On 2 July 2018, EUR 1.10 per unit will be paid out to investors as part of the regular semi-annual distributions. This corresponds to an aggregate amount of roughly EUR 128.2 million. Since the beginning of the fund liquidation on 7 May 2012 the amount paid out to investors within the fourteen distributions amounts to approximately EUR 4.4 billion. This corresponds to approximately 74 % of the Fund assets as of May 2012, the date when the management mandate was terminated.
The payment represents the final distribution for the 2017/18 fiscal year, during which freely available liquidity is distributed to investors. Over time, the custodian bank was able to release liquidity reserves from past real estate sales due to reduced risks.
With effect from 1 January 2018 the new investment tax act came into force. In accordance with section 17 of the InvStG 2018, the legislator has created a special regulation for funds in liquidation. Under the new law, distributions of assets from 1 January 2018 will remain tax-exempt for the SEB ImmoInvest until 31 December 2022. As the fund is in liquidation, no partial exemption applies. Therefore, in the first step, 25 % capital gains tax plus solidarity surcharge will be withheld by the custodian when the distribution is paid out. This withholding is to be reimbursed after the end of the respective year in step 2, if the distributions represent capital repayments. Further details can be found in the questions and answers on the investment tax reform.
The custodian will require time to process the payout, resulting in the amount to be paid out will be credited several bank working days after 2 July 2018. The payment has a notional effect on the Fund’s unit value on this date, which changes by the amount distributed.
Further distributions will be carried out, once further properties of SEB ImmoInvest’s portfolio can be sold and risks have declined over time. Sufficient liquidity reserves must be retained to meet all obligations. Retaining liquidity reserves allows the Custodian Bank to provide for potential future claims from tax authorities as well as granted warranties and guarantee claims. At present, SEB ImmoInvest still holds 14 properties, for which work continues actively to create the best possible conditions for the sale. As before, we will inform the investors, as soon as properties are sold. The Custodian Bank decides about the timing and the amount of the next distribution.