SEB has sold €680m of assets from its frozen SEB ImmoInvest fund to boost liquidity.
The fund manager said it signed sales agreements for 10 assets in the Netherlands, US, Belgium, Italy and France. The prices are 0.5% above the last book value, according to SEB. SEB said the sales helped to boost the fund’s liquidity to €1.4bn or 21.8%.
SEB is still marketing €550m worth of assets and a stake in Quartier Potsdamer Platz, also known as DaimlerCity, which SEB bought in 2007 for €1.4bn.
In Rotterdam, SEB sold Lotus A and B office buildings in Rotterdam for €57m to Realis. In Brussels, SEB sold the 139/141 Rue Royal for around €5.4m. In Milan, SEB sold the Megaló shopping centre. In France, it sold four Parisian assets for €290m. It also sold an asset in Lyon for an undisclosed price. In San Francisco, SEB sold 225 Bush Street for around $213m.
SEB said it plans to reopen the fund by the end of this year.
