annual report 31 Mar 2006 - SEB Asset Management

Real Estate Portfolio
During the period under review, a total of 19 properties
were acquired, 13 of which have already been added to
the Fund. The additions comprise six direct investments
(three in Germany, two in the Netherlands and one in the
USA) and seven properties acquired via investment companies
(of which five properties are held via three investment
companies in the USA and one equity interest each
in Italy and France). The investments made further
strengthened the long-term capacity of the portfolio to
generate income.
As of 31 March 2006, the portfolio comprised 123 properties
at over 60 locations in 11 countries. Five Fund properties
are currently under construction. The property assets
accounted for by the directly and indirectly held properties
(basis: market value) increased by EUR 941.7 million
to EUR 4,977.3 million during the financial year. 82% of
the property assets are held via direct investments and the
remaining portion via real estate companies.
Geographical distribution of the properties
Rhine-Main
Rhine-Ruhr
Berlin
Hamburg
Munich
Rest of Germany
USA
France
Italy
Netherlands
Belgium
Spain
Hungary
Rest of World (L, S)
11.5%
9.4%
6.5%
4.1%
2.1%
5.8%
5.0%
3.4%
2.2%
1.1%
1.4%
14.2%
12.1%
Basis: Market value (incl. properties held via equity
interests, but not properties undergoing
construction/renovation)
21.2%
As of 31 March 2006, the share of foreign real estate in the
Fund amounted to 60.6% of the market value of all properties
(not including properties under construction; as of
31 March 2005: 56.4%). The geographical focus of the portfolio
abroad is the USA, with 21.2% of property assets, followed
by France with 14.2% and Italy with 12.1%. These
three countries have very transparent and growth-intensive
real estate markets that ensure the portfolio's long-term
capacity to generate income and increase in value.
In terms of types of use, office buildings are the Fund’s
primary focus, accounting for 74.1% (estimated net rental)
or 69.9% (rental space) of the portfolio. The transfer of the
Maritim Congress Hotel resulted in a significant diversification
by type of use: whereas hotels represented only
0.8% of the estimated net rental for the year as of 31 March
2005, this figure had risen to 3.4% at the reporting date.
Distribution of Fund properties by type of use
Office
Retail / catering
Car park
Industry
(Warehousing, halls)
Hotel
Leisure
Miscellaneous
11.0%
12.2%
3.9%
0.0%
3.9%
11.5%
3.4%
3.2%
0.9%
1.3%
2.8%
1.9%
Basis: By estimated net rental per year
By rental space
(incl. properties held via equity interests, but not
properties undergoing construction/renovation)
74.1%
69.9%
Annual Report as of 31 March 2006 17