annual report 31 Mar 2007 - SEB Asset Management

sebassetmanagement

annual report 31 Mar 2007 - SEB Asset Management

SEB ImmoInvest

Annual Report as of 31 March 2007


SEB ImmoInvest at a glance as of 31 March 2007

Fund assets EUR 6,359.7 million

Total property assets (market values)

thereof held directly

thereof held via real estate companies

Total Fund properties

thereof held via real estate companies

Changes during the period under review

EUR

EUR

EUR

4,714.6 million

3,696.0 million

1,018.6 million

Purchases 1) 10

Additions 7

Sales 2) 8

Disposals 7

Letting rate (gross estimated rental) 3) 92.31%

Letting rate (net estimated rental) 92.89%

Net inflow of funds EUR 1,499.6 million

Distribution on 2 July 2007 EUR 366.0 million

Distribution per unit

thereof special distribution due to disposal gains

income tax-free portion held as private assets

portion liable to income tax held as private assets

EUR

EUR

EUR

EUR

123

17

3.30

1.00

2.0625

1.2375

Total property return 4) * 6.1%

Liquidity return 5) * 3.4%

Investment performance 6) p. a.* 4.8%

Investment performance 6) since Fund launch* 189.1%

Unit value / redemption price EUR 57.34

Issuing price EUR 60.35

Total Expense Ratio (TER) 7) 0.60%

1) Purchases include properties for which purchase contracts were signed in the period under review, regardless of whether the properties in question were

added to the Fund during this period.

2) Sales include properties for which purchase contracts were signed in the period under review, regardless of whether the Fund disposed of the properties in

question during this period.

3) Gross estimated rental corresponds to the net estimated rental including incidental expenses.

4) Based on the average directly and indirectly held property assets financed by equity

5) Based on the Fund’s average liquid assets

6) Calculated according to the BVI method

7) Total costs as a percentage of average Fund assets within a financial year

* The return figures were not included in the audit for which the uditors’ Report was issued.

This nnual Report and the Sales Prospectus available separately are to be distributed to investors in SEB ImmoInvest units until the publication of the next

nnual Report as of 31 March 2008. The Semi- nnual Report must also be included after its publication.

German Securities Code Number: 980 230 ISIN: DE0009802306 Fund launch date: 2 May 1989

Cover image: Boeing Avenue 53/99, Schiphol-Rijk, Amsterdam

Im Heidkampe 9 – 11, Hanover, Germany


Annual Report as of 31 March 2007

2 Editorial

3 The SEB ImmoInvest Open-Ended Real Estate Fund

4 Investment Strategy

5 Opportunities and Risks of Open-Ended Real Estate Funds

7 Real Estate Markets

10 Detailed Fund Results

10 Structure of Fund assets

10 Investor structure of SEB ImmoInvest

11 Loans and currency hedging

12 Liquid assets

12 Capital gains tax and risk provisions

12 Investment performance

13 Distribution

13 Income components

15 Overview: Returns and Valuation

16 Real Estate Portfolio

19 Overview: Letting and Remaining Lease Terms

21 Changes to the Portfolio

27 Outlook

28 Development of Fund Assets

31 Statement of Assets

36 Regional Distribution of Fund Properties

38 Property Record

50 Overview: Market Values and Rents

55 Money Market Instruments, Securities and

Hedging Instruments Portfolio

56 Statement of Income and Expenditure

60 Auditors’ Report

61 Tax Information for Investors

69 Bodies

Illustrations

10 Breakdown of investor structure

16 Geographical distribution of the properties

16 Distribution of Fund properties by type of use

17 Remaining lease terms

17 Economic age distribution of Fund properties

17 llocation of Fund properties by value class

18 Tenant structure by sector

nnual Report as of 31 March 2007 1


Dear investor,

t the end of the financial year on 31 March 2007, SEB

ImmoInvest had continued its ongoing successful devel-

opment, again demonstrating its long-term profitability

with an investment performance of 4.8%.

lthough the temporary closing of competitor funds in

the previous year still affected the Fund in the first few

months of the financial year, the rest of the period saw a

lasting recovery. The total net inflow of funds in the fi-

nancial year of EUR 1,499.6 million is impressive evidence

of SEB ImmoInvest’s return to the consistent growth path

that it has known for years.

In the past financial year, we actively managed the port-

folio to take advantage of the positive development on the

real estate investment markets, generating attractive dis-

posal gains from the sale of seven properties. In addition,

the favourable conditions on a number of markets led to

significant growth in the portfolio’s value.

2 SEB ImmoInvest

Editorial

Management:

Barbara A. Knoflach, Axel Kraus and

Choy-Soon Chua

However, real estate price trends and strong competition

for attractive real estate investments also meant that there

were fewer investment opportunities for this income-

oriented, conservative fund. In this situation, we consider

it appropriate to strategically increase the liquidity ratio

in order to ensure the Fund’s long-term success.

We also significantly boosted the Fund’s earnings capaci-

ty during the period under review with a very good rent-

al result, signing or renewing leases for some 230,000 m².

In order to continue this successful course, we are main-

taining our income-oriented, conservative investment

strategy, which is designed to achieve continuity and to

optimally leverage the opportunities offered by the real

estate market in line with our risk/return profile.


The SEB ImmoInvest Open-Ended Real Estate Fund

Open-ended real estate funds are enjoying high demand

among private and institutional investors alike, and are

increasingly being used in strategic asset planning for the

purposes of systematic risk diversification. Due to the low

fluctuation of their unit price, their stable distributions

and their low correlation with equities and bonds, open-

ended real estate funds have become an important com-

ponent of asset accumulation and retirement provision.

SEB ImmoInvest is an open-ended real estate fund based

on the absolute return concept; the investment horizon

should therefore be medium- to long-term. The Fund is

suitable for investors who are looking for an income-

oriented, low-risk investment with tax-free income com-

ponents. Its high level of stability means that the Fund

can also be used for investing guarantee assets. With the

approval of the guardianship court, the Fund can be used

to invest ward money.

In accordance with its investment objectives, emphasis

is placed on stable price development and efficient risk

management. Through its fund, portfolio and real estate

management activities, including commercial and techni-

cal building management, the Fund leverages potential

value growth in the areas of property letting, restructur-

ing and disposals.

SEB ImmoInvest’s investment activities are focused on the

acquisition of commercial real estate. The Company com-

bines a top-down approach to strategic asset allocation

with bottom-up elements in the selection of properties.

By investing in a range of domestic and international lo-

cations and different types of use, a balanced risk distri-

bution and above-average performance are achieved. This

approach is based on the SEB ImmoInvest Fund’s invest-

ment philosophy, the cornerstones of which are:







Internationally diversified, market-oriented invest-

ment strategy

■ Focus on high-quality properties in major cities

( locations) and regional centres (B locations) with

a view to insulating the Fund from market movements

and increasing stability

■Early entry into growth markets

■Transparent investment decisions

■Intensive, individual tenant support

■ ctive portfolio management and continuous quality

assurance and portfolio maintenance

Since 1995, SEB ImmoInvest has exploited market opportunities

outside Germany. It invests primarily in the

member states of the European Economic rea and

North merica. To ensure the marketability of the respective

properties, the volume of each individual investment

is determined on the basis of market liquidity.

s part of our ongoing globalisation effort, markets in

the sia-Pacific region are being added to our investment

universe for potential risk diversification purposes.

Key considerations in each investment decision are the

capacity of a property to generate sustainable income, as

well as ensuring a diverse, economically sound tenant

structure. The combination of regional diversification,

the wide range of lease terms and of tenants with excellent

credit ratings, and the balanced age distribution of

the properties means that our property assets have an

optimal risk/return profile.

nnual Report as of 31 March 2007 3


Investment Strategy

SEB ImmoInvest is designed as a traditional absolute return

fund with a global investment approach. ccordingly, its

primary aim is to achieve a stable cash flow on the basis of a

balanced risk/return ratio.

The risk/return profile is continually optimised through

strategically structured diversification of the portfolio, particularly

with regard to markets, the mix of locations and

tenants, and property sizes.

key feature of this optimisation is the targeted exploita-

tion of market cycles. Investments in office markets that are

currently impacted by recession can offer above-average

future growth potential if the respective market forecasts

point to positive growth prospects. t the same time, established,

stable markets with high liquidity are added to the

mix to ensure an appropriate balance between growth in returns

and risk minimisation. Because of the comparatively

low volatility of its returns by international standards, the

German real estate market in particular offers high stability

in this regard, and hence represents a key component of a

diversified portfolio.

4 SEB ImmoInvest

nother important opportunity for diversification is the distribution

of the portfolio across various regions. Locations

with strong growth prospects and/or which are experiencing

the first signs of, or are in the throes of, recovery are

identified using macroeconomic development forecasts

(top-down approach). These analyses also form the basis for

decisions on moving into new locations. For example, we

are driving forward our entry onto new regions on the west

and east coasts of the US , as well as selected locations in

sia.

With regard to portfolio diversification by type of use, the

focus is primarily on office properties, followed by logistics

and retail.

The main criterion in all purchases is the quality of the individual

property, which is a key factor in ensuring reliable

income and the stability of market values. When making an

investment decision, the letting situation and future prospects

of each property are examined in detail, as is the property’s

contribution to the spread of lease expiration terms

and the tenant mix within the portfolio as a whole (bottomup

approach).

Ludwigsplatz 1, Ludwigshafen, Germany


Opportunities and Risks of Open-Ended Real Estate Funds

s with other capital investments, investments in open-

ended real estate funds hold both opportunities and risks

for the investor. Real estate investments are long-term and

income-oriented capital investments. Investment perform-

ance depends on a wide variety of legal, economic, tax-

related, real estate-specific and product-dependent factors.

The main opportunities and risks are described below.

Specific opportunities and risks of open-ended

real estate funds as a capital investment

Open-ended real estate funds invest money that is callable

in the short term in medium- to long-term real estate port-

folios. German law has taken the problem of maturity

transformation into account with the following regulations:




Every open-ended real estate fund must provide mini-

mum liquidity of 5% of the fund assets in the form of

short-term liquidity portfolios (such as bank deposits).

To cushion high outflows of funds, it is possible to take

out loans amounting to up to 50% of the market values

of the properties, as well as short-term loans of up to

10% of the fund assets. If the costs of external capital

are higher than the property return, this reduces the

fund return (negative leverage effect); if the costs of

external capital are lower than the property return, the

fund return will increase (positive leverage effect).

Finally, redemption of units can be suspended for a

maximum period of two years.

In addition, the Fund’s management has established

product-specific approaches tailored to various target

groups for managing the risk of liquidity squeezes.

The most important of these are:




Sales information tailored to specific target groups

(Pro)active sales and investor management

Strategic liquidity management focusing on the li-

quidity ratio and the leverage ratio of fund assets



Diversification of the real estate portfolio according

to criteria such as size, age, type of use and location

to ensure that marketable properties are available in

any market situation

Creation of reserves for capital gains tax in accord-

ance with the strategically determined holding peri-

od for properties

In principle, the properties owned by an open-ended real

estate fund are the basis for its stability. However, real es-

tate income and values may fluctuate according to the

economic situation.

The return generated by the Fund also depends on devel-

opments in the cash flows from, and any appreciation in

the value of, the properties. The Fund return can develop

positively or negatively on the basis of market develop-

ments.

Moreover, external factors (such as the closure of other

market players’ funds) may have a substantial impact on

the Fund’s liquidity situation

General opportunities and risks

of real estate investments

Whether held as direct investments or as equity interests,

real estate investments are subject to risks that may have

an effect on the unit value of the Fund. The most significant

of these are the following:



In any investment decision, political, economic and

legal risks – including those posed by tax law –

should be taken into account, along with how trans-

parent and well-developed the real estate market in

question is.

In decisions to invest outside the eurozone, the vola-

tility of the national currency should be taken into

consideration as well. Exchange rate fluctuations and

the costs of currency hedging have an impact on the

property return.

nnual Report as of 31 March 2007 5





ny change in the quality of the location may have a

direct effect on the lettability and current letting situa-

tion. If the location increases in attractiveness, lease

contracts can be concluded for higher rents; however,

in the worst possible case, a decrease could mean last-

ing high vacancy rates.

Building quality and condition also have a direct im-

pact on the capacity of a property to generate income.

The condition of the building may require expendi-

tures for maintenance that exceed budgeted mainte-

nance costs. Investment costs required in addition

may impact the return over the short term, but may al-

so be necessary to achieve long-term positive develop-

ment.

Risks posed by natural disasters (such as earthquakes

and tornados) and by fire and storm damage are cov-

ered worldwide by insurance if this is possible, rea-

sonable from a financial point of view and objectively

necessary.

6 SEB ImmoInvest



Vacancies and expiring leases can mean either earn-

ings potential or risk. Properties with vacancies can

deliberately be purchased anticyclically to realise later

value increases. Regular observation of the markets in-

vested in and the implementation of measures based

on this knowledge with a view to reacting in good

time to market movements are crucial parts of the

process. t the same time, vacancies result in income

shortfalls and increased costs to enhance the attractiveness

of the property for rental.

The creditworthiness of tenants is also a significant

risk component. Poor creditworthiness can lead to

high outstandings and insolvencies can lead to a total

loss of income. One of the tasks of portfolio manage-

ment is to aim to reduce dependencies on individual

tenants or sectors.

225 Bush Street, San Francisco, USA

The risks mentioned above are a selection. For a detailed

description of risks, please see the Sales Prospectus.


Real Estate Markets

Positive economic environment

The global economy grew by a record 5.4% in 2006, its

fifth year of expansion. However, the upturn started los-

ing steam in the middle of the year due to higher interest

rates and oil prices. We expect growth to remain robust

in 2007, at just under 5%. The US is the main source of

the downturn, whereas expansion will only slow modestly

in the remaining economies. sia remains the fastestgrowing

region, led by China and India.

In the period under review, capital market interest rates

started a volatile sideways trend, replacing the period of

rising rates that began in mid-2005 with their negative impact

on investment property financing costs. We are expecting

interest rates to diverge in 2007. Rates in Europe

will continue to increase at a moderate pace due to the

healthy economy and further key interest rate hikes by

the central banks. In contrast, the interest rate trends in

Japan and the US are expected to be somewhat friendlier.

Highly liquid investment markets

One key reason for real estate’s positive performance in

2006 was high investor demand. ccording to Jones Lang

LaSalle (JLL), global direct investments in commercial

real estate increased by 38%, hitting a new high of USD

682 billion. Europe was the focus of this trend, with a

share of 45%.

On the user side, growth in economic activity and employment

also had a positive influence on the commercial

property markets. Many regions and submarkets are

showing clear signs of recovery. This trend will continue

during the current year due to the sustained, if moderate,

growth trend.

High inflows of funds into the real estate markets have

led to a further decline in initial yields around the world.

Investment and diversification pressure from institutional

investors in particular will sustain this trend, although

it will be weakened by rising financing costs. Investors

are increasingly branching out into developing markets

in their search for investments offering lasting value.

Germany – a solid recovery

The combination of comparatively attractive initial yields

and cyclical aspects has kept Germany’s commercial real

estate market on international investors’ radar screens. In

2006, Germany accounted for 25% of commercial direct

investments in Europe, taking second place behind the

United Kingdom. Even though growth will be more moderate

in 2007 due to fiscal policy, a broad-based recovery is

underway in Germany. The job market and incomes are

showing clear signs of improvement. This in turn is leading

to an upturn in many user markets. The German office

and retail market cycles have bottomed out and are recording

rent increases. In our opinion, office investments

in good to very good primary and secondary locations

and investments in logistics properties appear promising.

France – focus on regional centres

In 2006, France took third place behind Germany for investor

interest, despite the recovery in the economy and the

job market being below the European average. The

markets for office and logistics space are currently in a

growth phase, with falling vacancy rates and rising rents.

This positive trend will continue in both Paris and

regional centres. Because of this and because of the low

initial yields in the French capital, investors are increasingly

switching to regional centres.

nnual Report as of 31 March 2007 7


Italy – mixed development

Despite experiencing a slower recovery than in the rest of

Europe, employment trends in Italy were extremely posi-

tive. However, depending on construction activity, the per-

formance of office properties was mixed. s in France,

investors are increasingly switching to regional centres.

In the retail area, the increasing expansion of international

retail chains in Italy continues to fuel strong user demand.

Benelux – recovery picks up steam

The Dutch real estate market is among Europe’s most trans-

parent. While the logistics market is benefiting from the re-

covery in exports, market conditions in the office sector are

also looking up. s a result, the market offers attractive investment

opportunities not only in msterdam and Rotterdam,

but also in regional centres. In Belgium, the real estate

market is dominated to a large extent by Brussels. Rising

cyclical private sector demand and declining completions

will lead to a slight downturn in vacancies and a rise in

rents.

Northern Europe – booming growth

Economic growth in the Northern European countries is

above the European average. This is also reflected in the

real estate markets there.

In Sweden, accelerated employment growth is leading to

tangible rental increases in prime office locations. Otherwise,

high vacancy rates are having a dampening effect on

rental price trends. dditionally, the retail real estate sector

is trending upwards due to the unusually strong retail sales

growth.

Finland is seeing extraordinary gains from the economic

upturn in the economic areas surrounding it: the eurozone,

Scandinavia and the Baltic states. Positive labour market

trends are spurring strong user demand, particularly for

modern, efficient office space.

In Norway, too, vacancy rates are declining and rents are

rising. dditionally, Norwegian real estate markets are

characterised by brisk investor demand, including from

abroad.

8 SEB ImmoInvest

Eastern Europe – attractive “hot spots”

In 2007, growth in Eastern European countries will continue

to outpace the European average. However, it will

slow somewhat, particularly in Hungary. Rental prices in

the user markets have stabilised. Generally speaking, a

large supply of space and a high level of development

activity are hampering a sharper increase in rents. Exceptions

to this trend can be found in parts of Russia, Poland

and the Czech Republic.

Eastern Europe is also benefiting from international

liquidity. In 2006, some countries reported record inflows

of funds. Strong investment demand led to a further

decline in initial yields and hence to the appreciation of

portfolio properties. The new members of the European

Union are also enjoying increasing attention from international

investors.

USA – mixed prospects

The cooling off of the residential property sector has led to

a clear slowdown in the US economy since the middle of

2006. This is a source of uncertainty with regard to future

US economic development, although the labour market has

proven to be surprisingly resilient so far. We therefore expect

growth to stabilise in 2007 and to continue at this more

moderate level.

Despite the sluggish economy, vacancy rates declined for

almost every type of use while rents increased further. We

expect this trend to persist in attractive metropolitan areas

as well as in key trading centres and transportation hubs.

In 2007, the more moderate economy and higher interest

rate level will depress investor appetite slightly, weakening

the decline in initial yields or in some instances bringing it

to a halt. Nevertheless, attractive locations remain an interesting

investment target in the US. Cooling demand for retail

space resulting from an expected decline in consumer

spending means that the choice of location and property is

becoming more and more important.


26 Rue de la Villette, Lyon, France

Asia – global growth centre

In 2007, sia will remain the fastest-growing region in the

world. This fact is rubbing off on the region’s real estate

markets. However, regional differences can be seen with re-

gard to the degrees of maturity and position in the market

cycle of the various real estate markets.

Generally speaking, there is strong user demand for space

from the financial and banking sector and the expanding

multinational companies. Within the commercial real estate

markets, the office and logistics markets in key trading cen-

tres will continue to develop positively in particular. China,

as a global production centre, will benefit from this espe-

cially.

