Savills Fund Management GmbH, which is responsible for the operational implementation of the further liquidation of SEB ImmoInvest, has sold a property located in Herndon, Virginia. The sale was slightly above the most recent market value. Therefore, the sale will probably have only a very minor effect on the unit value of the fund.
The sale of the property is the result of a structured marketing process. The office property is in Herndon, on Woodland Park Road, and was acquired for SEB ImmoInvest in 2000. Around 84% of the 12,300 sqm of space was let. As the property was held via a real estate company, this company will remain in existence until it can be liquidated after all warranty obligations have expired.
The sale of the property in Herndon means that the fund will exit the market in the USA. SEB ImmoInvest therefore no longer has any foreign properties in its portfolio. The fund currently still holds 3 properties in Germany, all of which are currently in the marketing process. As in the past, investors will be informed accordingly about sales.