The Fund management will pay out EUR 53.00 per unit to investors on 3 April 2017 (payable date: 5 April 2017). This corresponds to an aggregate amount of roughly EUR 15 million.
This distribution – the first to be made since the Fund was transferred to the Custodian Bank on 6 December 2016 – will bring the distribution ratio to approximately 35% 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 31% (as of the 28 February 2017 reporting date). The distribution will be taken from the liquidity that accrued to the Fund from the sale of the property in Hamburg at the end of November 2016.
The Custodian Bank must retain sufficient liquidity reserves to meet all obligations until the Fund is finally dissolved. Establishing these liquidity reserves allows the management to provide for potential claims for back taxes on the part of the fiscal authorities, warranty and guarantee claims, and administrative and management costs incurred by the Fund once rental income ceases to flow following the sale of the properties.
SEB Global Property Fund’s remaining portfolio continues to consist of two properties in Poland and two in the Netherlands. The Fund management is currently in the advanced stages of sales negotiations for all four remaining properties.
The distribution will reduce the Fund’s unit value. The bases 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 in good time before the distribution on the Fund’s website.