Deregulation in China in the wake of the country’s admis-

sion to the WTO and the increasing integration of Hong

Kong is also providing additional momentum, while the

run-up to the 2008 Olympic Games is already having an

effect. In some submarkets, rental price developments are

being depressed by extensive development activity. In

Japan, the office and retail sectors are both increasingly

benefiting from the country’s economic recovery, which

has now also reached the labour market.

Besides Europe, sia is the main focus of international in-

vestors. The region is considered to have the highest long-

term growth potential in the world. Its attractiveness is

also being boosted by the increasing transparency and ma-

turity of many markets. ccording to Jones Lang LaSalle,

Hong Kong, Singapore, Japan, South Korea, Taiwan and

Malaysia are among the most transparent markets. The

high inflows of capital are helping to depress initial yields,

a trend that is set to continue.

nnual Report as of 31 March 2007 9


Detailed Fund Results

Structure of Fund assets

In the period under review from 1 pril 2006 to 31 March

2007, SEB ImmoInvest recorded a net inflow of funds in the

amount of EUR 1,499.6 million. Fund assets increased by

32.3% to EUR 6,359.7 million. The number of units in circu-

lation increased by 26,544,689, from 84,367,300 to 110,911,989

units. t the same time, directly held property assets decreased

by 9.2% and property assets held via equity interests

increased by 12.2% in the period under review, due to

the sales made and the increase in the fund volume.

Investor structure of SEB ImmoInvest

The investment company SEB Immobilien-Investment

GmbH has, in addition to other distribution channels, its

own investment account management system designed to

ideally meet the needs of its investors. On 31 March 2007,

33% of the fund assets were managed in this internal

Development of the SEB ImmoInvest Fund

10 SEB ImmoInvest

31 March 2004

EUR million

31 March 2005

EUR million

31 March 2006

EUR million

31 March 2007

EUR million

Properties 3,133.5 3,523.6 4,069.9 3,696.0

Equity interests in real estate companies 123.8 212.8 371.9 543.4

Liquidity portfolio 1,852.9 1,845.3 1,062.5 2,696.9

Other assets 320.6 533.0 373.1 414.2

Less: Liabilities and provisions – 874.5 – 982.8 – 1,070.8 – 990.8

Fund assets 4,556.3 5,131.9 4,806.6 6,359.7

Number of units in circulation (in millions) 80,153,305 90,189,205 84,367,300 110,911,989

Unit value (EUR) 56.84 56.90 56.97 57.34

Distribution per unit (EUR)*

thereof special distribution due to disposal gains

Date of distribution 18 June 2004 17 June 2005 3 July 2006 2 July 2007

Coupon no. No. 15 / No. 23 No. 16 / No. 24 No. 17 / No. 25 No. 18 / No. 26

* Payable after the end of the financial year

Breakdown of investor structure

65.8%

Total investments

< EUR 500,000

2.30


2.30


2.30


34.2%

Total investments

> EUR 500,000

investment account management system. 34.2% of this

amount is attributable to investors with investments of

greater than EUR 500,000 and 65.8% to investors with investments

of less than EUR 500,000. The average assets

per deposit account amounted to EUR 25,627.

3.30

1.00


Loans and currency hedging

Loans are used to ensure maximum tax efficiency and

to hedge exchange rate risks. External financing can lead

to both positive and negative leverage effects. To reduce

negative leverage effects that would impact the Fund re-

sult, fixed interest rate periods and the final maturity of

loans must be aligned carefully with the planned holding

period of the properties, letting rate trends and expected

interest rate developments.

The exchange rate risk for investments outside the euro-

zone is hedged by foreign currency loans and forward ex-

change transactions. t the reporting date of 31 March

2007, 99.7% of Fund assets held in foreign currency were

hedged.

Overview of loans as of 31 March 2007

Currency Loan volume

in EUR (direct)

as a % of

the Fund

volume

Fixed interest

rate

period

The Fund management company employs derivatives on

a targeted basis to reduce the impact of changes in ex-

change rates and interest rates. Derivatives are only used

to hedge risks. For the investment in Hungary, the ex-

change rate risk was minimised by concluding the leases

and purchase agreements in euros. s a result, no additional

exchange rate hedging is performed for these properties.

For information on the loans and exchange rate risks of

the Fund, please see the overview.

Loan volume

(equity interests) *

in EUR

as a % of

the Fund

volume

Fixed in-

terest rate

period

Loan volume

(total) in EUR

as a % of

the Fund

volume

CNY loans 0 0.0 0.0 years 40,814,780 0.8 1.9 years 40,814,780 0.8

EUR loans (abroad) 401,056,340 8.5 1.9 years 206,266,233 4.4 2.1 years 607,322,573 12.9

SEK loans 0 0.0 0.0 years 5,348,578 0.1 0.3 years 5,348,578 0.1

USD loans 253,151,718 5.4 4.8 years 117,541,434 2.5 8.9 years 370,693,153 7.9

Total 654,208,058 13.9 3.0 years 369,971,025 7.8 4.1 years 1,024,179,083 21.7

* corresponds to size of equity interests

Breakdown of loan volumes per currency by fixed interest rate period, as of 31 March 2007

Fixed interest rate period

Overview of exchange rate risks as of 31 March 2007

Currency

EUR loans

Loan volume

in EUR

USD loans

Loan volume

in EUR

Open currency items as

of reporting date

SEK loans

Loan volume

as a % of the

Fund volume (incl. loans)

per currency zone

as a % of the

Fund volume

per currency zone

CNY (China) CNY 20,384,114 EUR 1,980,888 1.7 1.7

SEK (Sweden) SEK 760,277 EUR 81,328 0.3 0.3

SGD (Singapore) SGD 10,267 EUR 5,070 0.2 0.2

USD (USA) USD – 768,077 EUR – 577,059 – 0.1 – 0.1

Total EUR 1,490,227 0.3 0.3

in EUR

CNY loans

Loan volume

in EUR

Total loans

Loan volume

less than 1 year 293,408,166 43,876,125 5,348,578 0 342,632,869

1–2 years 123,898,940 30,052,140 0 40,814,780 194,765,860

2–5 years 121,915,467 83,056,603 0 0 204,972,070

5–10 years 68,100,000 213,708,284 0 0 281,808,284

more than 10 years 0 0 0 0 0

Total 607,322,573 370,693,152 5,348,578 40,814,780 1,024,179,083

in EUR

nnual Report as of 31 March 2007 11


Liquid assets

Gross liquidity amounted to around EUR 2,696.9 million

as of 31 March 2007. ccordingly, the liquidity ratio rose

by 20.3 percentage points to 42.4% over the past twelve

months. total liquidity return of 3.4% was realised during

the financial year.

fter deducting all funds reserved for specific purposes

(signed purchase contracts, distributions, etc.) from the

Fund’s gross liquidity of 42.4%, net liquidity amounted to

24.9% or around EUR 1.58 billion (including the 5% mini-

mum liquidity).

The special securities investment fund SEB Immo Cash

was launched by SEB Invest GmbH with effect from

1 September 2006. t the closing date of 31 March 2007,

86.5% of the liquidity of SEB ImmoInvest was invested in

this special fund. Launching the fund allows us to make

use of the professional portfolio management services

offered by the SEB sset Management Group.

The liquidity portfolio comprises bank deposits totalling

EUR 365 million and investment units (SEB Immo Cash)

in the amount of EUR 2,332 million with an average dura-

tion of 0.3 years.

Capital gains tax and risk provisions

When foreign properties and real estate companies are

sold, gains on disposal may be subject to tax (capital

gains tax). Due to potential changes in the basis for tax

assessment and the market conditions in the respective

countries, the amount and timing of such taxes can only

be estimated at present. Provisions have therefore been

set up on the basis of country-specific tax rates as a pre-

cautionary measure for future capital gains tax charges

on Fund assets. In the process, both the long-term strate-

gy for the respective country portfolio and the individual

property or real estate company are taken into account.

Investments and divestments in the respective country

portfolios are also coordinated with one another so that

disposals can be made in a tax-optimised manner.

12 SEB ImmoInvest

For this reason we believe an average capital gains tax

rate equalling 35% of the applicable tax burden is reason-

able.

For more detailed information on the amount of capital

gains tax provisions for country portfolios, please see the

table of key return figures on page 15 and the Disclosures

on the Statement of ssets on page 32.

Investment performance *

The Fund’s investment performance is composed of the

income generated by and appreciation in value of the

properties, and the Fund’s liquidity.

Unit value as of 31 March 2007 EUR 57.34

Plus distribution on 3 July 2006 EUR 2.30

Minus unit value on 1 April 2006 EUR – 56.97

Investment performance EUR 2.67

The positive development in the unit price continued over

the past twelve months. n investment performance of

EUR 2.67 per unit or 4.8% p.a. was realised after adjustment

for the distribution of 3 July 2006 in the amount of

EUR 2.30 per unit.

Return according to the BVI method *

Return Return

in % in % p. a.

1 year 4.8

3 years 14.0 4.5

5 years 26.0 4.7

10 years 64.9 5.1

15 years 133.1 5.8

Since the launch of the Fund on 2 May 1989 189.1 6.1

Note: Calculated according to the BVI method (no front-end load; distributions

reinvested immediately). Past performance is no indication of

future performance.

* These tables and the explanatory text were not included in the audit for

which the uditors’ Report was issued.


Distribution

EUR 366.0 million will be distributed on 2 July 2007 for

financial year 2006/2007. The distribution amounts to

EUR 3.30 per unit. Of this, EUR 1.00 is attributable to a

special distribution as a result of the extremely successful

sale of seven properties during the period under review

and the associated disposal gains. For more information

on the distribution and the tax implications for investors

holding units as business assets, please refer to pages 59

and 61 of this Report.

Income components *

Fund income comprises the return on property and the

return on the liquidity portfolio. In the twelve month re-

porting period, the properties generated a gross rental

return of 6.3%.

Income components of Fund return in % *

Properties Germany Abroad

Financial year from 1 Apr. 2005 to 31 Mar. 2006 Financial year from 1 Apr. 2006 to 31 Mar. 2007

Direct

acquisi-

tions

Abroad

Equity

inter-

ests

Abroad

total

Total Germany Abroad

Direct

acquisi-

tions

Abroad

Equity

inter-

ests

Abroad

Gross income 1) 5.7 7.8 8.9 8.0 7.0 6.1 7.0 5.9 6.5 6.3

Management costs 1) – 1.1 – 1.9 – 1.5 – 1.8 – 1.5 – 1.2 – 2.0 – 1.8 – 1.9 – 1.6

Net income 1) 4.6 5.9 7.4 6.2 5.5 4.9 5.0 4.1 4.6 4.7

Changes in value 1) – 1.0 2.3 2.4 2.3 0.9 – 2.9 7.3 4.6 6.4 2.9

Foreign income taxes 1) 0.0 – 0.6 – 1.1 – 0.7 – 0.4 0.0 – 4.1 – 1.6 – 3.2 – 2.0

Foreign deferred taxes 1) 0.0 – 0.5 – 0.5 – 0.5 – 0.3 0.0 0.2 0.0 0.1 0.1

Income before borrowing costs 1) 3.6 7.1 8.2 7.3 5.7 2.0 8.4 7.1 7.9 5.7

Income after borrowing costs 2) 3.6 9.0 11.2 9.5 6.1 2.0 10.6 10.1 10.4 6.3

Exchange rate differences 2) 3) 0.0 – 0.3 – 0.4 – 0.3 – 0.1 0.0 – 0.6 0.1 – 0.4 – 0.2

Total income in Fund currency 2) 4) 3.6 8.7 10.8 9.2 6.0 2.0 10.0 10.2 10.0 6.1

Liquidity 5) 6) n n 1.9 3.4

Total Fund income before Fund costs 7) n n 4.6 5.2

Total Fund income after Fund costs (BVI method)n 4.3 4.8

1) Based on average property assets

2) Based on the Fund’s average property assets financed by equity

3) Exchange rate differences include both changes in exchange rates and the costs of hedging transactions.

4) Generated with a twelve-month average share of Fund assets invested in property financed by equity of 68.2%

5) Based on the Fund’s average liquid assets

6) Generated with a twelve-month average share of Fund assets invested in the liquidity portfolio of 31.8%

7) Based on the average Fund assets

* These tables and the explanatory text were not included in the audit for which the uditors’ Report was issued.

Management costs reduced the gross rental return at the

portfolio level by 1.6% during the period under review. In

this context, the comparatively high management costs of

5.7% in the US are standard for the rental market there,

with its substantial contributions towards fit-out costs.

The Changes in value item includes both changes in value

according to the expert opinions and other changes in value,

such as provisions for planned maintenance work and

capital gains. During the period under review, the return

from changes in value was an encouragingly positive 2.9

percentage points. This is largely due to the recovery in the

real estate markets, especially in France and the Netherlands,

and the associated positive rent trend and the sale

of properties in the US (New York, 1 Park venue and

2 Park venue), in France (Meudon, 2 Rue de Paris and

total

Total

nnual Report as of 31 March 2007 13


Paris, 200-216 Rue Raymond Losserand), in Spain

(the lcoy, Calle lzamora 44 and Cuenca, venida del

Mediterraneo shopping centres), and in the Netherlands

( lkmaar, Noorderkade 100–199).

In several countries, positive changes in value according

to expert opinions were recorded. In Germany and Belgium,

on the other hand, further write-downs were performed

due in particular to lease renewals at current

market rates and relatively high vacancy levels. In Italy, a

negative change in value was recorded due to a provision

set up for planned modernisation work on the Via

Laurentina 449 property in Rome.

Foreign income taxes reduced the net rental return by 2.0

percentage points in the period under review. Due to the

14 SEB ImmoInvest

property sales mentioned above, foreign deferred tax liabilities

were reduced and the expense item for foreign income

taxes increased.

Strategic external financing and forward exchange transactions

used to hedge the property assets increased the

total property return so that income from properties contributes

6.3% of the Fund return after borrowing costs.

External financing is currently used exclusively for foreign

properties. The average external debt ratio varies at

the country portfolio level from 0.0% ( ustria) to 62.6%

(US ).

In the period under review, a return of 3.4% was realised

on the liquidity portfolio. This results in an overall return

of 5.2% before Fund costs.

550 West Adams Street, Chicago, USA


Overview: Returns and Valuation

Key return figures (in % of average Fund assets) 1) *

I. Properties

Germany

Belgium

France

Italy

Gross income 2) 6.1 5.0 6.6 6.1 7.3 7.7 8.1 4.3 6.5 5.9 6.5 6.3

Management costs 2) – 1.2 – 1.8 – 0.6 – 0.6 – 0.4 – 1.4 – 5.7 – 1.3 – 1.6 – 1.8 – 1.9 – 1.6

Net income 2) 4.9 3.2 6.0 5.5 6.9 6.3 2.4 3.0 4.9 4.1 4.6 4.7

Changes in value 2) – 2.9 – 5.9 11.8 – 0.9 4.8 6.7 15.8 1.2 2.4 4.6 6.4 2.9

Foreign income taxes 2) 0.0 – 0.2 – 3.2 – 0.4 – 1.0 – 4.1 – 11.0 – 0.5 – 2.1 – 1.6 – 3.2 – 2.0

Foreign deferred taxes 2) 0.0 0.0 – 0.1 0.2 0.0 – 4.1 1.3 0.0 0.1 0.0 0.1 0.1

Income before borrowing costs 2) 2.0 –2.9 14.5 4.4 10.7 4.8 8.5 3.7 5.3 7.1 7.9 5.7

Income after borrowing costs 3) 2.0 – 4.7 22.7 4.4 16.4 5.5 11.8 3.6 5.4 10.1 10.4 6.3

Exchange rate differences 3) 4) 0.0 0.0 0.0 0.0 0.0 0.0 – 3.6 0.0 – 0.2 0.1 – 0.4 – 0.2

Total income in Fund currency 3) 5) 2.0 – 4.7 22.7 4.4 16.4 5.5 8.2 3.6 5.2 10.2 10.0 6.1

II. Liquidity 6) 7) 3.4

III. Total Fund income before Fund costs 8) 5.2

Total Fund income after Fund costs

(BVI method)

Net asset information (weighted average figures in EUR thousand) 1) *

Germany

Belgium

France

Italy

Directly held properties 1,895,178 72,702 505,500 518,766 218,971 90,264 519,898 72,994 3,894,273 0 1,999,095 3,894,273

Properties held via equity interests 0 0 0 0 0 0 0 0 0 1,218,117 1,218,117 1,218,117

Total properties 1,895,178 72,702 505,500 518,766 218,971 90,264 519,898 72,994 3,894,273 1,218,117 3,217,212 5,112,390

of which property assets financed by equity 1,895,178 57,423 282,131 455,672 119,008 49,998 223,695 57,325 3,140,430 679,542 1,924,794 3,819,972

Loan volume 0 15,279 223,369 63,094 99,963 40,266 296,203 15,669 753,843 538,575 1,292,418 1,292,418

Liquid assets 1,652,621 388 1,921 2,363 784 261 57,315 728 1,716,381 62,117 125,877 1,778,498

Fund volume 3,547,799 57,811 284,052 458,035 119,792 50,259 281,010 58,053 4,856,811 741,659 2,050,671 5,598,470

Information on changes in value (at the reporting date in the Fund currency in EUR thousand)

Germany

Belgium

France

Italy

Portfolio market values (expert opinions) 9) 1,888,260 71,196 493,427 464,870 205,070 38,800 455,365 79,050 3,696,038 1,018,574 2,826,352 4,714,612

Portfolio rental valuations (expert opinions) 10) * 119,196 5,470 30,495 31,444 13,268 2,737 41,323 5,144 249,077 78,503 208,384 327,580

Positive changes in value acc. to expert opinions 11) 1,770 391 24,940 5,190 1,480 3,400 9,481 890 47,542 27,397 73,168 74,938

Other positive changes in value 12) 3,588 0 4,183 2,760 0 500 2,685 0 13,716 4,737 14,865 18,453

Negative changes in value acc. to expert opinions 11) – 54,245 – 4,350 0 – 620 – 680 0 0 0 – 59,895 – 910 – 6,560 – 60,805

Other negative changes in value 12) – 6,568 – 280 – 851 – 12,208 – 34 0 0 – 28 – 19,970 – 5 – 13,408 – 19,976

Total changes in value acc. to expert opinions 11) – 52,475 – 3,959 24,940 4,570 800 3,400 9,481 890 – 12,353 26,487 66,609 14,134

Total other changes in value 12) – 2,981 – 280 3,332 – 9,448 – 34 500 2,685 – 28 – 6,254 4,731 1,458 –1,523

Addition – capital gains tax 0 0 – 4,150 755 0 – 4,335 – 2,119 – 16 – 9,865 – 1,723 – 11,588 –11,588

Total changes in value – 55,456 – 4,239 24,122 – 4,123 766 – 435 10,046 845 – 28,473 29,495 56,478 1,023

1) The weighted average figures in the financial year are calculated using 13 monthend

values (31 March 2006 – 31 March 2007).

2) Based on the Fund’s average property assets in the period under review

3) Based on the Fund’s average property assets financed by equity in the period

under review

4) Exchange rate differences include both changes in exchange rates and the costs of

hedging transactions for the period under review.

5) Total income in Fund currency was generated with an average share of Fund assets

invested in property and financed by equity for the period of 68.2%.

6) Based on the Fund’s average liquid assets during the period under review

7) The average share of Fund assets invested in the liquidity portfolio for the period

was 31.8%.

8) Based on the average Fund assets during the period under review

* These tables or line were not included in the audit for which the uditors’ Report

was issued.

