Savills IM sells another property in Italy

Savills Fund Management GmbH, which is responsible for the operational implementation of the further liquidation of SEB ImmoInvest, has sold one property in Italy. Due to the sale effects, the unit price of SEB ImmoInvest will decline from EUR 6.87 to EUR 6.77 on the publication date of 29 January 2019, resulting in a EUR 0.10 price drop.

The shopping center in Tavagnacco/ Udine was sold in the course of a structured bidding process. The property was transferred to the new owner on 24 January 2019. The center, built in 1993, features 17,728 sqm of lettable area and 1,545 parking units. It is located approximately 10 minutes from the city centre of Udine, the provincial capital. Due to the a weak market environment and continued uncertainty about the future economic and political developments in Italy as well as the necessity of an upcoming repositioning of the shopping center, the sale was significantly below the most recent appraisal value. Yet, the sale at present time within the bidding process therefore offered the best economic option.

This means that SEB ImmoInvest has now twelve properties in its portfolio, for which continuous active asset management is undertaken to create the best possible conditions for the sale. Further sales are at an advanced stage of negotiation. The next distribution is planned for mid-2019.