Distribution by SEB ImmoPortfolio Target Return Fund in October 2020

On 1 October 2020, EUR 0.35 per unit will be paid out to investors. This corresponds to an aggregate amount of roughly EUR 2.3 million. Since the beginning of the fund liquidation on 5 June 2014 the amount paid out to investors amounts to approximately EUR 578 million. This corresponds to around 74 % of the Fund assets as of 5 June 2014, the date when the management mandate was terminated.

Until the Fund is completely dissolved, sufficient liquidity reserves must be retained in order 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. The subsequent tax audits are subject to the tax laws of the respective countries or national regulations and vary greatly in terms of the processing time. As soon as risks are further reduced and corresponding reserves can be released, further payments will be made to investors.

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-free for the SEB ImmoPortfolio Target Return Fund 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.

The custodian requires time to process the payout, resulting in the amount being credited several bank working days after 1 October 2020. The distribution will affect the Fund’s unit value.

We will continue to keep you informed about the further course of the liquidation of SEB ImmoPortfolio Target Return Fund on our website at www.savillsim-publikumsfonds.de and in the annual liquidation reports.