Netherlands

Netherlands

Netherlands

Spain

Spain

Spain

USA

USA

USA

Rest of world

(L, A)

Rest of world

(L, A)

Rest of world

(L, A)

Total direct

investments

Total direct

investments

Total direct

investments

Total equity

interests

Total equity

interests

Total equity

interests

9) Properties under construction are included in the amount of their construction

costs. Wherever portfolio properties were reclassified as properties under construction,

they are included at market value; construction costs are included in the

form of provisions for construction costs.

10) Portfolio rental valuations (expert opinions) refer to the gross profits from letting

determined by experts. Gross profits in this case equal the net basic rent estimated

by the experts as achievable over the long term.

11) Total changes in market values determined by experts

12) Other changes in value comprise changes in carrying amounts such as acquisition

costs and purchase price settlements capitalised subsequent to initial recognition.

The Changes in value item in the “Key return figures” table also contains capital

gains. This includes the sales in the period under review. The “Information on

changes in value” table only contains data relating to properties included in the

Fund on the reporting date of 31 March 2007. For this reason, the proceeds from the

sales are not shown here.

Total abroad

Total abroad

Total abroad

Total

4.8

Total

Total

nnual Report as of 31 March 2007 15


Real Estate Portfolio

During the period under review, ten properties were pur-

chased, of which three have not yet been added to the

Fund. Furthermore, eight properties were sold. Of the

seven properties that have been recorded as disposals

and derecognised from the Fund, two are located in

France, two in the US , one in the Netherlands and two

in Spain.

s of 31 March 2007, the portfolio comprised 123 proper-

ties at over 60 locations in twelve countries. Three Fund

properties are currently under construction. The property

assets accounted for by the directly and indirectly held

properties (basis: market values) decreased by EUR 262.7

million to EUR 4,714.6 million during the period under

review. 78.4% of the property assets are held via direct

investments and the remaining portion via real estate

companies. s of 31 March 2007, the Fund was majority

invested in foreign real estate, with 59.8% of the market

Geographical distribution of the properties

Rhine-Main

Rhine-Ruhr

Berlin

Hamburg

Munich

Rest of Germany

France

USA

Italy

Netherlands

Belgium

Hungary

Luxemburg

Rest of world (E, S ,C)

16 SEB ImmoInvest

11.5% (14)

9.7% (19)

6.7% (7)

4.2% (6)

2.1% (4)

6.0% (14)

15.5% (11)

14.0% (11)

12.7% (8)

7.3% (10)

3.4% (9)

1.1% (2)

0.9% (2)

4.9% (3)

Number of properties in brackets

Basis: Market value (incl. properties held via equity interests, but not

properties undergoing construction/renovation)

value of all properties (not including properties under

construction) being abroad.

The geographical focus of the portfolio abroad is currently

France, with 15.5% of property assets, followed by the

US with 14.0% and Italy with 12.7%.

In terms of types of use, office buildings are the Fund’s

primary focus, accounting for 73.8% (estimated net rental)

or 71.3% (rental space) of the portfolio.

The economic age distribution of the properties is aimed

at achieving stability and sustainability: 41.8% of the

properties in the portfolio (basis: market values) have

been constructed or comprehensively renovated in the

past five years. total of 64.3% of the real estate portfolio

is less than ten years old.

Distribution of Fund properties by type of use

Office

Retail / catering

Industry

(warehousing, halls)

Car park

Hotel

Leisure

Residential

Miscellaneous

71.3 %

73.8 %

10.6%

10.3%

11.7%

4.1%

0.0%

4.5%

3.4%

3.8%

0.9%

0.7%

0.1%

Basis: By rental space

0.0%

By estimated net rental per year

2.0% (incl. properties held via equity interests, but

2.8% not properties undergoing construction/renovation)


To ensure marketability, the volume of individual proper-

ty investments is determined on the basis of market

liquidity. The Fund’s portfolio has a broad, balanced dis-

tribution by value class. The largest category (55.6%) con-

sists of properties with a market value of between EUR 25

million and EUR 100 million. 60 properties have a market

value of less than EUR 25 million. Taken together, the five

largest properties in terms of market value account for

17.9% of total property assets.

TOP 5 properties

Berlin, Stauffenbergstrasse 26

Issy-les-Moulineaux,

65 Rue de Camille Desmoulins

Rome, Via Laurentina 449

Shanghai, 233 Taicang Road

San Francisco, 225 Bush Street

TOP 5 tenants

ENI S.p.A.

Maritim Hotelgesellschaft mbH

NBC Universal, Inc.

PricewaterhouseCoopers

USG Corporation

Economic age distribution of Fund properties

18.6% more than 20 years

(24 properties)

7.5 % 15 to 20 years

(16 properties)

9.6% 10 to 15 years

(18 properties)

up to 5 years 41.8%

(33 properties)

5 to 10 years 22.5%

(29 properties)

Basis: Market value (incl. properties held via equity interests, but not

properties undergoing construction/renovation)

Rental

SEB ImmoInvest’s letting rate during the period under re-

view averaged 93.5% of estimated net rental, or 93.0% of

estimated gross rental (including incidental expenses). s

of the reporting date the letting rate stood at 92.9% of the

estimated net rental, or 92.3% of the estimated gross rental.

Remaining lease terms

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

from 2017 onwards

without specified maturity

2.4%

4.3%

5.2%

5.8%

5.0%

6.0%

3.8%

12.1%

14.6%

9.8%

13.8%

Basis: Estimated net rental for the year (incl. properties held via equity interests,

but not properties undergoing construction/renovation)

Allocation of Fund properties by value class

17.9% EUR 150 ≤ 200 million

(5 properties)

11.2% EUR 100 ≤ 150 million

(4 properties)

33.6% EUR 50 < 100 million

(22 properties)

up to EUR 10 million 3.4%

(26 properties)

EUR 10 ≤ 25 million 11.9%

(34 properties)

Basis: Market value (incl. properties held via equity interests, but not

properties undergoing construction/renovation)

EUR 25 ≤ 50 million 22.0%

(29 properties)

nnual Report as of 31 March 2007 17

17.2%


New lease contracts for 135,580 m 2 were concluded

during the period under review from 1 pril 2006

to 31 March 2007. Furthermore, existing leases for

94,350 m 2 were extended.

The stability of real estate values and of cash flows de-

pends in particular on the lease structure. Currently more

than half of the leases have a term of more than five

years. The terms and staggered durations of the leases are

very important in preventing ongoing income risks. t

the same time, however, expiring leases also offer the

Tenant structure by sector

18 SEB ImmoInvest

by rental space *

Consumer goods industry and retail

Technology and software

Utilities and telecommunications companies

Management consulting, legal and tax advisory

Banks and financial service providers

Construction companies

Mechanical engineering, raw material extraction and processing

Media and entertainment

Public authorities, associations and educational institutions

Hotels and catering

Insurance companies

Automotive and transport

Chemical and pharmaceutical industry

Other sectors

by total estimated net rental *

Consumer goods industry and retail

Management consulting, legal and tax advisory

Technology and software

Banks and financial service providers

Utilities and telecommunications companies

Mechanical engineering, raw material extraction and processing

Media and entertainment

Construction companies

Hotels and catering

Public authorities, associations and educational institutions

Insurance companies

Chemical and pharmaceutical industry

Automotive and transport

Other sectors

potential to increase rental income on the back of positive

market developments.

nother component of diversification at tenant level is

achieving a spread of tenants across a range of industries

to reduce dependency on specific economic segments.

For more information on the portfolio structure, please

see “Overview: Returns and Valuation” and “Overview:

Letting and Remaining Lease Terms” on pages 15 and 19

of this Report.

9.0% (54)

8.7% (52)

7.9% (80)

7.1% (83)

6.1% (20)

5.7% (10)

5.5% (38)

5.4% (41)

5.4% (48)

5.3% (24)

5.2% (22)

4.2% (16)

6.3% (10)

6.2% (38)

6.2% (20)

6.0% (48)

5.9% (41)

5.0% (24)

4.3 % (16)

4.2 % (22)

9.2% (225)

9.8% (80)

8.9% (54)

8.5% (83)

7.8% (52)

7.8 % (225)

13.1% (304)

15.3% (304)

* In brackets: number of tenants (incl. properties held via equity

interests, but not properties undergoing construction /

renovation)


Overview: Letting and Remaining Lease Terms

Letting information (in % of estimated net rental for the year) 1) *

Germany

Belgium

France

Office 23.6 1.5 8.3 6.7 3.9 11.2 0.7 55.9 17.9 50.2 73.8

Retail / catering 4.2 0.0 0.6 1.6 0.1 0.6 0.8 7.9 2.4 6.1 10.3

Hotel 3.8 0.0 0.0 0.0 0.0 0.0 0.0 3.8 0.0 0.0 3.8

Industry (warehouses, halls) 2.1 0.0 0.6 0.6 0.0 0.1 0.0 3.4 0.7 2.0 4.1

Residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Leisure 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.2 0.2 0.7

Car park 1.9 0.2 0.4 0.7 0.2 0.1 0.1 3.6 0.9 2.6 4.5

Miscellaneous 1.7 0.1 0.2 0.1 0.0 0.3 0.0 2.4 0.4 1.1 2.8

% of total annual rental income 37.8 1.8 10.1 9.7 4.2 12.3 1.6 77.5 22.5 62.2 100.0

Vacancy rate (in % of estimated net rental for the year) 1) *

Germany

Belgium

France

Office 3.1 0.7 0.0 0.1 0.0 1.0 0.0 4.9 0.9 2.7 5.8

Retail / catering 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1

Hotel 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Industry (warehouses, halls) 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 0.0 0.3

Residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Leisure 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Car park 0.3 0.1 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.1 0.4

Miscellaneous 0.1 0.0 0.0 0.1 0.0 0.3 0.0 0.5 0.0 0.4 0.5

% of total vacancy rate 3.9 0.8 0.0 0.2 0.0 1.3 0.0 6.2 0.9 3.2 7.1

Letting rate on reporting date

as % of est. net rental for year

and country 1) 89.6 59.8 100.0 97.9 100.0 89.5 97.2 92.0 95.9 94.9 92.9

Letting rate on reporting date

as % of est. gross rental for year

and country 2) 89.0 57.8 100.0 97.9 100.0 88.3 97.3 91.3 96.0 94.4 92.3

Remaining lease terms (in % of estimated net rental for the year) 1) *

Germany

Belgium

France

without specified maturity 0.2 0.0 0.0 0.0 0.0 0.1 0.0 0.3 2.1 2.2 2.4

2007 2.3 0.4 0.3 0.6 0.0 0.1 0.0 3.7 0.6 2.0 4.3

2008 1.8 0.0 0.0 0.0 0.0 1.3 0.4 3.5 1.7 3.4 5.2

2009 2.5 0.0 0.2 4.4 0.9 1.2 0.5 9.7 2.4 9.6 12.1

2010 7.4 0.1 0.0 1.5 0.4 2.7 0.0 12.1 2.5 7.2 14.6

2011 5.0 0.5 0.4 0.0 0.1 0.4 0.2 6.6 3.2 4.8 9.8

2012 1.5 0.0 1.3 0.1 0.8 0.4 0.0 4.1 1.7 4.3 5.8

2013 3.7 0.0 3.8 1.9 0.0 1.3 0.2 10.9 2.9 10.1 13.8

2014 1.4 0.0 2.2 0.0 0.4 0.4 0.1 4.5 0.5 3.6 5.0

2015 1.1 0.0 2.2 0.0 0.0 0.2 0.2 3.7 2.3 4.9 6.0

2016 0.4 0.0 0.0 0.0 0.0 0.7 0.1 1.2 2.6 3.4 3.8

2017 + 9.1 0.1 0.4 1.6 2.0 3.1 0.0 16.3 0.9 8.1 17.2

% of estimated net rental for the year 36.4 1.1 10.8 10.1 4.6 11.9 1.7 76.6 23.4 63.6 100.0

1) Based on the ratio between the estimated net rental for the year from directly or indirectly

held properties, and the total estimated net rental for the Fund. The estimated

rental for the equity interests was adjusted in line with the interest held.

* This table was not included in the audit for which the uditors’ Report was issued.

Italy

Italy

Italy

Netherlands

Netherlands

Netherlands

USA

USA

USA

Rest of world

(L, E)

Rest of world

(L, E)

Rest of world

(L, E)

Total direct

investments

Total direct

investments

Total direct

investments

Equity interests

(abroad)

Equity interests

(abroad)

Equity interests

(abroad)

2) The estimated gross rental comprises net rental (“basic rent”) along with incidental

expenses to be paid by the tenant, e.g. heating, power, cleaning and insurance,

which are represented by the advance payments for incidental expenses.

Total abroad

Total abroad

Total abroad

Total

Total

Total

nnual Report as of 31 March 2007 19


Letting situation of individual properties

s part of the report on the letting situation, the following is a detailed overview of 19 properties with a vacancy rate of

over 33% of the estimated (gross) rental at the reporting date, 31 March 2007.

Property Vacancy

rate at

property

level in %

20 SEB ImmoInvest

Vacancy

rate at

Fund level

in %

Brussels, 139–141 Rue Royale 100 0.26

Demand for office space in the Brussels market is restrained. On the other hand, the demand for projects has risen, so that this

alternative is being examined.

Unterschleissheim/Munich, Edisonstrasse 1 100 0.17

Demand for office and warehouse space across the entire Munich region is still low. However, we let 2,448 m² of office and warehouse

space with effect from 1 April 2007.

Cologne, Oskar-Jäger-Strasse 50 92.04 0.49

Demand for non-central locations in the Cologne market remains weak. At present, the external appearance and common areas of

the property are being improved.

Zaventem/Brussels, 9 Belgicastraat 78.82 0.21

The letting process is proving laborious because of high vacancy rates, numerous new completions and the competition with city

centre vacancies.

Brussels, 41 Avenue des Arts 74.51 0.16

To improve the competitive positioning of the property, it has been extensively modernised in line with the needs of its target group. Efforts

to find new tenants are being driven forward. In the period under review, space was rented to three extremely prestigious tenants.

Frankfurt am Main, Herriotstrasse 4 70.18 0.95

Demand at the Niederrad microlocation is muted. We are ensuring maximum market coverage by working together with regional

and national letting agents.

Heusenstamm, Borsigstrasse 6 54.17 0.07

A complete storey with approx. 1,150 m 2 of space was leased at the end of 2006, as already reported. A contract of sale was signed on

5 April 2007.

Aschheim-Dornach, Einsteinring 31–39 50.08 0.48

Demand for office space in the microlocation is extremely restrained. We entered into a lead letting agent agreement in order to concentrate

our marketing activities.

Wayne, 1255–1285 Drummers Lane 47.71 0.50

We conducted further negotiations with prospective tenants that have led to several new leases; however, these will not affect the

vacancy rate until the next quarter of 2007.

Magdeburg, Otto-von-Guericke-Strasse 86a/Leiterstrasse 12 45.64 0.06

A contract of sale was signed on 5 April 2007.

Essen, Gladbecker Strasse 431–435/425–427 45.44 / 39.00 0.10 / 0.07

A contract of sale was signed on 5 April 2007.

Frankfurt am Main, Stützeläckerweg 12–14 44.73 0.24

This property on the outskirts of Frankfurt is currently unaffected by the slight upturn in inner city areas. Ways of increasing the attractiveness

of the property in order to clearly set it apart from its microlocation are currently being examined. These will be

followed by appropriate strategic marketing activities.

Viersen, Kränkelsweg 2–16 44.42 0.09

Despite concerted marketing activities, it is proving difficult to market the vacant space. A contract of sale was signed on

5 April 2007.

Idar-Oberstein, Nahe-Center 1–10 40.47 0.03

An innovative gastronomic concept is being developed here in close cooperation with the Idar-Oberstein local business development

association. A contract of sale was signed on 5 April 2007.

Düsseldorf, Kruppstrasse 108 37.93 0.13

The muted overall demand in Düsseldorf is made even more difficult by the tough competition at the microlocation. Marketing activities

are being driven forward in line with the location’s potential.

Munich, Westendstrassse 160–162/Barthstrasse 24–26 34.86 0.18

The rental market at the microlocation is still difficult, but visits by potential tenants are a sign of rising demand, meaning that we

can expect leases to be signed over the medium term.

Essen, Alfredstrasse 57–65 33.84 0.08

Targeted marketing activities led to the signature of two leases for 978 m² and 580 m². We have received notice of intent to sign a

lease for 1,368 m², meaning that the property will be fully let on 1 August 2007. A contract of sale was signed on 5 April 2007.

Marl, Bergstrasse 228 33.25 0.14

We are currently negotiating supplements for the extension of three existing leases. We entered into a lease with a telecommunications

company on 1 May 2007. A contract of sale was signed on 5 April 2007.


Changes to the Portfolio

In the past twelve months, ten purchases were made for

the Fund, of which seven have already been added to the

Fund. In the same period, eight properties were sold, and

seven of these have already been derecognised from the

Fund. In the Semi- nnual Report as of 30 September

2006, we provided extensive information on the purchase

of the property in the Netherlands (Nijmegen) and the

sale of properties in France (Meudon/Paris, 2 Rue de

Paris and Paris, Rue Raymond Losserand) as well as the

US (New York, 2 Park venue).

Purchases and additions abroad

USA, Chicago, 550 West Adams Street

t the end of 2006, SEB acquired the USG Building, located

in the WestLoop of Chicago’s established business and

financial centre.

This Class building, constructed in 2006, has approxi-

mately 44,000 m² of office and retail rental space on 18

storeys and is currently 94% let. The main tenant USG

has leased approximately 65% of the building’s rentable

space for a 15-year term. The remaining space is let to re-

nowned tenants from the financial and advisory sectors

for terms of between seven and ten years. The total in-

vestment volume amounts to approximately USD 182.1

million.

USA, Philadelphia, King of Prussia,

851 Duportail Road

In early 2007, SEB acquired the fully let office building in

the Chesterbrook Business Park in the King of Prussia

submarket for the Fund. The two-storey property has

3,840 m² of rentable space and 166 parking spaces.

The purchase was made to round off the portfolio of

properties located in the Chesterbrook & Glenhardie

Business Park acquired in 2006.

s was the case with this transaction, the property’s

management company was acquired as part of a joint

venture with the Fund’s local partner, Pitcairn Properties,

with the respective interests being 89.4% (SEB) and 10.6%

(Pitcairn). The total investment volume for SEB Immo-

Invest amounted to approx. USD 7.1 million.

China, Shanghai, 233 Taicang Road, PLATINUM

The PL TINUM office building, located centrally in

Shanghai, was acquired as part of a company acquisition

in November 2006.

The building, completed in 2005 and featuring state-of-

the-art appointments, has a total rentable space of around

34,000 m² on 20 storeys, as well as 141 parking spaces.

Its excellent location and superior building quality have

attracted tenants such as McKinsey, Coles Myers and

Standard Chartered Bank. The property was 96% let at

the time of acquisition; this figure has been raised to 99%

in the meantime as a result of new lets.

Netherlands, Diemen, Wisselwerking 58, Apollo

Constructed in 2002, the pollo office building is located

near the Zuid-Oost office district in the Dutch capital

msterdam and has around 19,400 m² of office space and

555 underground parking bays.

Long-term rental income is secured through companies

with excellent credit ratings and a ten-year general lease

agreement with the seller.

The building, valued at around EUR 93 million, is owned

by an investment company, with 49% being transferred to

SEB ImmoInvest and 51% to the new SEB Global Property

Fund mutual fund.

nnual Report as of 31 March 2007 21


Netherlands, Amsterdam, Changiweg, KPN Building

SEB Immobilien-Investment GmbH continued its shop-

ping spree in the Netherlands, acquiring the KPN office

project for its open-ended real estate fund, SEB ImmoInvest.

