Dissolution and Payout
SEB ASSET MANAGEMENT MAY 2012
2 | SEB ImmoInvest
Table of Contents
4 Legal Basis
6 Questions and Answers
10 SEB ImmoInvest: A Stable Investment for 23 Years
12 SEB ImmoInvest’s Current Property Portfolio
14 Publication Details
“We would like to thank you for all the encouragement,
support and commitment we received.”
Barbara A. Knoflach
Chief Executive Officer of
SEB Asset Management AG
Over the past few days, we asked you to decide with us about
the future of SEB ImmoInvest. This approach was transparent
for everyone and met with great approval, as the reaction of the
media and countless discussions with investors and distribution
partners have shown. Our efforts revolved around the goal of
reopening the Fund and treating all investor groups equally.
At this point, we would like to thank you for the encouragement
we received, for your support and for the commitment you have
shown. A large number of investors would have preferred a reopening
and continuation of SEB ImmoInvest in the interest of all
investors. The announced amendment of the fund rules in line
with the German Investment Act as amended by the Act for the
Improvement of Investors Protection and Market Functionality
(Anlegerschutz- und Funktionsverbesserungsgesetz) ahead of
schedule was seen as a viable step forward for open-ended real
estate funds as an investment vehicle. But unfortunately, not all
investors were convinced.
It is with great regret that we need to inform you that the
redemption requests collected up to 7 May 2012 significantly
exceeded the Fund’s liquidity. As announced, we will therefore
not execute any orders in order to treat all investors equally.
Discussions with investors and sales partners essentially
revealed two groups of sellers – those investors whose investment
strategy ended during the past two years and who were in
need of their money, and those investors, who felt alienated by
this type of investment. The never-ending chain of bad news in
the financial industry as well as the troubled waters that openended
real estate funds got themselves into over the last two
years have demoralized investors to the extent that they were
no longer willing to grapple with arguments and ideas for the
development of this type of investment and now insist on being
This decision should now make clear that, despite all our eff orts,
the actual liquidity requirements could not be met without
compromising SEB ImmoInvest’s portfolio structure and quality
for the long term in the case of the Fund’s reopening. We will
now focus all our efforts on achieving the best possible results
for our investors in light of the new circumstances. This includes
not only paying out investors’ money quickly, but also the
strategically thought-out sale of the real estate portfolio. True
to our motto of moving carefully but quickly, we aim to pay out
an expected 20 percent of Fund assets to investors in June. After
this, payments are expected to be made every six months, with
their size depending on the properties sold. In consultation with
the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin –
Federal Financial Supervisory Authority), we have around five
years to take these measures, starting with today’s announcement
of the dissolution of the Fund.
We will do everything in our power to continue SEB ImmoInvest’s
23-year success story while it is being dissolved, motivated
by the stable returns achieved in the past. You can be assured
that the team of SEB Asset Management will try its very best to
achieve the best possible outcome for its investors.
Your co-investor and Fund manager
SEB ImmoInvest | 3
4 | SEB ImmoInvest
Termination of management and dissolution of the
SEB ImmoInvest real estate fund (hereinafter referred
to as the “Fund”)
SEB Investment GmbH, Frankfurt am Main,
hereby irrevocably terminates, in its capacity as the
Investment Company of the SEB ImmoInvest real estate
fund, the management of the Fund in accordance with
section 38(1) of the Investmentgesetz (InvG – German
Investment Act) in conjunction with section 16(1) of the
General Fund Rules, effective 30 April 2017.
The redemption of units in the Fund will be suspended
permanently and the issuance of units in the Fund will cease
permanently, since termination represents an extraordinary
circumstance in accordance with section 37(2) of the InvG.
