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Canadian firm buys SEB property assets

Canadian firm buys SEB property assets

Dundee International, a Canadian real estate investment trust, has entered an agreement with Frankfurt-based SEB AM to buy eleven properties from its real estate portfolios fund.

The Canadian property investor has agreed to pay €420 million for the eleven properties: nine offices will come from the SEB ImmoInvest fund and two from the SEB ImmoPortfolio Target Return fund. The offices are based in Frankfurt, Hamburg, Stuttgart, Düsseldorf, Freiburg, Mannheim and Munich.

The deal, which follows the liquidation of the SEB ImmoInvest fund announced in May last year, is still subject to terms and is set to be closed at the end of the first quarter this year. Prior to liquidation, the fund had €6 billion in assets.

Since May of last year, the fund has sold around twenty properties.

The €800 million SEB ImmoPortfolio Target Return fund, managed by Barbara Knoflauch, will remain open, a spokesperson confirmed to Citywire Global on Tuesday. 

SEB AM's Frankfurt office, part of the Nordic group's asset management division, has seen a number of changes to its business, the most recent being the departure of its multi-asset team at the end of last year.

The German business will continue to focus on property in the German and Asian markets. Last year it launched the SEB Asia Pacific REIT fund.

At a time when the German property market has seen a strong revival in demand and rise in house prices, Dundee International has been an active buyer in Germany and currently owns 13.5 million square feet of mixed use properties in Europe's strongest economy.

'The scale of this transaction and the quality and location of the assets will improve both our risk profile and the quality of our cash low. Including this transaction, we will have added $1 billion of properties in excellent locations to our portfolio since February 2012,' said Jane Gavan, CEO of Dundee International.

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