The project is located in the established Sloterdijk office

area in Northwest msterdam. The total rentable space of

around 22,000 m² and the 200 parking spaces of the architecturally

sophisticated building are fully let to KPN

Telecom BV. The total investment costs for this acquisition

amounted to EUR 91.2 million. The property is expected

to be added to the Fund in October 2009.

Netherlands, Rotterdam, Wilhelminakade, MaasToren

The 165 meter high MaasToren building, designed by architects

Dam & Partners and Odile Decq Cornette, is being

built in the Koop van Zuid office location near the

city centre. The building, boasting nearly 37,500 m² of total

rental space on 44 storeys and 465 parking spaces, will

be the tallest in the Netherlands.

Ten-year leases have been signed with renowned tenants,

including Deloitte and the City of Rotterdam. The building

is 89% pre-let.

The total investment costs are around EUR 162 million.

The property will be added to the SEB ImmoInvest portfolio

upon completion in early 2009.

Finland, Helsinki, Airport Plaza Business Park /

Opus Business Park

Purchase agreements for two development projects by

well-known Scandinavian construction company NCC

were signed in December 2006.

The Plaza Vivace building is part of the irport Plaza of-

fice park located near Vantaa airport in the greater Hel-

22 SEB ImmoInvest

sinki area. With a total rentable area of 5,630 m² and 192

parking spaces, Plaza Vivace is the sixth of a total of eight

construction phases, and is currently 13% let. The build-

ing is presently under construction and is scheduled for

completion in February 2008.

Opus I is the last of three construction phases in the

Opus Business Park in the Herttoniemi submarket in the

East of Helsinki. Upon completion in mid-2008, the build-

ing will have around 6,640 m² of rentable space and 166

garage parking spaces. The property is 49% pre-let.

The total investment for the two projects is about EUR

50 million. Transfer of the properties is dependent on a

minimum leased rate of 65%.

Last year’s acquisition of phase five of the irport Plaza

Business Park laid the groundwork for market entry in

Finland. The Plaza llegro property, acquired for the SEB

ImmoPortfolio Target Return Fund, has already been

completed and is fully let.

Czech Republic, Prague, Factory Outlet Prague Airport

t the end of last year, SEB ImmoInvest signed a preliminary

contract for the irport Praha Factory Outlet Center,

which is being built at the international airport.

The centre will feature a total rentable area of 30,700 m²,

2,500 parking spaces and approximately 160 retail units.

The one-storey building, designed by the Spanish architects

RTKL, will boast an attractive interior design.

The total investment volume for the centre amounts to

approximately EUR 93 million. The cornerstone was laid

in a ceremony on 8 February 2007. Completion and the

grand opening are scheduled for May 2008.


Sales and disposals abroad

USA, New York, One Park Avenue

fter only a two-year holding period, SEB Immobilien-

Investment GmbH sold its 75% equity interest in the One

Park venue property in New York, located in New York’s

largest and best-selling Midtown submarket, on a level

with the Empire State Building.

The 20-storey commercial and office building was acquired

in pril 2005. The selling price exceeded the purchase

price by 72%. The sale of the shares in the company

generated proceeds of USD 100.3 million as against the value

of the equity investment of USD 94.7 million. The building’s

new owner is the US real estate company Murray Hill

Properties.

233 Taicang Road, Shanghai, China

Netherlands, Alkmaar, Noorder Arcade

We sold the Noorder rcade shopping centre in lkmaar

to a Dutch investor group for approximately EUR 47.7

million. The most recent building valuation put its market

value at EUR 38.3 million. The shopping centre, with

approx. 18,400 m² of retail space and 514 parking spaces,

was acquired in 1998 for EUR 33.3 million.

Spain, Portaolio Shopping Center

Cuenca, Avenida del Mediterraneo, El Mirador Alcalá

de Guadaira/Sevilla, Los Alcores Alcoy,

Calle Alzamora 44, Alzamora

The El Mirador, Los lcores and lzamora shopping centres

in Cuenea, lcalá de Guadaira and lcoy, respectively,

acquired in 2002 and 2003, were sold to an nglo-

Spanish consortium to take advantage of the attractive

situation on the Spanish retail market. The selling prices

for the individual shopping centres exceeded their respective

market values.

nnual Report as of 31 March 2007 23


The El Mirador and lzamora shopping centres have al-

ready been transferred to their new owners. The Los l-

cores centre will be derecognised from the Fund portfolio

in financial year 2007/2008.

Properties completed during the period

under review

Netherlands, Nijmegen, Dukenburgseweg 5,

“52 Degrees”

The office tower, already mostly let to the chip producer

NXP, has been completed and was transferred to the

Fund in December 2006. The property is held by the Fund

via a real estate company. The space yet to be let is cov-

ered by a five-year rental guarantee, although negotia-

tions are already underway for some portions of it.

Update on properties under construction

France, Lyon, 208-210 Avenue Jean Jaurès

Construction of the Solaris office building remains on

schedule. Completion is set for January 2008.

The building, located in the Gerland area in the Southeast

of Lyon, has 7,200 m² of office and retail space and 130

parking spaces.

We have already leased around 1,000 m² of office space and

19 parking spaces to a well-known insurance company.

Netherlands, Rotterdam, Lotus office complex,

Marten Meesweg 5

Construction of the shells of the first two of four build-

ings has been completed. The buildings are expected to

be transferred to the tenants in July and October 2007 re-

spectively. This first phase has already been let in full to

engineering consultants Royal Haskoning, BB and CM

Logica.

24 SEB ImmoInvest

Planning permission has been obtained for the third and

fourth buildings. Work on the foundations has already

started. The buildings are scheduled for completion in

May 2008.

Update on construction and modernisation work

on portfolio properties

Germany, Mannheim, Dudenstrasse 46/57a

The building is presently undergoing extensive renovation

work in order to ensure the modern and flexible use

of space and hence the continued high-quality rental of

the building.

The first phase of basic structural alterations has been

concluded. Phase 2 (fit-outs) has nearly been concluded

for around 2,000 m², as the lease begins in July 2007.

Austria, Vienna, Rennweg 46-50

The basic office modernisation work was concluded in

March 2007. The first fit-out (600 m²) has also been performed.

The space will be transferred to the tenants in

June 2007. We are currently conducting promising negotiations

for 1,600 m² of office space.

Further modernisation measures were resolved in November

2006, based on a number of design concepts for

the building’s external appearance and a variety of usage

concepts for the retail area on the ground floor. In the

process, we reorganised access to the office areas. The

planning phase for these measures has largely been concluded.

Tenders for the necessary construction measures

are currently being issued and contracts are being awarded.

The modernisation measures in this area are expected

to be concluded by the end of Q3 2007.


Record of Purchases and Sales Relating to the Statement of Assets as of 31 March 2007

PURCHASES 1) : DIRECTLY HELD PROPERTIES IN EUROZONE COUNTRIES

Country

PURCHASES 1) : EQUITY INTERESTS IN REAL ESTATE COMPANIES IN EUROZONE COUNTRIES

Country

SALES 3) : EQUITY INTERESTS IN REAL ESTATE COMPANIES IN COUNTRIES WITH OTHER CURRENCIES

Country

Registered

office

Registered

office

Name

Name

Equity

interest

held

Equity

interest held

Transfer of

risks and rewards

as of

Transfer of

risks and rewards

as of

Purchase

price

Purchase

price

Total investment

costs 5)

Total investment

costs 5)

Market

value

Netherlands Frankfurt Diemen IV GmbH 49% 11/2006 EUR 45.1 m EUR 45.6 m 6) EUR 45.7 m

Netherlands Frankfurt Nijmegen IV GmbH 100% 12/2006 EUR 82.9 m EUR 84.9 m 6) EUR 87.4 m

PURCHASES 1) : EQUITY INTERESTS IN REAL ESTATE COMPANIES IN COUNTRIES WITH OTHER CURRENCIES

Country

Post-

code

Registered

office

City

Name

China Shanghai Shanghai XinMao Property

Street Transfer of

risks and rewards

as of

Development Co., Ltd.

Equity

interest

held

Transfer of

risks and rewards

as of

100% 11/2006 CNY

Purchase

price

Purchase

price

1,553.4 m

Total investment

costs 4)

Total investment

costs 5)

Market

value

Selling price Equity investment

at the

time of sale

USA New York One Park Fee LP 75 % (nom.) 02/2007 USD 56.5 m USD 60.6 m USD 100.3 m USD 94.7 m

CNY

1,650.6 m 6)

Market

value

France 75013 Paris 99 Avenue de France 04/2006 EUR 19.6 m EUR 20.3 m EUR 20.2 m

France 69007 Lyon 208–210 Avenue Jean Jaurès 05/2006 2) EUR 17.7 m EUR 19.3 m EUR 20.0 m

PURCHASES 1) : DIRECTLY HELD PROPERTIES IN COUNTRIES WITH OTHER CURRENCIES

Country

Post-

code

City

Street

Transfer of

risks and rewards

as of

Purchase

price

Total investment

costs 4)

Market

value

USA 60606 Chicago 550 West Adams Street 11/2006 USD 178.0 m USD 182.1 m USD 184.0 m

CNY

1,651.0 m

USA Jenkintown 851 Duportail Road LP 89.4% 01/2007 USD 7.2 m USD 7.2 m 6) USD 7.3 m

SALES 3) : DIRECTLY HELD PROPERTIES IN EUROZONE COUNTRIES

Country

Post-

code

City

France 92190 Meudon/

Paris

Street

France 75014 Paris 200–216 Rue Raymond

Transfer of

risks and rewards

as of

Purchase

price

Total investment

costs 4)

Selling price Market value

at the time of

sale

2 Rue de Paris 07/2006 EUR 33.3 m EUR 36.3 m EUR 61.0 m EUR 49.5 m

Losserand

10/2006 EUR 49.5 m EUR 53.6 m EUR 85.7 m EUR 67.3 m

Netherlands 1823 CJ Alkmaar Noorderkade 100–199 10/2006 EUR 33.9 m EUR 37.4 m EUR 47.7 m EUR 38.3 m

Spain 03802 Alcoy Calle Alzamora 44 02/2007 EUR 29.1 m EUR 32.3 m EUR 43.3 m EUR 39.3 m

Spain 16004 Cuenca Avenida del Mediterraneo 02/2007 EUR 30.1 m EUR 34.2 m EUR 29.8 m EUR 29.3 m

SALES 3) : DIRECTLY HELD PROPERTIES IN COUNTRIES WITH OTHER CURRENCIES

Country

Post-

code

City

Street

Transfer of

risks and rewards

as of

Purchase

price

Total investment

costs 4)

Selling price Market value

at the time of

sale

USA 10016 New York 2 Park Avenue 09/2006 USD 292.0 m USD 309.5 m USD 450.0 m USD 367.8 m

1) Purchases only comprise properties that were added to the Fund during the

period under review.

2) Land only, transfer of building after completion

3) Sales only comprise properties whose disposal from the Fund was recorded

during the period under review.

4) Total investment volume at the time of acquisition

5) Total investment volume at time of acquisition, at company level

6) Includes loans taken over as part of the acquisition of the equity interest

nnual Report as of 31 March 2007 25


26 SEB ImmoInvest

Via Ercole Marelli 303, Milan, Italy


Outlook

Going forward, SEB ImmoInvest will continue to adhere

to its income-oriented investment strategy, which is de-

signed to achieve continuity and tailored to medium- to

long-term investors. ctive fund management plays a

crucial role in ensuring lasting success in implementing

the resulting risk/return profile – continuous growth in

returns at a reasonable risk.

ctive portfolio management in a period of consistently

attractive conditions on the investment markets and posi-

tive trends on the user markets, among other things,

means generating disposal gains through the selective

sale of properties. t the same time, the market situation

offers the opportunity to use new acquisitions to promote

the Fund portfolio’s growth and market penetration.

The continued international diversification of the portfolio

plays a major role. The Fund took another step in this

direction by making its first investments in sia at the

end of the past financial year. Further investments in

these markets should follow with the goal of combining

for the long term the growth opportunities provided by

the sian markets with the stability of the European markets

and selected locations in the United States.

The high demand for real estate investments and the ensuing

rise in purchase prices means that the Fund’s investment

activities must be adapted.

In order to secure properties that are capable of retaining

their value over time and that offer stable income, we will

adapt our investment activities in times of sustained high

demand for real estate investments and the resulting rise

in purchase prices by being generally more prepared to

accept lower ongoing returns from long-term leases for

properties in very good locations rather than switching to

B locations. However, we will also consistently leverage

opportunities to secure the long-term profitability and

competitive strength of the Fund by supplementing it

with high-yield, high-growth properties. mong other

things, this can be achieved by tapping new markets,

making investments in more volatile locations with a

shorter-term investment horizon, or securing real estate

projects at an early stage.

Our aim is to continue to offer you a product that has a

stable value and can be used for long-term asset accumulation.

We would like to thank you for the confidence you

have shown in us and look forward to continuing on this

path together with you in the future.

SEB Immobilien-Investment GmbH

Management

Knoflach Kraus Chua

Frankfurt am Main, June 2007

nnual Report as of 31 March 2007 27


Development of Fund Assets

28 SEB ImmoInvest

EUR EUR EUR

Fund assets at the beginning of the financial year on 1 April 2006 4,806,622,451.71

Distribution for the previous year – 194,044,790.00

Equalisation item

for units issued/

redeemed up to the distribution date – 9,039,460.00

Inflow of funds from sale of units 2,307,119,597.70

Outflow of funds from redemption of units – 807,558,558.62

Net inflow of funds 1,499,561,039.08

Equalisation paid – 54,894,620.73

Ordinary net income

Realised profits less unrealised changes in value from previous years

147,075,828.62

on properties 201,942,636.73

Changes in value from previous years 91,529,162.32 110,413,474.41

of which in foreign currency 67,245,846.09

on equity interests in real estate companies 31,841,161.24

Changes in value from previous years 6,573,117.90 25,268,043.34

of which in foreign currency 25,268,043.34

on liquidity portfolio 2,833,365.03

Changes in value from previous years 1,312,468.86 1,520,896.17

of which in foreign currency

Realised losses less unrealised changes in value from previous years

0.00

on liquidity portfolio – 9,272,455.97

Changes in value from previous years – 7,104,450.00 – 2,168,005.97

of which in foreign currency

Net changes in value of unrealised profits

0.00

on properties 62,399,662.66

of which in foreign currency 12,010,122.84

on equity interests in real estate companies 50,619,358.76 113,019,021.42

of which in foreign currency 15,935,961.78

on liquidity portfolio 6,292,314.40

of which in foreign currency

Net changes in value of unrealised losses

0.00

on properties – 77,392,412.44

of which in foreign currency 155,326.54

on equity interests in real estate companies – 2,589,709.85 – 79,982,122.29

of which in foreign currency – 35,367.01

on liquidity portfolio 0.00

of which in foreign currency 0.00

Changes in exchange rates – 9,915,491.79

Fund assets at the end of the financial year on 31 March 2007 6,359,728,578.37


Disclosures on the Development of Fund Assets

The development of fund assets shows which trans-

actions concluded during the period under review are

responsible for the new assets disclosed in the Fund‘s

Statement of Assets. It thus presents a breakdown of the

difference between the assets at the beginning and the

end of the financial year.

The Distribution for the previous year represents the

amount distributed in accordance with the previous

year‘s Annual Report (see the Total distribution item un-

der “Calculation of the distribution“ in the Statement of

Income and Expenditure).

The Equalisation item is used to take into account the

issue and redemption of units between the end of the fi-

nancial year and the distribution date. Investors who ac-

quire units between these two dates participate in the

distribution even though the units they purchase were

not recognised as an inflow of funds in the period un-

der review. Conversely, investors who sell their units be-

tween these two periods do not participate in the distri-

bution although the redemption of their units is not

recognised as outflow of funds in the period under

review.

The Inflow of funds from sale of units and the Out-

flow of funds from redemption of units are calculated

as the respective redemption price multiplied by the

number of units sold or redeemed. The redemption price

includes the accrued income per unit. The equalisation

paid is thus deducted from or added to the inflow and

outflow of funds; consequently, the inflow and outflow

only indicate the change in assets. The effect of the

equalisation paid procedure is that the number of units

in circulation does not affect the amount distributable

per unit.

The Ordinary net income is given in the Statement of

Income and Expenditure.

Realised profits on properties and on equity interests

in real estate companies represent the difference be-

tween the proceeds of sale and carrying amounts for tax

purposes. Unrealised changes in value from previous

years on properties and on equity interests in real estate

companies are the result of adjustments and changes in

carrying amounts. Deducting the unrealised profits

from the previous year gives the realised profits for the

period under review.

With regard to the location of properties and equity in-

terests in real estate companies, a distinction is made

between eurozone countries and those with other cur-

rencies (the deciding factor for real estate companies is

the country of domicile).

Realised profits on the liquidity portfolio (securities/

money market instruments/investment units) represent

the difference between the lower purchase prices and

the prices at sale or maturity. Unrealised changes in the

value of the liquidity portfolio consist of changes up to

the end of the previous year in the market values of the

securities/money market instruments/investment units

that were sold or that matured during the financial year.

Deducting the unrealised profits from the previous year

gives the realised profits for the period under review.

Realised losses are calculated in the same way as real-

ised profits.

Realised profits and losses on the liquidity portfolio also

include realised profits and losses on the Euro Bund Fu-

ture and Euro Bobl Future contracts traded on Eurex.

These futures contracts were employed to hedge fixed-

income securities against price fluctuations.

Annual Report as of 31 March 2007 29


Net changes in the value of unrealised profits on prop-

erties and equity interests in real estate companies

are the result of adjustments and changes in carrying

amounts during the financial year. This item comprises

changes in market value due to new valuations and gains

on initial valuation as well as all other changes in the car-

rying amounts of the properties/equity interests. These

may result, for instance, from the creation or reversal of

provisions, subsequent purchase price adjustments or cost

refunds, the acquisition of additional minor spaces, etc.

Net changes in the value of unrealised profits on the li-

quidity portfolio are the result of changes in the market

prices of portfolio investment units in the financial year.

Net changes in the value of unrealised losses on prop-

erties and equity interests in real estate companies are

the result of adjustments to and changes in carrying

amounts during the financial year. The information pro-

vided above on the value of unrealised profits also ap-

plies here.

Changes in exchange rates represent the difference in

the measurement of foreign currency assets at the re-

spective exchange rates at the beginning and at the end

30 SEB ImmoInvest

of the period under review. In the case of assets ac-

quired in the year under review, adjustments in the value

of properties based on expert opinions and adjustments

in the value of the real estate companies, the difference

between the valuation at the exchange rate when the

assets were capitalised and at the exchange rate at the

end of the period under review is disclosed. Further-

more, profits and losses from the settlement of open

transactions via foreign currency settlement accounts

are taken into account as well as fluctuations in the

value of currency derivatives that are still open in the

period under review as of the reporting date. Realised

profits and losses from closed-out currency derivatives

transactions are recognised excluding the adjustments

(see above).

The Changes in exchange rates item, which amounts to

EUR –9.9 million, represents the net amount produced

by netting out exchange rate losses (EUR –42.5 million)

and the net gain from forward exchange transactions

employed for hedging against exchange rate risks

(EUR 32.6 million). The net gains from forward exchange

transactions comprise positive realised changes in value

in the amount of EUR 31.4 million and unrealised changes

in value amounting to EUR 1.2 million.