The procedure for dissolving the Fund stipulates that the
proceeds from the sale of Fund assets, less such costs as
• Notice of termination of the management mandate for SEB
ImmoInvest initiates the Fund’s dissolution and the payout
of the disposal proceeds at regular intervals as part of an
orderly process. At the same time, the suspension of the
issuance and redemption of units becomes permanent. The
notice of termination of the management mandate will be
published in the electronic Bundesanzeiger and on the Company’s
website, www.sebassetmanagement.de. In addition,
the information about the termination of the management
mandate will be made available to the custodians so that
these can pass it on to investors.
• The Fund management company, SEB Investment GmbH,
will remain responsible for SEB ImmoInvest’s ongoing management
and for providing support to investors and sales
partners until the termination takes effect on 30 April 2017.
The Fund management will continue with the sales until the
end of the notice period. If possible, the notice period will be
used to sell all properties and equity interests in real estate
companies on reasonable terms. The Fund management has
two goals during this process: to generate liquidity as quickly
as possible, so that it can be used to pay out investors and
to exploit market opportunities to achieve the best possible
sales results under the circumstances. The Fund management
aims to complete the property sales by 30 April 2017,
when termination takes effect.
are still to be borne by the Fund and less the costs incurred as
a result of the dissolution, shall be distributed to the investors.
After expiration of the notice period on 30 April 2017,
the Fund will be transferred by law to the Custodian Bank,
SEB AG, based in Frankfurt am Main.
Investors will be informed about the individual stages of
the dissolution of the Fund by means of reports obtainable
from SEB Investment GmbH and the Custodian Bank and
issued as of the customary reporting dates for the annual and
semi-annual reports. In addition, a dissolution report will be
drawn up as of 30 April 2017 in accordance with section
44(4) in conjunction with section 44(1) of the InvG.
Frankfurt am Main, 7 May 2012
• Sales proceeds will be paid out to investors in SEB ImmoInvest
at half-yearly intervals. The size of the payouts depends
on the property sales, less the sum needed to ensure the
orderly ongoing management of the Fund and other costs and
liabi lities incurred in the course of its dissolution. The first payment
will be made with the regular distribution in June 2012.
• After the announcement of termination until it comes into effect,
SEB Investment GmbH will continue to provide information
as ordinary at the reporting dates for the semi-annual
and annual reports. A separate dissolution report will be
prepared as of 30 April 2017.
• Once termination takes effect, the Fund (i.e. any remaining
assets belonging to SEB ImmoInvest) will be transferred to the
Custodian Bank (SEB AG). If not all properties and equity interests
in real estate companies have been sold by this point, the
Custodian Bank will continue dissolving SEB ImmoInvest and
paying out the proceeds. If all properties and equity interests
in real estate companies have been sold at the end of the
notice period, the Custodian Bank will finally wind up the Fund
after settling any remaining liabilities and will distribute the
remaining proceeds to the investors.
Proceeds of sales paid out to investors on a half-yearly basis
6 months 6 months 6 months 6 months
Investment Company continues semi-annual reporting
effect and remaining
assets transferred to
the Custodian Bank
SEB ImmoInvest | 5
6 | SEB ImmoInvest
Questions and Answers
Dissolution and Payout of SEB ImmoInvest
Why was unit redemption not resumed on 7 May 2012
We created a viable framework for the continuation of SEB Immo-
Invest with the approach announced on 25 April. The Custodian
Bank collected all redemption requests up to the date scheduled
for resuming unit redemption. This approach allowed us to determine
whether all redemption orders could be serviced when
unit redemption was resumed and thus, ensure equal treatment
of all investors. The actual volume of the combined redemption
requests collected until the order acceptance deadline on
7 May 2012 significantly exceeded the Fund’s available liquidity.
Although a large number of investors wanted to accept the offer
to continue SEB ImmoInvest under the changed framework, the
Fund management had no other option than to give notice of
the dissolution of the Fund.
Why did the Fund management only give investors
the opportunity to resume unit redemption in combination
with amending the Fund to comply with the
Anlegerschutz- und Funktionsverbesserungsgesetz
(AnsFuG – Act to Increase Investor Protection and
Improve the Functioning of the Capital Market) and
the introduction of annual redemption intervals?
