Savills Fund Management GmbH, which is responsible for the operational implementation of the further liquidation of SEB ImmoInvest, has sold a real estate portfolio in the greater Philadelphia area. Due to the sale effects, the unit value of SEB ImmoInvest decreased by EUR 0.20 from EUR 5.77 to EUR 5.57 on the publication date of 27 August 2019.
The sale of the Chesterbrook portfolio consisting of five properties is the result of a structured marketing process. The properties are located in Wayne, Pennsylvania. The Business Park with various office buildings from the 1980s was acquired for the fund in 2006/2007 and could only be sold at significantly lower market values than those last determined. After the recovery of the local market environment, the current market situation now supports the sale of the properties. Due to the lease terms, however, no asset management measures could be implemented. The sale therefore offered the best economic option at the present time. As the properties were held via real estate companies, these will remain in existence until they can be liquidated after all warranty obligations have expired.
SEB ImmoInvest therefore still holds a total of five properties: three in Germany and two in the USA. These are all in the marketing process. Investors will be informed if any properties are sold.