Statement of Assets as of 31 March 2007

EUR EUR EUR % of Fund assets

I. Properties

1. Commercial properties 3,559,805,058.38 55.97

of which in foreign currency 455,365,058.38

2. Properties under construction 61,007,108.36 0.96

of which in foreign currency 0.00

3. Undeveloped properties 5,646,000.00 0.09

of which in foreign currency 0.00

4. Other properties and rights (section 67 (2) InvG) 69,580,000.00 1.09

of which in foreign currency 0.00

Total properties 3,696,038,166.74 58.11

total in foreign currency 455,365,058.38

II. Equity interests in real estate companies

1. Majority interests 519,696,120.73 8.17

2. Minority interests 23,680,379.01 0.37

Total equity interests in real estate companies 543,376,499.74 8.54

total in foreign currency 215,223,500.28

III. Liquidity portfolio

1. Bank deposits 365,159,088.18

of which in foreign currency 207,132,283.77

2. Investment units 2,331,714,000.00

of which in foreign currency 0.00

Total liquidity portfolio 2,696,873,088.18 42.42

total in foreign currency 207,132,283.77

IV. Other assets

1. Receivables from real estate management 94,116,817.23

of which in foreign currency 31,967,352.84

2. Receivables from real estate companies 138,583,356.99

of which in foreign currency 14,623,010.86

3. Interest claims 8,702,757.78

of which in foreign currency 1,002,579.57

4. Miscellaneous 172,783,898.91

of which in foreign currency 42,410,568.73

Total other assets 414,186,830.91 6.51

total in foreign currency 90,003,512.00

Total 7,350,474,585.57 115.58

of which in foreign currency 967,724,354.43

V. Liabilities from

1. Loans 654,208,058.31 10.29

(of which collateralised [section 82(3) InvG]: 376,904,222.40)

total in foreign currency 253,151,718.23

2. Land purchases and construction projects 16,096,688.21

of which in foreign currency 6,417,765.87

3. Real estate management 123,061,901.45

of which in foreign currency 49,174,320.85

4. Miscellaneous 107,212,976.92

of which in foreign currency 84,586,259.83

Total liabilities 246,371,566.58 3.87

total in foreign currency 393,330,064.78

VI. Provisions 90,166,382.31 1.42

of which in foreign currency 11,779,014.23

Total 990,746,007.20 15.58

total in foreign currency 405,109,079.01

Fund assets 6,359,728,578.37 100.00

of which in foreign currency 562,615,275.42

Unit value (EUR) 57.34

Number of units in circulation 110,911,989

Exchange rates as of 30 March 2007:

Sterling (GBP) 0.67952 = EUR 1

Swedish krona (SEK) 9.34828 = EUR 1

Chinese yuan (CNY) 10.29039 = EUR 1

US dollar (USD) 1.33102 = EUR 1

Annual Report as of 31 March 2007 31


Disclosures on the Statement of Assets

Fund assets increased by EUR 1,553.1 million or 32.31% in

financial year 2006/2007 to EUR 6,359.7 million, mainly

due to net inflows of funds.

I. Properties

Three properties, two in France and one in the US, were

added to the Fund in financial year 2006/2007 (cf. Proper-

ty Record starting on page 38). In addition, five proper-

ties under construction were acquired in the Netherlands

and will be transferred to the Fund on completion.

Seven properties were disposed of: three in Spain, two in

France and one each in the Netherlands and the US. One

of the Spanish properties was derecognised from the

Fund in April 2007 once the contractual requirements had

been fulfilled.

The commercial properties and undeveloped properties

were included in the Fund assets at the market values cal-

culated by the experts in each case. Properties under con-

struction were included in the Fund assets at the value of

the land plus accumulated construction costs. The prop-

erties in Lille, France, and in the Kleine Kurstrasse, Berlin,

were completed in the period under review. At the end of

the financial year, three properties were under construc-

tion: one property each in Germany, France and Austria.

The property in Germany and the property in Austria are

portfolio properties that were reclassified in the previous

year as properties under construction due to extensive re-

structuring measures. These properties are reported at

their adjusted market values. The construction costs are

recognised in the form of provisions for construction costs.

Properties held in partial ownership by the Fund are re-

ported under Other properties and rights (section 67 (2)

InvG). This concerns two properties in Germany and one

in Spain, which were included in the Fund assets at the

market values calculated by the experts in each case.

32 SEB ImmoInvest

Owing to the sales in the 2006/2007 financial year, direct-

ly held property assets decreased by EUR 373.9 million

to EUR 3,696.0 million and consisted of 106 directly held

properties as of the reporting date, 31 March 2007. Prop-

erty assets located abroad were divided between euro-

zone countries, with EUR 1,352.4 million, and the USA

with EUR 455.4 million.

II. Equity interests in real estate companies

In the period under review, the Fund acquired the follow-

ing real estate companies: Shanghai XinMao Property

Development Co., Ltd. with one property in Shanghai

(China), 851 Duportail Road LP with one property in

Wayne (USA), Diemen IV GmbH with one property in

Diemen (Netherlands) and Nijmegen IV GmbH with one

property in Nijmegen (Netherlands). Purchase contracts

were signed for a real estate company in Prague (Czech

Republic) and two real estate companies in Vantaa (Fin-

land). These companies will be transferred to the Fund

on completion of the properties in 2008.

In addition, the One Park Fee LP real estate company

with one property in New York (USA) was sold in the

period under review.

The Diemen IV GmbH real estate company acquired in

the period under review is a minority interest in which

the equity interest held amounts to 49%. The SEB Global

Property Fund, another property fund managed by our

Company, holds the majority interest of 51%.

Equity interests in real estate companies now comprise

15 companies with 17 properties and a total market value

of EUR 1,018.6 million. Taking into account the compa-

nies’ other assets and liabilities (EUR 33.4 million) as well

as external financing (EUR 370.0 million) and shareholder

loans (EUR 138.6 million), the value of the equity invest-

ments amounts to EUR 543.4 million.


Liabilities from external financing comprise EUR 117.5

million of loans in US dollars, loans in euros totalling

EUR 206.3 million, a EUR 5.4 million loan in Swedish

krona and a EUR 40.8 million loan in Chinese yuan. The

companies‘ external financing has a fixed interest rate

period of 4.1 years.

III. Liquidity portfolio

The Bank deposits and Investment units disclosed un-

der the Liquidity portfolio item primarily serve to cover

payment obligations for the distribution calculated up to

the reporting date in the amount of EUR 366.0 million,

as well as expenditure relating to the completion of con-

struction projects, purchase price payments for property

acquired and sales costs in the amount of EUR 228.8 mil-

lion. A further EUR 199.6 million is required for the re-

payment of loans due within the next two years and

EUR 320.4 million for the settlement of other liabilities and

provisions. EUR 318.0 million has been set aside to fulfil

the statutory requirements on minimum liquidity of 5%

of the Fund’s assets. This amount is invested in invest-

ment units. The remainder is earmarked for use in fur-

ther property acquisitions.

The Investment units item is used to report units of the

SEB Immo Cash special investment fund, which was

launched by our sister company SEB Invest GmbH on

1 September 2006 as a joint investment instrument for the

real estate funds managed by our company. Securities

held by SEB ImmoInvest up to this point in time were

transferred to SEB Immo Cash in return for the issuance

of unit certificates.

IV. Other assets

Receivables from real estate management include rent

receivables in the amount of EUR 31.3 million and inci-

dental expenses chargeable to tenants in the amount of

EUR 62.8 million. This is offset by appropriate prepaid

charges by tenants, which amount to EUR 74.9 million

and are included in the item Liabilities from real estate

management.

Shareholder loans are disclosed under Receivables from

real estate companies. EUR 124.0 million of this item

relates to loans in euros, and EUR 14.6 million to a loan in

Swedish krona.

Interest claims result from interest receivables from

shareholder loans to real estate companies.

The other assets disclosed under Miscellaneous primari-

ly represent sales tax receivables from the tax authorities

in Germany and abroad in the amount of EUR 68.1 mil-

lion. Receivables from advance payments on operating

costs due from property managers abroad amount to

EUR 57.2 million. Furthermore, receivables from real

estate companies exist in the amount of EUR 30.4 million.

In the case of property acquisitions in foreign currencies,

part of the currency risk is hedged by taking out loans in

the relevant foreign currency. Internal financing is hedged

against exchange rate changes using forward exchange

transactions. An overview of the open currency items can

be found in the Overview of exchange rate risks table.

In the past year, 94 forward exchange transactions with

a volume of USD 5,143.9 million, 20 forward exchange

transactions with a volume of SEK 1,118.4 million, seven

forward exchange transactions (non-deliverable for-

wards) with a volume of CNY 1,946.0 million and a for-

ward exchange transaction with a volume of SGD 5.13

million were concluded as exchange rate hedges. Receiv-

ables from counterparties to forward exchange transac-

tions amount to EUR 0.5 million for transactions in

US dollars, EUR 0.08 million for transactions in Swedish

krona and EUR 0.72 million for transactions in Chinese

yuan; liabilities to counterparties in Singapore dollars

amount to EUR 3,000.

These are disclosed under Other assets and, in the case

of the Singapore dollars, under Miscellaneous liabilities.

Annual Report as of 31 March 2007 33


V. Liabilities

Liabilities from loans refer to loans taken out for the ac-

quisition of properties abroad. Please see the Overview of

loans (page 11) for a breakdown of the loan portfolio by

currency and by duration in each case. The Breakdown

of loan volumes per currency by fixed interest rate peri-

od (page 11) illustrates the breakdown of loan volumes by

their fixed interest rate terms.

Liabilities from land purchases and construction pro-

jects consist of remaining payment obligations on acqui-

sitions of properties and real estate companies in the

amount of EUR 15.5 million and construction services in

the amount of EUR 0.6 million.

Liabilities from real estate management are primarily

composed of EUR 74.9 million for prepaid allocable costs,

EUR 33.5 million for rental payments already received,

and EUR 4.6 million in cash security bonds.

Miscellaneous liabilities primarily consist of EUR 92.7

million in liabilities from the sale of land, EUR 11.5 mil-

lion in liabilities from loan interest and EUR 3.0 million

in liabilities from management and custodian bank fees.

EUR 90.2 million of liabilities from the sale of land relates

to capital gains taxes.

VI. Provisions

Provisions refer in particular to maintenance measures

(EUR 24.5 million), construction costs (EUR 19.2 million)

and taxes (EUR 44.4 million). EUR 30.8 million of the lat-

ter figure relates to provisions for deferred taxes on po-

tential foreign capital gains and EUR 13.6 million relates

to current foreign taxes on income.

The SEB ImmoInvest Fund has not yet been definitively

assessed by the Dutch tax authorities for the tax periods

from 1996/97 onwards. This is due to the fact that the

Dutch authorities have yet to decide on uniform deprecia-

tion rates applicable for tax purposes to property held in

German real estate funds. It was agreed with Dutch tax

34 SEB ImmoInvest

advisers that a depreciation rate of 4% would be used on

the tax returns submitted to the authorities.

The tax authorities have submitted a settlement proposal

to us that is presently in the negotiation stage. The

income tax provisions for the Netherlands were already

calculated on the basis of the settlement proposal made

by the financial authorities.

Capital gains tax

In some countries, it is possible to transfer capital gains

flexibly; as a result, due to the planned continuous re-

investments, Belgium and the Netherlands (nominal value

of deferred taxes: EUR 9.9 million) were not included in

the risk provision calculated for capital gains tax, and a

reduced tax rate was taken into consideration for Spain.

The provision was charged to Fund capital as it is not

classified as a distributable reserve, and represents an ap-

propriate balance between the economic interests of in-

vestors, regardless of the time they join or leave the Fund.

Taxes on foreign capital gains are only incurred if a book

profit is actually generated. The timing and amount of

such taxes is uncertain, as both market conditions and

the basis for tax assessment can change constantly.

Based on country-specific tax rates, risk provisions were

set up for the period under review in the amount of 35%

(EUR 25.9 million) of the nominal value of the deferred

taxes (EUR 74.1 million). The frequency of disposals in

the past and the properties‘ expected future turnover rate

were taken into consideration along with the current

country-specific tax rates. The difference between the

current market values and the carrying amounts for tax

purposes of the properties, taking generally applicable

sales costs into consideration, was taken as the basis for

assessment when calculating the size of the provisions for

deferred taxes on foreign capital gains. Risk provisions

for the agreed sale of the remaining Spanish property

were set up for 100% of the amount.


The calculation also included US real estate companies

with the legal form of partnerships and the companies

in China and Italy, due to country-specific regulations.

These are treated as a direct acquisition for tax purposes,

with the result that any gain on the disposal of shares is

subject to capital gains tax. Capital gains tax was calculat-

ed in the same manner as the method described above.

The market value of the property was merely replaced by

the going concern value.

The provisions for the properties sold in France, Spain

and the USA and the real estate company sold in the USA

were increased to 100.0% at the time of sale and reported

as liabilities from the sale of land under Miscellaneous li-

abilities. The previously created provisions for the prop-

erties and the real estate company that were sold were

charged to Fund equity. The new provision was charged

to the Statement of Income and Expenditure. No provision

for capital gains tax liabilities was established for the

property sold in the Netherlands because reinvestment

contracts have already been concluded.

Annual Report as of 31 March 2007 35


Regional Distribution of Fund Properties

Europe: 111 properties,

of which 65 properties in Germany

USA: 11 properties

Asia: 1 property

San Francisco, CA

Lisbon

Beijing

Seville

The Hague

Brussels

Berne

Milan

Capital city with investment

Town/city with investment

Capital city

Town/city

Copenhagen

Munich


Gothenburg

Rome

Prague

Vienna

Warsaw

Belgrade

Germany

Athens

Cologne

Hanover

Unterschleissheim

Munich

St. Petersburg

Nuremberg


Property Record as of 31 March 2007

Location of property Type of use (as a % of rental space)

Postcode

City

Type of property:

C = Commercial property

U = Undeveloped property

38 SEB ImmoInvest

Street

P = Partial ownership

H = Heritable building right

Type of

property

I. DIRECTLY HELD PROPERTIES IN EUROZONE COUNTRIES

Germany

85609 Aschheim-Dornach Einsteinring 31–39 C 92 0 2 0 0 0 6 10/2000 2000/2001

13357 Berlin Prinzenallee 89–90 C 52 13 1 0 0 0 34 01/1994 1997

10623 Berlin Steinplatz 2 C 92 0 8 0 0 0 0 12/2001 1970/1994

10785 Berlin Stauffenbergstr. 26 C 0 0 0 100 0 0 0 08/2005 2005

10117 Berlin Johannisstr. 20 C 100 0 0 0 0 0 0 09/2001 1908/2001

10117 Berlin Kleine Kurstr. 15 C 80 8 2 0 10 0 0 08/2005 2006

12105 Berlin Alarichstr. 12–17 C 94 0 6 0 0 0 0 01/1996 1995

44789 Bochum Universitätsstr. 105 C 99 0 1 0 0 0 0 04/1997 1992/1993

28201 Bremen Neuenlander Str. 117 C 0 72 21 0 0 0 7 12/1991 1989

64283 Darmstadt Wilhelminenstr. 1–3 C 79 2 15 0 0 0 4 03/1996 1961

63128 Dietzenbach Waldstr. 41a C 8 0 92 0 0 0 0 04/2003 2002/2003

45058 Duisburg Hansastr. 15 C/H 93 0 3 0 0 0 4 08/1997 1997/2000

40211 Düsseldorf Couvenstr. 6–8 C 85 0 15 0 0 0 0 02/1993 1914/1994

40227 Düsseldorf Kruppstr. 108 C 96 0 4 0 0 0 0 08/1993 1992/1993

40237 Düsseldorf Grafenberger Allee 293 C 95 0 5 0 0 0 0 07/2002 2002

40227 Düsseldorf Moskauer Str. 25–27 C 94 0 5 0 0 0 1 07/2003 2003

40470 Düsseldorf Münsterstr. 304–306 C 38 0 2 58 0 2 0 04/2000 1984

45130 Essen Alfredstr. 57–65 C 99 0 1 0 0 0 0 12/1994 1998

45329 Essen Gladbecker Str. 425–427 C 91 0 8 0 0 0 1 02/1992 1991/1992

45329 Essen Gladbecker Str. 431–435 C 73 0 27 0 0 0 0 03/1991 1990/1991

45128 Essen Kruppstr. 16 C 76 0 10 0 0 0 14 08/2002 1948/1990

73728 Esslingen Fleischmann-/Berliner-/Martin-Str. C 31 54 4 0 0 0 11 10/2002 2002

60313 Frankfurt am Main Stiftstr. 30 C 72 16 10 0 2 0 0 03/1994 1952/1998

60489 Frankfurt am Main Stützeläckerweg 12–14 C 81 0 9 0 0 0 10 09/1989 1989/1990

60327 Frankfurt am Main Rotfeder-Ring 1–13 C 87 10 3 0 0 0 0 05/2004 2003/2004

60439 Frankfurt am Main Lurgiallee 3 C 0 0 0 0 0 0 100 10/2000 1987/2001

60528 Frankfurt am Main Hahnstr. 49 C 93 0 7 0 0 0 0 06/2003 2002

60439 Frankfurt am Main Marie-Curie-Str. 24–28 C 89 0 11 0 0 0 0 01/2001 2000

60528 Frankfurt am Main Herriotstr. 4 C 93 0 7 0 0 0 0 12/2001 1969/2001

79098 Freiburg Bertoldstr. 48/Sedanstr. 7 C 30 1 2 0 0 62 5 05/1996 1998

79115 Freiburg Lörracher Str. 16/16a C 71 0 5 0 0 0 24 12/1990 1991/1992

82031 Grünwald Bavariafilmplatz 8/Luise-Ulrich-Str. 2–8 C/H 74 0 26 0 0 0 0 10/1997 1998

58095 Hagen Friedrich-Ebert-Platz 2 C 52 36 12 0 0 0 0 12/2003 2003

Office

Retail / catering

Industrial (warehousing,

halls)

Hotel

1) The last year in which major renovations, extensions,

or modernisation took place

2) The area corresponds to the leased area at the reporting date

Residential

Leisure

Miscellaneous

3) thereof heritable building right: 12,666 m 2

4) thereof heritable building right: 18,226 m 2

5) Partial ownership

Acquisition

date

Year built /

renovated 1)


Area 2) in m 2 Features Property data

Area of land in m 2

Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

6) Heritable building right in favour of the real estate

company Chrysalis Invest S.A., Brussels

7) Volume ownership

Passenger lift

Sprinkler system

Hot water (central /

decentralised)

Central heating

Property category

13,300 17,148 n n n n Office high Non-central office centre 4 465

1,405 5,333 n n n n n Office high Other city centre locations 14 58

2,188 7,353 n n n n n Office high Central business district (CBD) 1 61

12,127 44,270 n n n n n n n Hotel very high Other city centre locations 1 478

2,694 10,186 n n n n n n Office high Other city centre locations 1 30

725 4,198 n n n n n Office high Other city centre locations 1 20

7,473 14,527 n n n Office high Other city centre locations 2 135

2,381 4,229 n n n Office high Other city centre locations 1 82

20,883 5,408 n n n Retail medium Retail park 1 449

11,642 25,657 n n n n Office simple Central business district (CBD) 14 121

24,877 16,679 n n n n n Logistics medium Established logistics location 2 102

14,707 23,720 n n n n n n Office high Other city centre locations 1 103

741 2,106 n n n Office high Central business district (CBD) 2 6

3,381 6,198 n n n n Office high Other city centre locations 29 143

4,671 10,684 n n n n n Office high Non-central office centre 10 122

6,047 20,879 n n n n n Office high Non-central office centre 9 269

10,331 21,893 n n n n n Office* medium Other city centre locations 19 72

2,137 5,390 n n n Office high Central business district (CBD) 6 85

7,607 4,803 n n n Office high Other city centre locations 5 79

7,881 6,883 n n n Office high Other city centre locations 12 119

11,826 24,971 n n n n Office medium Other city centre locations 1 96

9,485 23,123 n n n n n Retail high City centre (1a) 34 325

1,801 4,645 90 n n n n Office high Other city centre locations 5 26

6,453 10,831 n n n Office high Commercial estate 7 167

7,340 16,823 n n n n n n Office high Non-central office centre 12 304

7,631 7,455 n n n n n n Office* high Non-central office centre 1 23

7,769 15,423 n n n n n n Office very high Non-central office centre 2 102

13,582 29,472 n n n n n n Office high Non-central office centre 1 471

15,688 24,034 n n n n n n Office very high Non-central office centre 3 434

2,660 11,235 n n n Retail* high City centre (1a) 19 0

4,458 5,277 n n n Office medium Other city centre locations 10 86

14,4253) 8,856 n n n Office high Other locations 11 161

1,155 3,907 n n n n n Office high City centre (1a) 9 0

Property quality

* In contrast to the predominant types of use by area, a corresponding

classification was made within the standardised

construction costs category.

