assets as of 5 December 2013, the date when the management mandate was terminated.
Until the Fund is completely dissolved, sufficient liquidity reserves must be retained in order to meet all obligations. Retaining liquidity reserves allows the Custodian Bank to provide for potential future claims from tax authorities as well as granted warranties and guarantee claims. As risks decline over time, further distributions will be carried out, whereby the Custodian Bank decides about the timing and amount of these.
With effect from 1 January 2018 the new investment tax act came into force. In accordance with section 17 of the InvStG 2018, the legislator has created a special regulation for funds in liquidation. Under the new law, distributions of assets from 1 January 2018 will remain tax-free for the SEB Global Property Fund until 31 December 2021. As the fund is in liquidation, no partial exemption applies. Therefore, in the first step, 25% capital gains tax plus solidarity surcharge will be withheld by the custodian when the distribution is paid out. This withholding must be reimbursed in the second step after the end of the respective year, if the distributions represent capital repayments. Further details can be found in the questions and answers on the investment tax reform.
The custodian requires time to process the payout, resulting in the amount being credited several bank working days after 1 October 2018. The distribution will affect the Fund’s unit value.