SEB Asset Management has postponed the re-opening of open-ended fund SEB ImmoInvest until 2012.
Earlier this month, when SEB Immoinvest announced the sale of a Hamburg office building to Catella’s Sarasin Sustainable Properties – European Cities fund for €34.8m, preparations for the opening of the SEB ImmoInvest fund were described as being “in full swing”.
Although sales of 14 properties for amounts above current market prices have increased SEB Immoinvest’s liquidity to 21%, or €1.4bn, the company says that the sovereign debt crisis and announcements by other renowned investment companies that a fund re-opening has been postponed and that another fund will be liquidated, have affected progress selling equity in SEB’s asset in Potsdamer Platz, Berlin.
“The markets have changed dramatically since the beginning of the year. On behalf of all investors – irrespective of their investment strategies – maintaining the value of their assets is our first priority,” said SEB Asset Management CEO Barbara Knoflach.
SEB Asset Management has postponed the re-opening of open-ended fund SEB ImmoInvest until 2012.Earlier this month, when SEB Immoinvest announced the sale of a Hamburg office building to Catella’s Sarasin Sustainable Properties – European Cities fund for €34.8m, preparations for the opening of the SEB ImmoInvest fund were described as being “in full swing”.Although sales of 14 properties for amounts above current market prices have increased SEB Immoinvest’s liquidity to 21%, or €1.4bn, the company says that the sovereign debt crisis and announcements by other renowned investment companies that a fund re-opening has been postponed and that another fund will be liquidated, have affected progress selling equity in SEB’s asset in Potsdamer Platz, Berlin.“The markets have changed dramatically since the beginning of the year. On behalf of all investors – irrespective of their investment strategies – maintaining the value of their assets is our first priority,” said SEB Asset Management CEO Barbara Knoflach.