Changing the framework was a precondition for resuming unit
redemption for the long term since it was difficult to forecast
exactly how many units would be redeemed if the Fund was
reopened – particularly in light of the large number of funds that
have already been closed and are being dissolved, the various
financial market crises and public scepticism with respect to
open-ended real estate funds. Both our experiences over the
past few years and the purpose of the AnsFuG – which would
have had to be implemented by 31 December 2012 in any case –
have shown that in order to do this asset class justice in the long
run, it needs to be clarified that open-ended real estate funds
are a long-term investment. Amending the Fund to comply with
the new law would have given the Fund management the freedom
of action needed to successfully continue SEB ImmoInvest
on a long-term basis.
Why was the unit price adjusted before the scheduled
resumption of unit redemption?
The Fund management initiated the adjustment of the unit
price to ensure that, after the long suspension period, the unit
price when unit redemption resumed reflected all changes in
the parameters, above and beyond regular valuation cycles.
Given the plans to move over to annual unit redemptions only,
the Fund management also ensured that provisions had been
recognised for further property sales and marketing activities
before additional unit redemptions were serviced. Provisions of
100 percent were recognised for deferred capital gains taxes on
the sale of properties and additional maintenance measures in
connection with the marketing of properties as a precautionary
measure, in order to treat all investors equally.
What does the dissolution of SEB ImmoInvest entail?
The decision that has now been made marks the irreversible
start of the dissolution and payout of SEB ImmoInvest following
the suspension of unit redemption due to liquidity squeezes,
which was limited to a period of two years. The decision to dissolve
the Fund was made in agreement with the Bundesanstalt
für Finanzdienstleistungsaufsicht (BaFin – Federal Financial
Supervisory Authority). Due to the volume of redemption orders
received, dissolving the Fund is the only way to treat all investors
equally and return the proceeds of sale to investors on a
regular basis as part of an orderly process.
How does the dissolution process affect me in
practice and who is responsible for the ongoing Fund
The dissolution and payout process is triggered by notice being
given to terminate the management of the Fund with effect
from 30 April 2017. Following the decision to dissolve SEB Immo-
Invest, the ongoing sales activities will now be expanded to
cover the entire property portfolio. The Fund management has
time to sell the remaining 132 properties in SEB Immo Invest’s
portfolio on reasonable terms within the five-year notice period.
The proceeds of sales will be paid out to investors at half-yearly
intervals. The Fund will continue to be managed as normal by
the Investment Company, SEB Investment GmbH, until 30 April
2017. If not all properties or interests in real estate companies
have been sold by the end of this period, the Custodian Bank will
assume responsibility for the outstanding sales and will pay out
the remaining liquidity to investors after settling any liabilities.
Who determined the duration of the dissolution/
The dissolution and payout of the SEB ImmoInvest real estate
fund in the period up to 30 April 2017 was determined as a
reasonable notice period in consultation with BaFin. It allows
the Fund management to conduct an orderly sale of the properties
on reasonable terms within a reasonable medium-term
time frame in the interests of all investors, taking into account
market and real estate cycles.
How much liquidity was finally available and where
did this come from?
Total liquidity at the beginning of May 2012 amounted to
approximately EUR 1.8 billion, or 30.7 percent of Fund assets.
Why was not more liquidity generated in preparation
for resuming unit redemption?
The sale on reasonable terms of a total of 17 properties with a
market volume of around EUR 1 billion demonstrated the Fund
management’s ability to act, even in difficult times. The sale of
such a large portfolio against the backdrop of the escalating
sovereign debt crisis underlines the Fund management’s real
estate expertise. Further sales in this period would have had an
excessive impact on the portfolio structure and quality of SEB
ImmoInvest, which has developed over 23 years, and would
therefore not have provided a solid basis on which to continue
the Fund for the remaining investors, as was our aim.
Impact on Existing Investments
As an investor, how do I get my money back?
