SEB ImmoInvest Dissolution and Payout - SEB Asset Management

sebassetmanagement

SEB ImmoInvest Dissolution and Payout - SEB Asset Management

SEB ImmoInvest

Dissolution and Payout

SEB ASSET MANAGEMENT MAY 2012


2 | SEB ImmoInvest

Table of Contents

2 Foreword

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


Dear investors,

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

paid out.

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.

Kindest regards,

Your co-investor and Fund manager

SEB ImmoInvest | 3


4 | SEB ImmoInvest

Legal Basis

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

The Management

• 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.


Dissolution process

Termination of

management mandate

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

Termination takes

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

as planned?

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

management?

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/

payout period?

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

payouts.

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

take place?

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

questions.

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

dissolution?

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

all investors.

What will happen with agreements to automatically

reinvest the distribution and with existing payout

plans?

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

period?

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.


+


Opportunities

• Steady income with very low volatility

• Inflation protection though generally indexlinked

rental income

• Broadly diversified international real estate

portfolio with a strong intrinsic value for

sustainable performance

• Low correlation with other asset classes –

improved risk/reward ratio in investors’

portfolios

• Tax benefits due to the tax-free portion of

the distribution, attractive return after tax

Risks

• Value of real estate and liquidity portfolios can

fluctuate

• 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

Union-owned BfG

Bank forms Fund

management company

BfG Immobilien

Investment

2 May 1989:

Lauch of

BfG ImmoInvest

21 February 1990:

1990/1991

1992/1993

1988/1989 30 September 1988:

First retail property

bought

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

1994/1995

31 March 1992:

Best investment

performance on a

financial year basis:

9.2% return

The Fund’s positive return was matched by the low volatility of

its performance.

May 1995:

Fund assets reach

DM 1 billion

28 August 1995:

First property

outside Germany

bought: AmsterdamWeesperstraat

Market entry in

London, Luxembourg,

Brussels,

Washington and

Paris following

property acquisitions

January 1997:

Fund assets reach

DM 2 billion

1996/1997 1996/97:

SEB ImmoInvest

launches own

website

1 January 1999:

Unit values calculated

in euros

October 1999:

Return since launch

reaches 100% mark

1998/1999 July 1998:

SEB ImmoInvest

establishes independent

distribution

April 2001:

BfG is renamed

SEB ImmoInvest

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.

First rating

from Moody’s

March 2003:

SEB ImmoInvest

becomes first real

estate fund to win

Standard & Poor’s

“Best open-ended

real estate fund”

prize

2002/2003 October 2002:


SEB ImmoInvest sets

standards for the

sector: first openended

real estate

fund to publish the

income components

of the Fund return

in detail

2005:

First rating from

Fitch: “M2”

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

in Shanghai

July 2007:

Special distribution

of EUR 1.00 due to

extraordinary income

from sales of properties

14 December 2007:

Purchase agreement

signed for Potsdamer

Platz urban quarter

comprising 19 properties

in a top Berlin

location

2006/2007 2006:

Morningstar Fund

Award Germany

2008, SEB Immo-

Invest consistently

among the winners

since 1995

29 October 2008:

Unit redemption

suspended due to

high redemptions

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

Unit redemption

resumed. Over

EUR 1.1 billion of

liquidity generated

for redemptions

1 December 2009:

Unit class for institutional

investors with

12-month notice period

introduced

2009 2 June 2009:

First Place Fund Award

in open-ended real

estate funds category

over one-year period

6 May 2010:

Unit redemption

suspended due to high

redemption requests

after publication of

German government’s

discussion paper on

Anlegerschutzgesetz

2010 January 2010:

2011

5 October 2011:

Potsdamer Platz in

Berlin is the first urban

quarter to receive a

German Sustainable

Building Council (DGNB)

certificate in silver

22 November 2011:

Via Laurentina in Rome

wins a LEED Green

Building gold certificate

for sustainability

1 January –

31 December 2011

Fourteen properties

sold to build up longterm

liquidity

Further three

properties sold;

liquidity increased

to over 30%

7 May 2012

Notice of termination

and dissolution

given for

SEB ImmoInvest

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.

Chicago

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.

Paris

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.

Rome

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.


Berlin

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.

Gothenburg

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.

Tama

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

Publication Details

Published by:

SEB Investment GmbH

Rotfeder-Ring 7

60327 Frankfurt am Main

Germany

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)

E-mail: info@sebam.de

www.sebassetmanagement.de

Registered office: Frankfurt am Main

HRB 75345

Disclaimer

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

Pictures:

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

Rotfeder-Ring 7

60327 Frankfurt am Main

Germany

E-mail: info@sebam.de

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)

www.sebassetmanagement.de

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