SEB ImmoPortfolio Target Return Fund

Profile

Current situation

SEB ImmoPortfolio Target Return Fund has been in liquidation since 5 June 2014, the date on which the managing company, Savills Fund Management GmbH, gave notice to terminate its management mandate. After expiration of the notice period on 31 May 2017, ownership of the Fund’s assets, which are held in trust for investors, was transferred by law to the depository CACEIS Bank S.A., Germany Branch. 

After midnight on 31 May 2017, CACEIS’s role, as the Depositary, is to sell the assets left in the Fund while preserving investors’ interests and in accordance with the requirements of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin – the Federal Financial Supervisory Authority) within three years. The Depositary’s task is not to manage the Fund on an ongoing basis but to wind it up and to distribute the proceeds to investors. In accordance with BaFin’s requirements, the Depositary is obliged to sell the assets transferred “at the best possible price that can be realised on the market” (BaFin Circular GZ WA 42-Wp-2136-2012/0039 of 27 November 2012, available at https://www.bafin.de). Otherwise, however, it is not subject to any requirements with respect to the size of the proceeds to be generated. In particular, it is not bound by the most recent appraisal value. 

To ensure that this task is performed effectively, CACEIS has mandated Savills Fund Management GmbH with subtasks on an operational level, this mandate covers both the management of the Fund and the sale of the properties and is designed to ensure the continuity of the Fund’s management. In this capacity Savills Fund Management GmbH’s role is to continue performing its existing administrative tasks in relation to the Fund, e.g. to manage the properties and perform the Fund’s accounting, to continue its efforts to sell the remaining properties under the changed legal conditions mentioned above and, in the interests of investors, to prepare for closing the deals in such a way that CACEIS can review the sales documentation and make a final decision on a proposed sale."

Key Facts

ISIN DE0009802314
WKN 980231
Fund type Open-ended real estate fund
Fund currency EUR
Depository bank CACEIS Bank S.A., Germany Branch
Launch date 15 Oct 2001
Fiscal year 01 Jan – 31 Dec