The Fund management is planning payouts to all investors in
SEB ImmoInvest every six months, depending on the sale of the
remaining properties. The half-yearly payments will be made
on the basis of the units, thus guaranteeing that all investors
receive the same payout ratio. The amount of the half-yearly
payouts will be governed by the Fund’s available liquidity on the
relevant reporting date, taking into account the sum required
to ensure the Fund’s orderly ongoing management and to settle
any costs and potential liabilities such as, for example, from loan
redemptions. You will receive the payments – if possible – in the
same way as the regular annual distributions. All data required
for tax purposes will be published in the normal manner. Your
custodian will automatically take this into account when making
Do I have to expect losses on my investment?
We cannot predict how SEB ImmoInvest’s unit price will perform
in the period until final dissolution and payout. The key parameters
are how the market environment develops, the proceeds
that can be generated from the disposal of properties, the future
rental situation, property management costs, the follow-up appraisals
by the independent experts, as well as transaction costs
and any costs for the early redemption of loans in connection
with the sale of properties. This means that losses cannot be
expressly ruled out at present. A final statement will only be possible
once the Fund has been fully dissolved and all monies have
been paid out by the Fund management or the Custodian Bank.
When will the first payout of disposal proceeds
We aim to make a first payout of an expected 20 percent of the
current unit value in June 2012 so that you can access the cap ital
you have invested as quickly as possible on a step-by-step basis.
We plan to make further payouts at half-yearly intervals, depending
in each case on property sales and the available liquidity. The
last payout will be made by the Custodian Bank after the notice
period has expired, and will take into account all expenses potentially
incurred in connection with the property sales.
Are there going to be yearly distributions?
Yes, the regular distributions will be paid in June each year at the
same time as one of the half-yearly payouts.
How will payouts be treated for tax purposes?
Returns of capital payments are currently tax-free. If payouts
contain ordinary or extraordinary income (e.g. from the sale
of properties or real estate companies), this results in both
tax-free and taxable income being generated, based on the
taxation calculated for them in accordance with section 5 of
the Investmentsteuergesetz (InvStG – German Investment Tax
Act). The data required for tax purposes will be published with
each payout. Please note that we are not permitted to provide
tax advice. Please contact your tax consultant directly for taxrelated
questions. No assessment can currently be given of how
tax legislation will develop in the future and hence of the future
tax-free portion of the payments.
Can I claim any losses for tax purposes?
Any losses arising in the course of the dissolution of SEB Immo-
Invest may, under certain circumstances, be claimed for tax purposes
in individual cases at the level of the investor concerned.
SEB ImmoInvest | 7
8 | SEB ImmoInvest
This is dependent on when the units were acquired. Please note
that SEB Investment GmbH is not permitted to provide tax advice.
Please contact your tax consultant directly for tax-related
Can I continue to sell my units via the stock exchange?
You can continue to sell your units on a German stock exchange
for as long as SEB ImmoInvest units are traded over the counter
there. However, SEB Investment GmbH has no influence on
whether units will be traded over the counter in future. In this
context, it should be noted that stock market prices do not
correspond to the Investment Company’s redemption price,
which is calculated every day on the basis of the statutory
requirements. The official redemption price will continue to be
published on www.sebassetmanagement.de on each exchange
trading day. In contrast, stock market prices are purely the result
of supply and demand. They are not linked to the unit value that
is determined by the Investment Company together with the
Custodian Bank. Investors can obtain information on the opportunities
and risks associated with the purchase or sale of units
via the stock exchange from their investment advisor.
Will I incur additional costs as an investor during the
Costs and expenses related to the dissolution and payout of
SEB ImmoInvest will generally be charged to the Fund directly.
No additional extraordinary direct costs will therefore arise for
invest ors from the Fund management. If the Fund still contains
properties on the date it is transferred to the Custodian Bank,
property purchase tax may be incurred as a result of the transfer.
