Savills Fund Management GmbH, which is responsible for the operational implementation of the further liquidation of SEB ImmoInvest, has sold one property in Kelsterbach near Frankfurt.
Due to the sale effects, the unit price of SEB ImmoInvest will decline from EUR 6.75 to EUR 6.71 on the publication date of 5 March 2019, resulting in a EUR 0.04 price drop.
The sale of the property in Kelsterbach is the result of a structured marketing process. The office property was acquired for the fund in 1994 and has been vacant since the main tenant moved out in 2012. The property is located in an industrial estate in the immediate vicinity of Frankfurt Airport. The lettability of the property suffered from the new runway that went into operation in October 2011. Due to the high level of noise pollution, letting is only possible to a very limited extent. The property could therefore only be sold below the last market value determined. Nevertheless, the sale offered the best economic option at this point in time.
This means that SEB ImmoInvest has now eleven properties in its portfolio, for which continuous active asset management is undertaken to create the best possible conditions for the sale. Marketing processes for the remaining properties were initiated. Should sales be successfully concluded, we will inform you on our website.