Location category

Number of

tenants

Number of

parking spaces

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

Annual Report as of 31 March 2007 39


Location of property Type of use (as a % of rental space)

Postcode

City

40 SEB ImmoInvest

Street

Type of

property

Germany

58095 Hagen Friedrich-Ebert-Platz 1–3 C 1 90 9 0 0 0 0 12/2003 1960/2003

20354 Hamburg ABC-Str. 19 C 94 3 3 0 0 0 0 04/2000 2000

22083 Hamburg Humboldtstr. 58–62 C 92 0 5 0 0 0 3 12/2004 2003

22145 Hamburg Bargkoppelweg 52–66a C/H 23 0 77 0 0 0 0 02/1995 1970/2004

22041 Hamburg Schlossstr. 8 C 80 2 8 0 0 0 10 10/1997 1960/1998

20354 Hamburg Gorch-Fock-Wall 3–7 C 79 0 21 0 0 0 0 03/2006 1883/2005

30659 Hanover Im Heidkampe 9–11 C 96 0 4 0 0 0 0 12/2003 2003

30179 Hanover Vahrenwalder Str. 315–315a C 64 0 35 0 0 0 1 12/2003 2003

30559 Hanover Hägenstr. 4 C 8 0 92 0 0 0 0 09/1996 1984/1996

63150 Heusenstamm Borsigstr. 6 C 56 0 43 0 0 0 1 08/1990 1990/1991

55743 Idar-Oberstein N.a.he-Center 1–10 C 20 50 15 0 6 0 9 05/1989 1988

65451 Kelsterbach Am Grünen Weg 1–3 C 80 0 20 0 0 0 0 07/1994 1992

50825 Cologne Oskar-Jäger-Str. 50 C 86 0 13 0 1 0 0 03/1997 1993

51373 Leverkusen Wiesdorfer Platz 82 C/P 37 63 0 0 0 0 0 12/1995 1971

59557 Lippstadt Planckstr. 1 C/H 0 78 22 0 0 0 0 02/1990 1974/1981

67059 Ludwigshafen Ludwigsplatz 1 C 86 14 0 0 0 0 0 03/1995 1995/1996

39104 Magdeburg Otto-von-Guericke-Str. 86a/Leiterstr. 12 C 92 4 4 0 0 0 0 12/1993 1980/1996

68161 Mannheim Kunststr., N7 C 37 54 8 0 0 0 1 10/2002 2002

68167 Mannheim Dudenstr. 46/57a C (under

con.)

n.a. n.a. n.a. n.a. n.a. n.a. n.a. 03/1993 1992

45768 Marl Bergstr. 228 C/P 0 99 0 0 0 0 1 02/1994 1971/1994

80339 Munich Westendstr. 160–162/Barthstr. 24–26 C 90 0 10 0 0 0 0 01/1996 1993/1996

63263 Neu-Isenburg Dornhofstr. 34 C 94 0 6 0 0 0 0 12/2001 2000/2001

63263 Neu-Isenburg Dornhofstr. 36 C 94 0 6 0 0 0 0 12/2001 2001

41460 Neuss Hellersbergstr. 10a/10b C 99 0 1 0 0 0 0 07/1995 1986/1994

90431 Nuremberg Karl-Martell-Str. 60 C 100 0 0 0 0 0 0 12/1998 1991/1992

61440 Oberursel Ludwig-Erhard-Str. 21 C 100 0 0 0 0 0 0 12/2000 1994/1995

14482 Potsdam Großbeerenstr. 181–183 C 100 0 0 0 0 0 0 12/1998 1997

93059 Regensburg Donaustaufer Str. 168 C 5 68 4 0 0 0 23 12/1994 1988

21218 Seevetal Kirchstr. 26 C 23 44 0 0 14 0 19 05/1989 1976/2000

85716 Unterschleissheim Edisonstr. 1 C 55 0 45 0 0 0 0 09/1989 1989

41748 Viersen Kränkelsweg 2–16 C 26 0 74 0 0 0 0 12/1992 1992

67547 Worms Mainzer Str. 16–18 C 0 63 12 0 0 0 25 08/1989 1989

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building right

Office

Retail / catering

Industrial (warehousing,

halls)

Hotel

1) The last year in which major renovations, extensions,

or modernisation took place

2) The area corresponds to the leased area at the reporting date

Residential

Leisure

Miscellaneous

Acquisition

date

Year built /

renovated 1)

3) 2

thereof heritable building right: 12,666 m

4) 2

thereof heritable building right: 18,226 m

5) Partial ownership


Area 2) in m 2 Features Property data

Area of land in m 2

Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central /

decentralised)

Central heating

Property category

15,703 29,634 n n n n n n Retail high City centre (1a) 55 864

3,209 14,594 n n n n n n Office very high Central business district (CBD) 2 140

4,290 9,601 n n n n Office high Other city centre locations 9 68

83,073 4) 38,885 186 n n n n n Logistics medium Established logistics location 12 56

8,513 15,350 n n n n n Office high Other city centre locations 34 167

4,975 13,512 n n n n Office medium Central business district (CBD) 6 24

5,842 8,049 n n n n n Office high Non-central office centre 2 121

18,427 19,783 n n n n Office high Commercial estate 2 304

24,655 15,816 n n n n Logistics medium Established logistics location 1 120

3,927 5,728 n n n Office high Other city centre locations 5 100

607 1,653 106 n n n Retail medium City centre (1a) 15 34

14,302 15,371 n n n Office high Non-central office centre 1 580

4,858 12,126 154 n n n Office high Commercial estate 4 213

371,200/1,000,000

of 23,843 5)

20,371 n n n n n Retail medium City centre (1a) 1 0

19,488 6,612 n n n n Retail medium Retail park 1 320

1,049 4,063 n n n n Office high Central business district (CBD) 9 24

937 4,586 n n n n n Office high Central business district (CBD) 12 14

2,951 14,490 n n n n n n Retail high Central business district (CBD) 10 138

7,485 n.a. n.a. n n n n Office high Commercial estate n.a. n.a.

97,008/1,000,000 6,300 n n n n n n Retail medium City centre (1a) 20 0

of 54,691 5)

5,996 10,399 n n n n Office high Other city centre locations 4 167

3,890 6,060 n n n Office high Non-central office centre 4 142

6,750 7,284 n n n Office high Non-central office centre 4 422

7,025 7,314 n n n n n n Office high Non-central office centre 2 210

15,908 24,985 n n n n Office high Commercial estate 1 563

4,972 6,081 n n n n Office high Other locations 1 100

3,595 5,290 n n n Office high Other city centre locations 2 96

11,795 5,855 n n n Retail medium Retail park 1 178

3,901 1,802 305 n n Retail medium City centre (1a) 11 57

7,712 5,297 n n n n Office medium Commercial estate 0 106

19,090 10,841 n n n Logistics medium Commercial estate 7 136

2,692 2,212 n n n n Retail medium City centre (1a) 5 50

6) Heritable building right in favour of the real estate

company Chrysalis Invest S.A., Brussels

7) Volume ownership

Property quality

* In contrast to the predominant types of use by area, a corresponding

classification was made within the standardised

construction costs category.

Location category

Number of

tenants

Number of

parking spaces

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

Annual Report as of 31 March 2007 41


Location of property Type of use (as a % of rental space)

Postcode

City

42 SEB ImmoInvest

Street

Type of

property

Belgium

1040 Brussels 41 Avenue des Arts C 99 0 1 0 0 0 0 09/1996 1958/2003

1000 Brussels 306–310 Avenue Louise C 76 19 5 0 0 0 0 10/1996 1972

1000 Brussels 139–141 Rue Royale C 100 0 0 0 0 0 0 01/1997 1976/1994

1000 Brussels 34 Rue de la Loi U 6) n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12/2001 n.a.

1130 Brussels 20 Avenue du Bourget C/H 95 0 5 0 0 0 0 12/1997 1986/1990

1831 Diegem/Brussels 3 Kennedylaan C 98 0 2 0 0 0 0 09/1997 1992

1930

France

Zaventem/Brussels 9 Belgicastraat C 96 0 4 0 0 0 0 03/1998 1997

92320 Chatillon/Paris 200 Rue de Paris/6 Rue André Gide C 91 4 0 0 0 0 5 03/2003 2005

77380 Combs-la-Ville/Paris ZAC Parisud IV C 10 0 90 0 0 0 0 02/2004 2005

59777 Lille Boulevard de Turin C 100 0 0 0 0 0 0 02/2005 2006

69007 Lyon 208–210 Avenue Jean Jaurès C (under

con.)

n.a. n.a. n.a. n.a. n.a. n.a. n.a. 05/2006 n.a.

69003 Lyon 26 Rue de la Villette C 100 0 0 0 0 0 0 01/2001 2001/2002

75783 Paris 28/32 Avenue Victor Hugo C 85 7 8 0 0 0 0 01/1998 1997

92981 Paris 33 Place Ronde C 100 0 0 0 0 0 0 10/2004 1991

92981 Paris 32 Place Ronde C 93 7 0 0 0 0 0 10/2004 1991

75013 Paris 99 Avenue de France C 98 0 1 0 0 0 1 12/2003 2004

75013

Italy

Paris 99 Avenue de France C 0 91 8 0 0 0 1 04/2006 2004

20080 Basiglio/Milan Via Ludovico il Moro 6 C 78 0 21 0 0 0 1 12/2003 2003

20080 Basiglio/ Milan Via Ludovico il Moro 6 C 77 0 21 0 0 0 2 10/2004 2004

20123 Milan Via Dante 15 C 68 14 18 0 0 0 0 12/1999 1898/2000

20099 Milan Via Ercole Marelli 303 C 88 0 12 0 0 0 0 12/1998 1992

20123 Milan Via della Chiusa 2 C 88 0 8 0 0 0 4 07/2004 1965/2005

00142 Rome Via Laurentina 449/Via del Serafico 49–61 C 70 5 23 0 0 0 2 05/2003 1978/1982

33010 Tavagnacco/Udine Via Nazionale 127 C 0 100 0 0 0 0 0 07/2004 1993

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building right

Office

Retail / catering

Industrial (warehousing,

halls)

Hotel

1) The last year in which major renovations, extensions,

or modernisation took place

2) The area corresponds to the leased area at the reporting date

Residential

Leisure

Miscellaneous

Acquisition

date

Year built /

renovated 1)

3) 2

thereof heritable building right: 12,666 m

4) 2

thereof heritable building right: 18,226 m

5) Partial ownership


Area 2) in m 2 Features Property data

Area of land in m 2

Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central /

decentralised)

Central heating

Property category

750 3,497 n n n n Office high Central business district (CBD) 3 55

1,271 6,213 n n n n Office medium Other city centre locations 10 70

995 5,478 n n n n Office medium Other city centre locations 0 52

875 0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Central business district (CBD) n.a. n.a.

14,799 11,023 n n n n Office medium Other city centre locations 1 284

8,205 7,205 n n n n Office medium Non-central office centre 1 182

4,800 4,724 n n n n n Office high Non-central office centre 1 135

3,124 18,614 n n n n n Office high Non-central office centre 4 311

81,875 32,391 n n n n Logistics medium Established logistics location 6 419

7) 7,466 n n n n Office high Central business district (CBD) 2 131

1,462 n.a. n.a. n n n n n.a. n.a. Other city centre locations n.a. n.a.

3,973 10,211 n n n n Office high Central business district (CBD) 6 119

2,287 9,179 n n n n n Office very high Central business district (CBD) 19 145

7) 8,911 n n n n n n Office high Non-central office centre 2 136

7) 9,312 n n n n n n Office high Non-central office centre 3 147

7) 9,695 n n n n n Office high Non-central office centre 3 54

7) 4,523 n n n n n Retail high Non-central office centre 2 13

9,150 14,043 n n n n Office high Non-central office centre 4 151

5,230 7,207 n n n n Office high Non-central office centre 1 72

9,000 6,152 n n n n n Office high Central business district (CBD) 6 0

2,687 5,727 n n n n n Office high Non-central office centre 1 58

6,103 25,477 n n n n n Office high Central business district (CBD) 7 128

79,657 51,660 n n n n n n Office medium Non-central office centre 2 1,304

103,645 17,728 n n n n n n Retail high Solo location (shopping centre) 1 1,545

6) Heritable building right in favour of the real estate

company Chrysalis Invest S.A., Brussels

7) Volume ownership

Property quality

* In contrast to the predominant types of use by area, a corresponding

classification was made within the standardised

construction costs category.

Location category

Number of

tenants

Number of

parking spaces

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

Annual Report as of 31 March 2007 43


Location of property Type of use (as a % of rental space)

Postcode

City

44 SEB ImmoInvest

Street

Type of

property

Luxemburg

2930 Luxemburg 16a Avenue de la Liberté C 84 0 16 0 0 0 0 12/1996 1921/2000

1855 Luxemburg 46a Boulevard J.-F.-Kennedy C 91 0 8 0 0 0 1 06/1998 1999

Netherlands

1183 AS Amstelveen/Amsterdam Prof.W.H.Keesomlaan 4 C 80 20 0 0 0 0 0 07/2005 2000

2596 JM The Hague Oostduinlaan 2 C 100 0 0 0 0 0 0 01/1997 1928/1996

2514 AR The Hague Kanonstraat 4 C 96 0 4 0 0 0 0 11/1996 1996

2521 HD The Hague Verheeskade 25 C/H 60 20 20 0 0 0 0 11/1996 1997

1119 PE Schiphol-Rijk/Amsterdam Boeing Avenue 101 C 100 0 0 0 0 0 0 09/1999 1999

1119 PE Schiphol-Rijk/Amsterdam Boeing Avenue 53/99 C 99 0 1 0 0 0 0 02/2000 2000

1119 PE Schiphol-Rijk/Amsterdam Boeing Avenue 31 C 100 0 0 0 0 0 0 03/1998 1998

1101 CN

Austria

Amsterdam Herikerbergweg 2–36/145–179 C/H 100 0 0 0 0 0 0 12/2005 2004

1030 Vienna Rennweg 46–50 C (under

con.)

Spain

Office

Retail / catering

Industrial (warehousing,

halls)

Hotel

Residential

Leisure

Miscellaneous

Acquisition

date

Year built /

renovated 1)

n.a. n.a. n.a. n.a. n.a. n.a. n.a. 06/1997 1989

41500 Alcalá de Guadaira

(Seville) **

Los Alcores C/P 0 95 0 0 0 5 0 11/2003 2003

II. DIRECTLY HELD PROPERTIES IN COUNTRIES WITH OTHER CURRENCIES

USA

60601 Chicago 150 North Michigan Avenue C 94 3 3 0 0 0 0 05/1999 1984

60606 Chicago 550 West Adams Street C 97 2 1 0 0 0 0 11/2006 2006

10577 Harrison 100 Manhattanville Road C 100 0 0 0 0 0 0 03/2000 1986

20171 Herndon 13241 Woodland Park Road C 100 0 0 0 0 0 0 03/2000 2000

94104 San Francisco 225 Bush Street C 92 5 3 0 0 0 0 04/2005 1922/2000

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building right

1) The last year in which major renovations, extensions,

or modernisation took place

2) The area corresponds to the leased area at the reporting date

3) 2

thereof heritable building right: 12,666 m

4) 2

thereof heritable building right: 18,226 m

5) Partial ownership


Area 2) in m 2 Features Property data

Area of land in m 2

Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central /

decentralised)

Central heating

Property category

223 1,505 n n n Office high Central business district (CBD) 1 0

2,271 6,515 n n n n Office high Non-central office centre 7 136

4,965 6,153 n n n n Office very high Non-central office centre 3 122

4,825 9,256 n n n n n Office medium Other city centre locations 1 33

660 2,389 n n n n Office high Central business district (CBD) 1 17

7,800 12,458 n n n n Office high Commercial estate 1 256

1,758 3,574 n n n n Office high Non-central office centre 1 84

6,532 12,372 n n n n Office high Non-central office centre 1 283

2,517 2,912 n n n n Office high Non-central office centre 1 75

5,246 23,859 n n n n Office high Non-central office centre 2 220

5,665 n.a. n.a. n n n n n n Office medium Other city centre locations n.a. n.a.

25,098 5) 12,409 n n n n n n Retail high Solo location (shopping centre) 78 1.800

1,930 58,273 n n n n n n Office very high Central business district (CBD) 47 0

2,826 45,041 n n n n n n Office very high Central business district (CBD) 7 33

141,687 25,973 n n n n n Office high Non-central office centre 14 936

22,568 12,254 n n n n n n Office high Non-central office centre 1 478

3,559 52,181 n n n n n n Office high Central business district (CBD) 33 110

6) Heritable building right in favour of the real estate

company Chrysalis Invest S.A., Brussels

7) Volume ownership

Property quality

* In contrast to the predominant types of use by area, a corresponding

classification was made within the standardised

construction costs category.

** Contract of sale already signed. Disposal from the

Fund on 25 April 2007.

Location category

Number of

tenants

Number of

parking spaces

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

Annual Report as of 31 March 2007 45


Location of property Type of use (as a % of rental space)

Company/legal form

46 SEB ImmoInvest

Location of property

Registered office of

real estate company

III. PROPERTIES HELD VIA REAL ESTATE COMPANIES IN EUROZONE COUNTRIES

Ringcenter S.A.

1040 Brussels,

Belgium, 1050 Brussels, C 97 0 3 0 0 0 0 03/2005

Capital: EUR 17,046,368 70–74 Rue de la Loi

522 Avenue Louise

Shareholder loans: EUR 30,000,000

Equity interest held: 100.00000%

Chrysalis Invest S.A.

1000 Brussels,

Belgium, 1050 Brussels, C/H 99 0 1 0 0 0 0 12/2001

Capital: EUR 1,615,889 34 Rue de la Loi

522 Avenue Louise

Shareholder loans: EUR 4,983,833

Equity interest held: 99.99969%

Altair Issy S.A.S

92130 Issy-les-Moulineaux, France, 75008 Paris, C 85 0 1 0 0 0 14 12/2002

Capital: EUR 9,010,883 65 Rue de Camille Desmoulins 112 Avenue Kléber

Shareholder loans: EUR 12,645,000

Equity interest held: 100.00000%

SEB ImmoInvest Prélude S.A.S

92100 Boulogne, 27/27ter France, 75008 Paris, C 94 6 0 0 0 0 0 07/2005

Capital: EUR 4,192,221 Avenue du General Leclerc/ 112 Avenue Kléber

Shareholder loans: EUR 6,000,000 2–4 Rue Herault

Equity interest held: 100.00000%

Megalò S.R.L.