How will customers and distribution partners be
informed of upcoming activities?
The Fund management will continue to report on its activities
as of the usual semi-annual and annual reporting dates. Current
information and developments will be published on our website
(www.sebassetmanagement.de) as usual until the end of the
dissolution and payout process.
In addition, our service hotline employees are available to answer
your questions under +49 180 1 777 999 (EUR 0.039 per minute
from the German fixed-line network, max EUR 0.42 per minute
from the German mobile network).
How can you guarantee that all investors will be
treated equally during the dissolution of the Fund?
We aim to pay out the Fund assets to all investors at half-yearly
intervals. The payouts ensure that all investors receive the
liquidity from the proceeds of sale on an equal basis as part of
an orderly process. All investors will receive the same share of
the amount they invested per unit. The unit price of SEB Immo-
Invest will decrease in line with the payout. Payments will be
repeated on a half-yearly basis over the entire dissol ution period
until 30 April 2017 provided that sufficient sales proceeds are
available. The same repayment rate per unit is guaranteed for
What will happen with agreements to automatically
reinvest the distribution and with existing payout
Starting immediately, dividends will no longer be reinvested
auto matically, as redemption and the issuance of new units
is ceasing permanently since notice of termination has been
given for SEB ImmoInvest. We shall also cease to service payout
plans, which we had continued to execute voluntarily on an
interim basis, with immediate effect as of 7 May 2012.
Impact on the Portfolio
How long will the dissolution/termination phase take?
The management mandate ends on 30 April 2017. If not all
properties in the globally diversified portfolio have been sold,
the Custodian Bank will assume responsibility for the continued
dissolution of the Fund and will support this process to the best
of its ability in the interest of all investors. The duration of the
notice period does not mean that the entire time frame must be
used for property sales. Instead, we aim to complete all sales
as quickly as possible and with the best possible sales results
using all of the resources available to us. The time frame agreed
with BaFin gives us the opportunity to complete the sales in the
interests of investors without time or price pressure.
Are any further valuations planned for the remaining
properties in the portfolio?
It is a legal requirement that property valuations continue to
be commissioned from the independent Expert Committee at
least once every 12 months. This also applies to the 132 properties
still contained in SEB ImmoInvest. Changes in value from
re-appraisals cannot be ruled out in the future, although the
Fund management does not have any specific indications of this
following the recent extraordinary adjustments to valuations.
What will happen with any remaining properties
if they have not been sold by the end of the notice
SEB Investment GmbH will continue to manage the Fund until
the end of the dissolution period on 30 April 2017. A separate dissolution
report will be prepared when this period ends in addition
to the regular reports. The right to manage any remaining assets,
receivables and liabilities as of this date will be transferred to the
Custodian Bank on 30 April 2017. We aim to sell all properties by
the end of the notice period.
• Steady income with very low volatility
• Inflation protection though generally indexlinked
• Broadly diversified international real estate
portfolio with a strong intrinsic value for
• Low correlation with other asset classes –
improved risk/reward ratio in investors’
• Tax benefits due to the tax-free portion of
the distribution, attractive return after tax
• Value of real estate and liquidity portfolios can
• Income expected from rental property may fail
to materialise wholly or partly
• International real estate poses currency risks
(minimised through hedges)
• No payments into the Fund are possible
• Investors cannot influence the Fund management
SEB ImmoInvest | 9
10 | SEB ImmoInvest
Bank forms Fund
2 May 1989:
21 February 1990:
1988/1989 30 September 1988:
First retail property
SEB ImmoInvest: A Stable Investment for 23 Years
SEB ImmoInvest is an open-ended real estate fund that has
continuously earned the characterisation “sound, successful
and consistent” ever since it was launched almost 23 years ago.
Few other products have been able to contribute so consistently
and reliably to their investors’ successful investment activities
over such a long time frame.
Investment performance since launch:
• 5.18%* on average p.a.
