On 13 November 2017, EUR 165.00 per unit will be paid out to investors. This corresponds to an aggregate amount of roughly EUR 46.8 million.
This distribution – the second to be made since the Fund was transferred to the Custodian Bank on 6 December 2016 – will bring the distribution ratio to approximately 53 % of the Fund assets as of 5 December 2013, the date when the management mandate was terminated.
SEB Global Property Fund’s liquidity currently amounts to 94.8% (as of the 31 October 2017 reporting date). Liquidity for the distribution arises from the sale of the two Polish properties and two Dutch properties (see the News dated 11 April 2017 and 5 September 2017).
SEB Global Property Fund’s remaining portfolio consists of two equity interests in real estate companies in Poland and two in the Netherlands. The companies are currently being liquidated and do not hold any properties.
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.
The distribution will reduce the Fund’s unit value. The basis of taxation and the tax-free and taxable portions of the distribution in accordance with section 5 of the Investmentsteuergesetz (InvStG – German Investment Tax Act) will be announced on the day of the distribution on the Fund’s website. The custodian requires time to process the payout, resulting in the amount being credited several bank working days after 13 November 2017.