66013 Chieti Scalo,

Italy, 20123 Milan, C 0 67 20 0 0 13 0 12/2005

Capital: EUR 5,439,324 Centro Commerciale Megalò Via Gabrio Casati 1

Shareholder loans: EUR 60,000,000

Equity interest held: 100.00000%

Diemen IV GmbH

1112 XS Diemen,

Germany,

C 92 8 0 0 0 0 0 11/2006

Capital: EUR 22,380,750 Wisselwerking 58

60327 Frankfurt,

Shareholder loans: EUR 0.00

Rotfeder-Ring 7

Equity interest held: 49.00000%

Nijmegen IV GmbH

6534 AD Nijmegen,

Germany,

C/H 82 14 2 0 0 0 2 12/2006

Capital: EUR 54,541,000 Dukenburgseweg 5

60327 Frankfurt,

Shareholder loans: EUR 0.00

Rotfeder-Ring 7

Equity interest held: 100.00000%

IV. PROPERTIES HELD VIA REAL ESTATE COMPANIES IN COUNTRIES WITH OTHER CURRENCIES

SEB ImmoInvest Lindholmen Science ParkAB 41756 Gothenburg,

Sweden, 41120 Gothenburg, C 94 3 3 0 0 0 0 06/2004

Capital: EUR 1,169,947 Lindholmspiren 9

c/o Aberdeen Property

Shareholder loans: EUR 14,623,006

Investors Nordic AB,

Equity interest held: 100.00000%

Hivitfeldtsgatan 15

SEB Ingatlankezelési Kft

1075 Budapest,

Hungary, 1024 Budapest, C 93 2 5 0 0 0 0 12/1999

Capital: EUR 5,930,441 Wesselenyi Utca 16

Buday László út

Shareholder loans: EUR 10,600,000

12.I.emelet

Equity interest held: 99.98575%

SEB Immobilia Kft

1065 Budapest,

Hungary, 1024 Budapest, C 87 11 1 0 0 0 1 05/2002

Capital: EUR 1,704,913 Nagymezö Utca 46–48 Buday László út

Shareholder loans: EUR 4,715,346

12.I.emelet

Equity interest held: 99.97191%

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building right

1) The last year in which major renovations, extensions,

or modernisation took place

2) The area corresponds to the leased area at the reporting date

Type of property

Office

Retail / catering

Industrial

(warehousing, halls)

Hotel

Residential

Leisure

Miscellaneous

3) 2

thereof heritable building right: 12,666 m

4) 2

thereof heritable building right: 18,226 m

5) Partial ownership

Acquisition date


Year built /

renovated 1)

Area 2) in m 2 Features Property data

Area of land in m 2

Commercial

Residential

District heating

Air conditioning /

auxiliary cooling

2004 3,948 19,625 n

2001

2002

2006

2005

875

5,186

2,719

134,000

6,853

21,890

8,182

48,620

n

n n

n n

n

Goods lift

n

n

n

n

Passenger lift

n

n

n

n

n

Sprinkler system

n

n

n

Hot water (central /

decentralised)

n

n

n

n

Central heating

n

n

n

n

Property category

Office

Office

Office

Office

Retail

Property quality

high

high

high

very high

high

Location category

Central business district

(CBD)

Central business district

(CBD)

Non-central office centre

Other city centre locations

Solo location

(shopping centre)

2002 10,031 9,538 n n n n Office medium Non-central office centre 3 272

2006 18,120 25,447 n n n n n n Office high Non-central office centre 5 587

2003

1910/1999

1998

2,511

5,642

1,151

11,348

16,113

6,745

6) Heritable building right in favour of the real estate

company Chrysalis Invest S.A., Brussels

7) Volume ownership

n

n

n

n

n

n

n

n

n

n

n

n

n

Office

Office

Office

high

high

high

* In contrast to the predominant types of use by area, a corresponding

classification was made within the standardised

construction costs category.

Non-central office centre

Central business district

(CBD)

Central business district

(CBD)

Number of tenants

Number of

parking spaces

Annual Report as of 31 March 2007 47

1

2

5

1

101

8

17

8

108

62

408

194

2,800

20

258

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

107


Location of property Type of use (as a % of rental space)

Company/legal form

48 SEB ImmoInvest

Location of property

Registered office of

real estate company

IV. PROPERTIES HELD VIA REAL ESTATE COMPANIES IN COUNTRIES WITH OTHER CURRENCIES

Chesterbrook Partners LP

19087 Wayne,

USA, 19046 Jenkintown,

Capital: EUR 51,572,230 I. 600–701 Lee Road, 165 Township Line Road C 99 0 1 0 0 0 0 03/2006

Shareholder loans: EUR 0.00 II. 725–965 Chesterbrook Blvd.,

C 100 0 0 0 0 0 0 03/2006

Equity interest held: 89.40000% III. 1300–1400 Morris Drive

C 99 1 0 0 0 0 0 03/2006

Glenhardie Partners LP

19087 Wayne,

USA, 19046 Jenkintown, C 100 0 0 0 0 0 0 03/2006

Capital: EUR 9,050,621 1255–1285 Drummers Lane 165 Township Line Road

Shareholder loans: EUR 0.00

Equity interest held: 89.40000%

Chesterbrook 11 Land Owner LP 19087 Wayne,

USA, 19046 Jenkintown, U n.a. n.a. n.a. n.a. n.a. n.a. n.a. 03/2006

Capital: EUR 1,332,557 Chesterbrook Parcel 11 165 Township Line Road

Shareholder loans: EUR 0.00

Equity interest held: 89.40000%

851 Dupertail Road LP

19087 Wayne,

USA, 19046 Jenkintown, C 100 0 0 0 0 0 0 01/2007

Capital: EUR 5,400,716 851 Duportail Road

165 Township Line Road

Shareholder loans: EUR 0.00

Equity interest held: 89.40000%

Shanghai XinMao Property

200020 Shanghai,

China, 200020 Shanghai, C/H 98 2 0 0 0 0 0 11/2006

Development Co., Ltd.

233 Taicang Road

233 Taicang Road

Capital: EUR 21,676,606

Shareholder loans: EUR 0.00

Equity interest held: 100.00000%

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building right

1) The last year in which major renovations, extensions,

or modernisation took place

2) The area corresponds to the leased area at the reporting date

Property quality – standard of appointments according to normal production costs 2000

Type of property

Office

Retail / catering

Industrial

(warehousing, halls)

Hotel

Residential

Leisure

Miscellaneous

3) 2

thereof heritable building right: 12,666 m

4) 2

thereof heritable building right: 18,226 m

5) Partial ownership

Type of use Part of building Skeleton/framed/

framework structure

Solid construction Windows Roofs Sanitary installations

Office simple Simple walls, wooden and sheet Brickwork with plaster or combined Wood, single glazing Corrugated fibre cement/sheet metal Small number of basic toilet facilities,

metal lining, fibre cement siding bedding and pointing and paint

roofing, bitumen/plastic film seal surface-mounted fittings

medium Lightweight concrete walls with Thermal insulation plaster/composite Wood, plastic,

Concrete roof tiles, medium Adequate number of toilet facilities,

thermal insulation, concrete system, exposed brickwork with com- insulation glazing

thermal insulation standard flush-mounted fittings

sandwich elements,

bined bedding and pointing and paint,

12 – 25 cm infill

medium thermal insulation standard

high High-density concrete plates, Faced brickwork, metal siding, curtain Aluminium, shutters, solar Clay roof tiles, slate/metal

Toiled facilities with good-quality

faced brickwork, clinker, wall, high thermal standard

shading system, thermal covering, high thermal insulation fittings

up to 30 cm infill

protection glazing

standard

very high Glass siding, over 30 cm infill Natural stone Floor-to-ceiling glazing, large Large number of skylights,

Generous toilet facilities with sanitary

sliding panels, electric shutters, elaborate roof extensions and roof facilities, high standard

sound-proof glazing

heightening, glass roof cut-outs

Retail simple Simple walls, wooden and sheet Brickwork with plaster or combined Wood, steel, single glazing Corrugated fibre cement/sheet metal Small number of basic toilet facilities,

metal lining, fibre cement siding bedding and pointing and paint

roofing, bitumen/plastic film seal surface-mounted fittings

medium Lightweight concrete walls with Thermal insulation plaster/composite Wood, plastic,

Concrete roof tiles, medium Adequate number of toilet facilities,

thermal insulation, concrete system, exposed brickwork with com- insulation glazing

thermal insulation standard flush-mounted fittings

sandwich elements,

bined bedding and pointing and paint,

12 – 25 cm infill

medium thermal insulation standard

high High-density concrete plates, Faced brickwork, metal siding, curtain Aluminium, shutters, solar Clay roof tiles, slate/metal cover- Generous toilet facilities with

faced brickwork, clinker, wall, high thermal standard

shading system, thermal ing, prefabricated glass concrete good-quality fittings

up to 30 cm infill

protection glazing

elements, web concrete planks, high

thermal insulation standard

Logistics simple Simple walls, wooden and sheet Brickwork with plaster or combined Wood, insulation glazing Corrugated fibre cement/sheet metal Basic toilet facilities, small number of

metal lining, fibre cement siding bedding and pointing and paint

roofing, bitumen/plastic film seal showers, surface-mounted fittings

medium Lightweight concrete walls with

thermal insulation, concrete

sandwich elements,

12 – 25 cm infill

Thermal insulation plaster/composite

system, exposed brickwork with combined

bedding and pointing and paint,

medium thermal insulation standard

Wood, plastic,

insulation glazing

Concrete roof tiles, medium

thermal insulation standard

Acquisition date

Adequate toilet facilities, several showers,

some surface-mounted fittings


Year built /

renovated 1)

1982/1988

1986/1992

1981/1987

1979/1985

n.a.

Area 2) in m 2 Features Property data

Area of land in m 2

Commercial

Residential

District heating

Air conditioning /

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central /

decentralised)

Central heating

Property category

96,544 27,296

n

n n n Office high

Non-central office centre 28 1,089

169,692 38,051

n

n n n Office high

Non-central office centre 11 1,153

81,185 19,898

n

n n n Office high

Non-central office centre

12 1,187

69,326 21,146 n n n Office high Non-central office centre 25 821

18,089

1980 18,632

2005

4,998

n.a.

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Property quality

n.a.

Location category

Non-central office centre

3,433 n n n n Office medium Non-central office centre 2 161

34,014

6) Heritable building right in favour of the real estate

company Chrysalis Invest S.A., Brussels

7) Volume ownership

Interior wall covering

of wetrooms

n

n

n

n

n

Office

high

* In contrast to the predominant types of use by area, a corresponding

classification was made within the standardised

construction costs category.

Central business district

(CBD)

Number of tenants

n.a.

44

Number of

parking spaces

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

Floor coverings Interior doors Heating Electrical fittings Installations and

other fittings

Panel framed doors,

Individual stoves, electric storage heating, One lighting outlet and 1 – 2 sur- n. a.

linoleum, PVC, wetrooms: PVC painted leaves and frames

boilers for hot water

faced-mounted sockets per room

Oil-based paintwork Wooden floorboards, needle felt,

Part-tiled walls (1.50 m) Carpet, PVC, tiles, linoleum,

wetrooms: tiles

Floor-to-ceiling tiles Large tiles, parquet, cast stone,

wetrooms: large tiles, special coated

tiles

Natural stone,

elaborately laid

Natural stone, elaborately laid,

wetrooms: natural stone

Plastic/wooden leaves,

steel frames

Leaves with high-quality wood

veneer, glass doors, wooden frames

Solid construction, intruder protection,

suitable for use by the disabled,

automatic doors

Central heating with radiators

(gravity hot water system)

Central heating/pumped heating system with

flat radiators, central water heating

Underfloor heating, air conditioning

and other HVAC systems

1 – 2 lighting outlets and

2 – 3 sockets per room, IT facilities,

surfaced-mounted

Several lighting outlets and

sockets per room, sill trunking

with IT cabling

Elaborate fittings,

security facilities

Oil-based paintwork Wooden floorboards, linoleum, PVC, n. a. Individual stoves, electric storage heating, Basic surface-mounted fittings n. a.

wetrooms: PVC

boilers for hot water

Part-tiled walls (1.50 m) Coated screed, mastic asphalt, n. a. Warm air heating units, warm air heating units Adequate flush-mounted fittings n. a.

wetrooms: tiles

connected to central boiler system,

district heating

Floor-to-ceiling tiles Tiles, wood block flooring, cast stone,

wetrooms: large tiles

n. a. Central heating/pumped heating system with

flat radiators, central water heating

Elaborate fittings,

security facilities

Oil-based paintwork Rough concrete, paint n. a. Warm air heating with a direct-fired system n. a. Surface-mounted power and

water outlets, cooking

facilities, sink

Part-tiled walls (1.50 m) Screed, mastic asphalt,

block paving without bedding

n. a. Central heating n. a. Surface-mounted power and

water outlets, kitchenette

n. a.

n. a.

n. a.

n. a.

n.a.

141

Annual Report as of 31 March 2007 49


Overview: Market Values and Rents *

The following pages contain additional information on

our properties relating to letting rates, market values, ex-

piring leases, long-term rental income determined by ex-

perts (rental valuations) and forecast rental income for in-

dividual properties in the coming year.

For reasons of data protection and protection from com-

petition, this data is not published for properties that are

occupied exclusively by fewer than five tenants, or for

which one tenant accounts for 75% of rental income.

The following data relates to the properties held directly

and indirectly by the Fund. In the case of properties held

via investment companies, rents and market values are

indicated in proportion to the respective equity interest

held. The individual values cannot be extrapolated to the

Fund assets as a whole.

Please read the following information in order to inter-

pret the data:

Market value

The market value is determined by the price that would

be obtained within a short time in the normal course of

business in accordance with the legal situation and actual

characteristics, the other attributes and the location of the

property, disregarding unusual or personal factors. Valu-

ation is based on the income approach (Ertragswertver-

fahren), in which a property‘s value is calculated on the

basis of the long-term rental income that it will generate.

The market value is determined at least once a year by a

committee of external, publicly certified and sworn

experts.

Rental income (cash flow) during the financial year

Rental income during the financial year relates to the

contractually secured rent receivable for the respective

50 SEB ImmoInvest

property, excluding flat fees for incidental expenses or

advance payments of incidental expenses. Extraordinary

income is also factored into the calculation of rental in-

come. Uncontested rent reductions as well as rent-free pe-

riods are taken into consideration. The rental income dur-

ing the financial year therefore reflects the contractually

secured cash flow for the property in the financial year.

If a property is added to the portfolio in the course of the

period under review, rental income is reported for the

relevant proportionate period.

Forecast rental income for the coming financial year

Forecast rental income is calculated in the same way as

the rental income in the financial year. For expiring leases

or unlet space, assumptions relating to the period required

to relet the property as well as the letting conditions are

made according to the respective market situation.

Rental valuations (expert opinions)

(at the reporting date)

Rental valuations according to expert opinions correspond

to the long-term gross profit determined by an external

expert that is used as a basis to calculate the income

obtainable. This net basic rent that can be generated from

a property in the long term if it is fully let therefore repre-

sents the long-term achievable income from a property –

regardless of short-term fluctuations in demand. Premi-

ums or discounts that reflect the property‘s current

market situation (such as vacancies or leases concluded at

above-market conditions) are deducted from or added to

the market value separately. For this reason, a rental valu-

ation based on an expert opinion may differ from the

actual net position. Rather, it represents a property‘s long-

term earnings power according to current estimates.

* Only the information on the market values according to expert opinions and on the letting rate was included in the audit for which the Auditors’ Report was issued.


Overview: Market Values and Rents

Postcode

City

Street

Letting rate (at the

reporting date) in % 1)

Expiring leases in % 2) *

Rental income during

the financial year in

EUR thousand 3) *

Rental valuations

(expert opinion)

(at the reporting date)

in EUR thousand *

Market value

(expert opinion)

(at the reporting date)

in EUR million

Forecast rental income

for the next financial

year in EUR thousand *

I. DIRECTLY HELD PROPERTIES IN EUROZONE COUNTRIES

Germany

85609 Aschheim-Dornach Einsteinring 31–39 49.6 – – 3,131.3 46.38 – 4.9

13357 Berlin Prinzenallee 89–90 69.9 16.7 665.9 845.2 12.20 665.7 5.5

12105 Berlin Alarichstr. 12–17 100.0 – – 2,511.2 46.43 – 7.8

10117 Berlin Johannisstr. 20 100.0 – – 1,887.5 26.70 – 8.8

10623 Berlin Steinplatz 2 100.0 100.0 – 1,512.5 24.40 – 7.3

10117 Berlin Kleine Kurstr. 15 n.a. n.a. – n.a. n.a. – n.a. 8)

10785 Berlin Stauffenbergstr. 26 100.0 – – 10,328.2 178.00 – 5.8

44789 Bochum Universitätsstr. 105 100.0 – – 608.6 8.80 – 7.1

28201 Bremen Neuenlander Str. 117 100.0 – – 493.1 6.10 – 8.5

64283 Darmstadt Wilhelminenstr. 1–3 100.0 – – 3,382.1 49.90 – 7.3

63128 Dietzenbach Waldstr. 41a 100.0 – – 1,383.7 18.99 – 7.3

45058 Duisburg Hansastr. 15 100.0 – – 3,311.8 53.10 – 7.1

40211 Düsseldorf Couvenstr. 6–8 100.0 – – 353.3 5.52 – 6.2

40227 Düsseldorf Kruppstr. 108 61.0 – – 978.4 14.95 – 4.2

40470 Düsseldorf Münsterstr. 304–306 89.7 – – 3,429.6 43.10 – 7.6

40237 Düsseldorf Grafenberger Allee 293 99.9 – – 1,781.1 29.86 – 6.2

40227 Düsseldorf Moskauer Str. 25–27 100.0 0.0 3,387.2 3,398.0 54.20 3,233.6 6.2

45329 Essen Gladbecker Str. 431–435 53.1 28.3 338.9 644.8 8.37 335.8 4.0

45329 Essen Gladbecker Str. 425–427 60.3 18.2 276.9 484.7 6.38 295.5 4.3

45130 Essen Alfredstr. 57–65 66.4 1.8 336.3 757.4 11.02 516.1 3.1

45128 Essen Kruppstr. 16 100.0 – – 2,243.1 29.16 – 7.0

73728 Esslingen Fleischmann- / Berliner- / Martin-Str. 98.0 2.2 4,219.3 4,196.0 64.70 4,222.5 7.4

60489 Frankfurt am Main Stützeläckerweg 12–14 56.2 – – 1,483.4 21.10 – 4.8

60313 Frankfurt am Main Stiftstr. 30 68.8 – – 978.3 14.90 – 3.2

60439 Frankfurt am Main Marie-Curie-Str. 24–28 100.0 – – 6,079.0 110.00 – 6.0

60439 Frankfurt am Main Lurgiallee 3 100.0 – – 2,710.6 39.00 – 6.9

60528 Frankfurt am Main Herriotstr. 4 28.2 – – 4,493.9 68.80 – 4.5

60327 Frankfurt am Main Rotfeder-Ring 1–13 86.8 0.0 2,870.5 3,885.2 67.29 3,313.8 4.3

60528 Frankfurt am Main Hahnstr. 49 100.0 – – 3,241.4 55.00 – 6.4

79115 Freiburg Lörracher Str. 16 / 16a 98.2 27.2 557.2 627.3 8.87 639.1 6.3

79098 Freiburg Bertoldstr. 48 / Sedanstr. 7 97.0 – – 2,283.4 33.53 – 6.6

82031 Grünwald Bavariafilmplatz 8 / Luise-Ulrich-Str. 2–8 94.5 5.4 1,286.9 1,376.6 16.20 1,309.0 7.9

58095 Hagen Friedrich-Ebert-Platz 1–3 98.9 0.0 5,711.2 5,937.5 92.79 5,881.8 6.2

58095 Hagen Friedrich-Ebert-Platz 2 100.0 4.7 716.5 714.1 11.58 716.5 6.2

1) Based on the property‘s estimated net rental for the year

2) The Expiring leases item comprises the proportion of leases that could expire

during the financial year following the period under review as a % of the estimated

net rental for the year.

