SEB ImmoInvest’s unit value will decline from EUR 7.43 to EUR 7.38 on the publication date 16 October 2018, resulting in a EUR 0.05 price drop.
This is primarily due to the revaluation of the German property Hagen, Friedrich-Ebert-Platz 1-3.
The property, built in 2003, is a shopping centre of around 29,000 sqm including a car park with 864 parking spaces and was comprehensively revitalised until 2016. Unfortunately, the occupancy rate is currently unsatisfactory – also due to insolvencies of tenants. The competitive situation has intensified considerably in recent years. New shopping opportunities have been erected in the surrounding area, which have a negative impact on the competitive situation and in general, inner city retail trade suffers from the increasing importance of online trading.
The appraiser has reflected this risk in particular by deducting longer re-letting periods and higher letting costs as well as by adjusting the market rent.
Investors with questions and comments can continue to address them to Savills Fund Management GmbH using the existing contact data.