• 219.73%* cumulative
31 March 1992:
performance on a
financial year basis:
The Fund’s positive return was matched by the low volatility of
Fund assets reach
DM 1 billion
28 August 1995:
Market entry in
Fund assets reach
DM 2 billion
1 January 1999:
Unit values calculated
Return since launch
reaches 100% mark
1998/1999 July 1998:
BfG is renamed
2000/2001 November 2000:
SEB ImmoInvest owes its stability and steady performance to
the strategic global diversification of its real estate portfolio
– particularly in terms of markets, locations and tenant mix,
the balanced spread of lease terms and its good property size
weightings. Geographical diversification is based on analyses of
macroeconomic developments at locations with good growth
prospects or stable long-term economies (top-down approach).
In order to diversify risk, SEB ImmoInvest has been exploiting
additional market opportunities outside Germany since 1995.
It invests primarily in the member states of the European Economic
Area, complemented by North America. As an add-on,
SEB ImmoInvest has also invested in selected markets in the
Asia-Pacific region since 2006. SEB ImmoInvest’s strong German
weighting in its portfolio means that it has always focused
* Investments in funds entail both opportunities and risks. The market value of an investment may rise or fall. Past returns and performance are no guarantee for the future.
As of 30 April 2012.
becomes first real
estate fund to win
Standard & Poor’s
real estate fund”
2002/2003 October 2002:
SEB ImmoInvest sets
standards for the
sector: first openended
fund to publish the
of the Fund return
First rating from
2004/2005 30 September 2004:
on security and stability, as well as taking advantage of market
opportunities. At the beginning of May 2012, SEB ImmoInvest
was invested in 132 properties in 18 countries:
• 44.3% Germany
• 37.1% Rest of Europe
• 9.8% Asia
• 8.8% USA
Entry on Asian market:
purchase of office building
of EUR 1.00 due to
from sales of properties
14 December 2007:
signed for Potsdamer
Platz urban quarter
comprising 19 properties
in a top Berlin
2008, SEB Immo-
among the winners
29 October 2008:
suspended due to
in the course of
the financial crisis
2008 March 2008:
The main types of use are the office, retail and logistics segments.
The quality of the individual properties is an important
criterion in the Fund’s investment strategy, as it is a major
factor in ensuring reliable income and stable market values.
Key aspects for a balanced portfolio are the letting situation
EUR 1.1 billion of
1 December 2009:
Unit class for institutional
12-month notice period
2009 2 June 2009:
First Place Fund Award
in open-ended real
estate funds category
over one-year period
6 May 2010:
suspended due to high
after publication of
discussion paper on
2010 January 2010:
5 October 2011:
Potsdamer Platz in
Berlin is the first urban
quarter to receive a
Building Council (DGNB)
certificate in silver
22 November 2011:
Via Laurentina in Rome
wins a LEED Green
Building gold certificate
1 January –
31 December 2011
sold to build up longterm
to over 30%
7 May 2012
Notice of termination
2012 Up to May 2012:
and future renting prospects of each property, as well as its
contribution to the spread of lease expiration terms and tenant
diversification within the portfolio as a whole.
SEB ImmoInvest’s stable distribution policy is another of the
Fund’s distinguishing features. The high level of income from
properties compared with the sector as a whole made a stable
annual distribution possible for the entire duration of the Fund.
As a result, an average of EUR 2.24 per unit was distributed each
year. The most recent distribution (for fiscal year 2010/2011)
was EUR 2.00 per unit, of which EUR 1.295 or 65 percent was
tax-free for units held as private assets.
SEB ImmoInvest | 11
12 | SEB ImmoInvest
SEB ImmoInvest’s Current Property Portfolio
SEB ImmoInvest is invested in 18 countries and 64 cities on three continents around the world. Investments are focused primarily on
Europe (81.4 percent of Fund assets) and within this especially on Germany (44.3 percent). At portfolio level, the Fund management
manages more than 1,500 leases for approximately 1,300 tenants. The 1.8 million m 2 of floor space is mostly leased to office tenants.
However, the portfolio also contains hotel, retail and logistics properties.
Street 550 West Adams Street
Area 45,075 m 2
Year constructed 2006
Constructed in the middle of the business
and financial centre in downtown
Chicago, this building has a varied tenant
structure. The roster of tenants comprises
companies from the construction
materials, healthcare, management
consulting, legal and financial services,
and project development sectors.
Street 32, Place Ronde
Area 9,476 m 2
Year constructed 1991
The two prestigious properties,
Village 1 and Village 2, are part of the
seven-building complex Espace 21.
This architectural highlight is in direct
proximity to the Grande Arche, the
landmark of the La Défense office district.
Street Via Laurentina 449
Area 46,895 m 2
Year constructed 1978/1982
This office park is located between the
historic city centre and the airport in the
established office district of Esposizione
Universale di Roma, home to many
private- and public-sector organisations.
Via Laurentina was the first property
in Italy to be awarded an LEED Green
Building Certificate. It received a gold
certificate for ecological sustainability in
2011 for ongoing renovation work.
Street Quartier Potsdamer Platz
Area 288,242 m 2
Year constructed 1998
Potsdamer Platz’s mix of modernity, city
culture, functionality and sustainability is
almost unique among urban quarters in
Europe. In 2011, the quarter was granted
a German Sustainable Building Council
(DGNB) certificate in silver.
Street Lindholmspiren 9
Area 11,348 m 2
Year constructed 2003
The Lindholmen office building is located
in a modern area of Gothenburg that is
dominated by companies from the hightech
sector. SEB ImmoInvest entered
the Scandinavian market in 2004 after
buying this building in Sweden’s secondlargest
real estate location.
Street 47 Ochiai 1-Chome
Area 24,372 m 2
Year constructed 2002/2007
The long-term earnings power of the
New City Tama Center in Japan are
based on the building’s solid reinforced
concrete construction, the outstanding
infrastructure and the varied tenant mix.
SEB ImmoInvest | 13
14 | SEB ImmoInvest
SEB Investment GmbH
60327 Frankfurt am Main
Phone: +49 69 2 72 99-1000
Fax: +49 69 2 72 99-090
Service hotline: +49 180 1 777 999
(EUR 0.039 per minute from the
German fixed-line network, max.
EUR 0.42 per minute from the
German mobile network)
Registered office: Frankfurt am Main
The information contained in this document is provided exclusively for informational purposes and constitutes neither an offer to purchase or sell nor an invitation to submit an offer to purchase or sell the product
presented. This product may not be purchased by persons in the USA. The sole binding basis for the purchase of investment units is the valid Sales Prospectus in conjunction with the most recent Annual Report
and/or Semi-annual Report for the Fund, and the key investor information document. You can obtain these documents directly from the Internet. The information contained in this presentation does not constitute
investment advice. Investments in funds entail both opportunities and risks. The market value of an investment may rise or fall. Past returns and performance offer no guarantee for the future. All tax information
relates exclusively to private investors with unlimited tax liability in Germany. Tax treatment is contingent on the personal circumstances of the investor and may be subject to changes in the future.
As of May 2012
The properties displayed in this brochure are part of the SEB ImmoInvest
portfolio. The following properties are shown:
Rotfeder-Ring 1 – 13, Frankfurt am Main, Germany, cover
Marlene-Dietrich-Platz 1, Berlin, Germany, page 5
Wilhelminakade 85 – 99, Rotterdam, the Netherlands, page 7
Rotfeder-Ring 1 – 13, Frankfurt am Main, Germany, page 9
Rotfeder-Ring 1 – 13, Frankfurt am Main, Germany, page 14
SEB Investment GmbH
60327 Frankfurt am Main
Service hotline: +49 180 1 777 999
(EUR 0.039 per minute from the German
fixed-line network, max. EUR 0.42 per
minute from the German mobile network)