3) Rental income during the financial year is the total of the net positions; zero

income is reported for vacant periods and contractually agreed rent-free periods.

4) The return for properties acquired during the financial year was extrapolated

to produce a twelve-month figure. This allows the properties to be compared

with each other. The property return is calculated by dividing the

rental income during the financial year by the market value.

The individual values cannot be extrapolated to the Fund result as a whole.

* This column was not included in the audit for which the Auditors’ Report was issued.

Property return in the

financial year in % 4) *

5) No information has been published since these properties are currently under

construction.

6) The property was acquired during the financial year. The rental income only

relates to the period since it was added to the Fund.

7) Rental income from companies is consolidated and reported in Income from

equity interests in the Statement of Income and Expenditure.

8) No information is published in the first year with regard to properties completed

during the financial year.

Annual Report as of 31 March 2007 51


Overview: Market Values and Rents

Postcode

City

52 SEB ImmoInvest

Street

Letting rate (at the

reporting date) in % 1)

Expiring leases in % 2) *

Rental income during

the financial year in

EUR thousand 3) *

Rental valuations

(expert opinion)

(at the reporting date)

in EUR thousand *

Market value

(expert opinion)

(at the reporting date)

in EUR million

Forecast rental income

for the next financial

year in EUR thousand *

Germany

22145 Hamburg Bargkoppelweg 52–66a 70.9 11.5 1,736.5 2,187.8 25.41 1,662.0 6.8

20354 Hamburg ABC-Str. 19 100.0 – – 3,748.1 72.36 – 5.9

22041 Hamburg Schlossstr. 8 96.3 37.0 2,385.7 2,327.3 37.20 2,250.0 6.4

22083 Hamburg Humboldtstr. 58–62 100.0 2.3 1,534.9 1,459.2 23.40 1,536.4 6.6

20354 Hamburg Gorch-Fock-Wall 3–7 100.0 – – 1,976.6 35.30 – 5.8

30559 Hanover Hägenstr. 4 100.0 – – 951.9 10.95 – 8.7

30659 Hanover Im Heidkampe 9–11 100.0 – – 999.0 14.66 – 6.4

30179 Hanover Vahrenwalder Str. 315–315a 100.0 – – 2,316.3 33.20 – 7.2

63150 Heusenstamm Borsigstr. 6 44.3 – – 516.7 6.50 – 2.5

55743 Idar-Oberstein Nahe-Center 1–10 57.4 19.2 99.0 163.6 2.04 88.3 4.9

65451 Kelsterbach Am grünen Weg 1–3 100.0 – – 2,664.7 36.93 – 4.6

50825 Cologne Oskar-Jäger-Str. 50 7.6 – – 1,649.1 21.88 – 0.5

51373 Leverkusen Wiesdorfer Platz 82 100.0 – – 1,532.2 18.74 – 6.4

59557 Lippstadt Planckstr. 1 100.0 – – 624.0 5.73 – 10.9

67059 Ludwigshafen Ludwigsplatz 1 97.2 – – 581.8 9.75 – 7.5

39104 Magdeburg Otto-von-Guericke-Str. 86a/Leiterstr. 12 53.5 17.1 158.9 372.3 5.10 179.8 3.1

68167 Mannheim Dudenstr. 46/57a n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5)

68161 Mannheim Kunststr., N7 92.3 8.5 1,903.2 2,131.0 32.64 1,956.2 5.8

45768 Marl Bergstr. 228 66.3 19.9 853.5 1,195.1 12.04 776 7.1

80339 Munich Westendstr. 160–162/Barthstr. 24–26 63.7 – – 1,762.3 27.30 – 3.7

63263 Neu-Isenburg Dornhofstr. 34 80.1 – – 862.8 12.86 – 4.4

63263 Neu-Isenburg Dornhofstr. 36 100.0 – – 1,281.6 20.23 – 6.6

41460 Neuss Hellersbergstr. 10a/10b 100.0 – – 1,179.3 17.49 – 7.3

90431 Nuremberg Karl-Martell-Str. 60 100.0 – – 3,211.8 54.00 – 6.5

61440 Oberursel Ludwig-Erhard-Str. 21 100.0 – – 970.3 14.85 – 6.5

14482 Potsdam Großbeerenstr. 181–183 100.0 – – 687.0 10.60 – 7.8

93059 Regensburg Donaustaufer Str. 168 100.0 – – 271.9 3.21 – 8.5

21218 Seevetal Kirchstr. 26 100.0 0.0 264.8 280.4 3.72 283.8 7.1

85716 Unterschleissheim Edisonstr. 1 0.0 – – 577.1 7.45 – 0.2

41748 Viersen Kränkelsweg 2–16 54.6 43.6 334.2 628.8 6.84 340.2 4.9

67547

Belgium

Worms Mainzer Str. 16–18 76.2 – – 151.5 1.90 – 6.7

1040 Brussels 41 Avenue des Arts 27.2 – – 617.5 8.20 – 1.4

1000 Brussels 306–310 Avenue Louise 76.8 51.0 664.1 882.5 10.80 492 6.1

1000 Brussels 139–141 Rue Royale 0.0 – – 833.3 7.95 – 0.2

1130 Brussels 20 Avenue du Bourget 100.0 – – 1,337.2 15.80 – 8.8

1000 Brussels 34 Rue de la Loi 100.0 – – 0.0 5.65 – 4.7

1831 Diegem/Brussels 3 Kennedylaan 73.6 – – 1,044.6 13.90 – 6.5

1930

France

Zaventem/Brussels 9 Belgicastraat 20.5 – – 754.6 8.90 – 1.7

92100 Boulogne 27/27ter Avenue du General Leclerc/

2–4 Rue Herault 100.0 – – 3,623.6 62.00 – 0.0

92320 Chatillon/Paris 200 Rue de Paris/6 Rue Andre Gide 100.0 – – 5,347.0 78.90 – 5.9

77380 Combs-la-Ville/Paris ZAC Parisud IV 100.0 0.0 1,794.7 1,915.5 22.90 1,910.5 7.8

59777 Lille Boulevard de Turin 100.0 – – 1,484.4 20.50 – 6.0

69003 Lyon 26 Rue de la Villette 100.0 0.0 2,383.1 2,018.9 27.34 2,525.1 8.7

69007 Lyon 208–210 Avenue Jean Jaurès n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5)

Property return in the

financial year in % 4) *


Overview: Market Values and Rents

Postcode

City

Street

Letting rate (at the

reporting date) in % 1)

Expiring leases in % 2) *

Rental income during

the financial year in

EUR thousand 3) *

Rental valuations

(expert opinion)

(at the reporting date)

in EUR thousand *

Market value

(expert opinion)

(at the reporting date)

in EUR million

Forecast rental income

for the next financial

year in EUR thousand *

France

75783 Paris 28/32 Avenue Victor Hugo 100.0 0.1 5,354.5 5,373.2 92.10 5,748.1 5.8

75013 Paris 99 Avenue de France 100.0 – – 4,957.9 83.40 – 6.4

92981 Paris 33 Place Ronde 100.0 – – 4,276.3 75.90 – 6.5

92981

Italy

Paris 32 Place Ronde 100.0 – – 3,856.0 65.70 – 6.1

20080 Basiglio/Milan Via Ludovico il Moro 6 100.0 – – 2,221.6 32.44 – 6.8

20080 Basiglio/Milan Via Ludovico il Moro 6 100.0 – – 1,133.8 16.61 – 6.8

20099 Milan Via Ercole Marelli 303 100.0 – – 911.0 12.58 – 7.2

20123 Milan Via Dante 15 100.0 – – 1,652.1 27.92 – 6.0

20123 Milan Via della Chiusa 2 92.4 0.0 8,672.8 8,857.2 146.79 8,434.5 5.9

00142 Rome Via Laurentina 449/

Via del Serafico 49–61 100.0 0.0 11,921.1 11,817.7 161.40 – 7.4

33010 Tavagnacco/Udine Via Nazionale 127 100.0 0.0 4,864.0 4,850.4 67.13 – 7.2

Luxemburg

2930 Luxemburg 16a Avenue de la Liberté 100.0 0.0 269.1 269.1 4.02 – 6.7

1855 Luxemburg 46a Boulevard J.-F.-Kennedy 94.0 0.0 2,300.1 2,344.9 36.21 2,401.5 6.4

Netherlands

1183 AS Amstelveen / Amsterdam Prof.W.H.Keesomlaan 4 100.0 – – 1,328.1 18.70 – 6.7

1101 CN Amsterdam Herikerbergweg 2–36 / 145–179 100.0 – – 5,368.3 98.50 – 6.2

2514 AR The Hague Kanonstraat 4 100.0 – – 452.1 6.05 – 6.9

2521 HD The Hague Verheeskade 25 100.0 – – 1,599.7 21.75 – 7.9

2596 JM The Hague Oostduinlaan 2 100.0 – – 1,124.0 14.90 – 7.6

1119 PE Schiphol-Rijk / Amsterdam Boeing Avenue 31 100.0 – – 534.1 7.07 – 7.8

1119 PE Schiphol-Rijk / Amsterdam Boeing Avenue 101 100.0 – – 591.8 7.83 – 7.6

1119 PE

Austria

Schiphol-Rijk / Amsterdam Boeing Avenue 53/99 100.0 – – 2,270.2 30.27 – 8.1

1030 Vienna Rennweg 46–50 n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5) n.a. 5)

Spain

41500 Alcalá de Guadaira (Seville) Los Alcores 100.0 0.0 2,589.4 2,736.6 38.80 2,589.4 6.7

II. DIRECTLY HELD PROPERTIES IN COUNTRIES WITH OTHER CURRENCIES

USA

60601 Chicago 150 North Michigan Avenue 74.7 5.9 5,276.1 8,597.4 84.90 4,675.0 6.3

10577 Harrison 100 Manhattanville Road 100.0 0.2 3,189.7 5,561.4 42.00 3,446.5 7.7

20171 Herndon 13241 Woodland Park Road 100.0 – – 2,823.8 30.95 – 9.8

94104 San Francisco 225 Bush Street 86.1 0.1 14,111.8 16,034.8 159.28 14,557.3 9.0

60606 Chicago 550 West Adams Street – – 2,735.0 6) 8,306.0 138.24 8,306.0 0.4

1) Based on the property‘s estimated net rental for the year

2) The Expiring leases item comprises the proportion of leases that could expire

during the financial year following the period under review as a % of the estimated

net rental for the year.

3) Rental income during the financial year is the total of the net positions; zero

income is reported for vacant periods and contractually agreed rent-free periods.

4) The return for properties acquired during the financial year was extrapolated

to produce a twelve-month figure. This allows the properties to be compared

with each other. The property return is calculated by dividing the

rental income during the financial year by the market value.

The individual values cannot be extrapolated to the Fund result as a whole.

* This column was not included in the audit for which the Auditors’ Report was issued.

Property return in the

financial year in % 4) *

5) No information has been published since these properties are currently under

construction.

6) The property was acquired during the financial year. The rental income only

relates to the period since it was added to the Fund.

7) Rental income from companies is consolidated and reported in Income from

equity interests in the Statement of Income and Expenditure.

8) No information is published in the first year with regard to properties completed

during the financial year.

Annual Report as of 31 March 2007 53


Overview: Market Values and Rents

Postcode

City

SEB Immo Cash

Key figures SEB Immo Cash SEB Immo Cash in-

54 SEB ImmoInvest

Street

vestment structure

in % of the Fund

volume

SEB Immo Cash credit

rating structure

Return (1 Sept. 2006 – 31 Mar. 2007) 2.06% Bank deposits 8.6 AAA 36.3

Return p. a. 3.54% p.a. Money market

Duration 0.26 years instruments

91.4

A 29.8

Letting rate (at the

reporting date) in % 1)

Expiring leases in % 2) *

Rental income during

the financial year in

EUR thousand 3) *

Rental valuations

(expert opinion)

(at the reporting date)

in EUR thousand *

Market value

(expert opinion)

(at the reporting date)

in EUR million

Forecast rental income

for the next financial

year in EUR thousand *

III. PROPERTIES HELD VIA REAL ESTATE COMPANIES IN EUROZONE COUNTRIES 7)

1000 Brussels, Belgium 34 Rue de la Loi 100.0 n.a. n.a. 1,592.6 17.12 – 9.7

1040 Brussels, Belgium 70–74 Rue de la Loi 100.0 0.0 n.a. 3,808.9 70.20 – 4.1

92130 Issy-les-Moulineaux 65 Rue de Camille Desmoulins

France

100.0 – n.a. 9,876.9 172.40

– 6.0

66013 Chieti Scalo, Italy Centro Commerciale Megalo 100.0 0.0 n.a. 9,025.7 126.10 9,046.6 8.3

1112 XS Diemen, Netherlands Wisselswerking 58 100.0 0.0 n.a. 2,383.7 45.67 – 6.6

6534 AD Nijmegen, Netherlands Dukenburgseweg 5 100.0 0.0 n.a. 5,377.7 87.40 – n.a. 8)

IV. PROPERTIES HELD VIA REAL ESTATE COMPANIES IN COUNTRIES WITH OTHER CURRENCIES 7)

41756 Gothenburg, Sweden Lindholmspiren 9 100.0 0.9 n.a. 2,141.4 30.45 2,214.0 7.0

1075 Budapest, Hungary Wesselenyi Utca 16 86.6 4.3 n.a. 2,731.3 38.27 2,785.1 7.2

1065 Budapest, Hungary Nagymezö Utca 46–48 99.9 79.3 n.a. 1,054.2 14.14 1,237.4 8.8

19087 Wayne, USA 600–701 Lee Road 96.8 0.6 n.a. 6,851.3 50.91 3,947.2 1.5

19087 Wayne, USA 725–965 Chesterbrook Boulevard 95.7 0.1 n.a. 8,415.3 65.96 6,819.8 1.9

19087 Wayne, USA 1300–1400 Morris Drive 92.3 6.0 n.a. 4,559.3 38.15 3,181.8 1.8

19087 Wayne, USA 1255–1285 Drummers Lane 50.6 2.3 n.a. 4,651.3 32.51 1,930.6 7.4

19087 Wayne, USA Chesterbrook Parcel 11 100.0 0.0 n.a. 0.0 1.34 – 0.0

19087 Wayne, USA 851 Duportail Road 100.0 0.0 n.a. 666.3 5.51 658.6 8.0

200020 Shanghai, China 233 Taicang Road 98.0 2.5 n.a. 11,743.3 160.44 11,087.3 n.a.

1) Based on the property‘s estimated net rental for the year

2) The Expiring leases item comprises the proportion of leases that could expire

during the financial year following the period under review as a % of the estimated

net rental for the year.

3) Rental income during the financial year is the total of the net positions; zero

income is reported for vacant periods and contractually agreed rent-free periods.

4) The return for properties acquired during the financial year was extrapolated

to produce a twelve-month figure. This allows the properties to be compared

with each other. The property return is calculated by dividing the

rental income during the financial year by the market value.

The individual values cannot be extrapolated to the Fund result as a whole.

* This column was not included in the audit for which the Auditors’ Report was issued.

in % of the Fund

volume

AA 34.0

Property return in the

financial year in % 4) *

5) No information has been published since these properties are currently under

construction.

6) The property was acquired during the financial year. The rental income only

relates to the period since it was added to the Fund.

7) Rental income from companies is consolidated and reported in Income from

equity interests in the Statement of Income and Expenditure.

8) No information is published in the first year with regard to properties completed

during the financial year.


Money Market Instruments, Securities and Hedging

Instruments Portfolio as of 31 March 2007

Money market instruments Purchases Sales / disposals Portfolio Market value*

(nom.) EUR thou. (nom.) EUR thou. (nom.) EUR thou. EUR thou.

from 1 Apr. 2006 from 1 Apr. 2006

to 31 Mar. 2007 to 31 Mar. 2007

Credit institutions (abroad) 164,000 302,000 0 0

of which foreign issuers 164,000 302,000 0 0

Credit institutions (Germany) 66,500 106,500 0 0

Other 29,000 82,613 0 0

of which foreign issuers 29,000 82,613 0 0

Total money market instruments 259,500 491,113 0 0

Investment units Purchases Sales / disposals Portfolio Market value*

thou. units thou. units thou. units EUR thou.

from 1 Apr. 2006 from 1 Apr. 2006

to 31 Mar. 2007 to 31 Mar. 2007

Units of SEB Immo Cash special fund 46.200 0 46.200 2.331.714

Total investment units 46.200 0 46.200 2.331.714

Securities Purchases Sales / disposals Portfolio Market value*

(nom.) EUR thou. (nom.) EUR thou. (nom.) EUR thou. EUR thou.

from 1 Apr. 2006 from 1 Apr. 2006

to 31 Mar. 2007 to 31 Mar. 2007

Total officially traded securities 105,000 327,500 0 0

Total securities and money market

instruments not eligible as collateral for

Eurosystem credit operations with the

ECB or Deutsche Bundesbank

Total securities and money market

instruments not eligible as collateral for

Eurosystem credit operations with the

ECB or Deutsche Bundesbank

0

14,000

Purchases Sales / disposals Portfolio Market value*

thou. units thou. units thou. units EUR thou.

from 1 Apr. 2006 from 1 Apr. 2006

to 31 Mar. 2007 to 31 Mar. 2007

46,200

0

0

46,200

Annual Report as of 31 March 2007 55

0

2,331,714

Hedging transactions Purchases Sales / disposals Total volume Sales volume

equiv. (EUR thou.) equiv. (EUR thou.) equiv. (EUR thou.) nom. currencies

from 1 Apr. 2006 from 1 Apr. 2006 from 1 Apr. 2006 from 1 Apr. 2006

to 31 Mar. 2007 to 31 Mar. 2007 to 31 Mar. 2007 to 31 Mar. 2007

a) Purchases and sales of financial instruments

entered into during the period under review

and no longer appearing in the statement of

assets

CNY 36,766 37,463 74,229 379,500

SEK 50,241 24,341 74,582 224,900

USD 1,961,252 1,585,936 3,547,188 2,034,300

Total 2,048,259 1,647,740 3,695,999

Euro Bund futures 295,555 155,856 451,411

Euro Bobl futures 87,780 54,786 142,566

Total 383,335 210,642 593,977

Market value Market value Preliminary result Sales nom.

(sales) EUR thou. (rept. date)* EUR thou. EUR thou. currencies

b) Open items

CNY 118,737 118,017 720 1,187,000

SEK 29,277 28,440 838 265,000

SGD 2,551 2,554 – 3 5,130

USD 412,206 411,688 517 550,100

Total 562,771 560,699 2,072

Market value Market value Preliminary result Sales nom.

(sales) EUR thou. (rept. date)* EUR thou. EUR thou. currencies

c) Closed-out transactions not yet due

SEK 29,840 30,594 755 280,100

USD 11,208 11,208 0 15,100

Total 41,048 41,803 755

* The forward exchange transactions were valued at their forward rate on 30 March 2007.

The investment units were valued at their unit value/redemption price on 30 March 2007.


Statement of Income and Expenditure

for the period from 1 April 2006 to 31 March 2007 EUR EUR EUR

I. Income

1. Income from properties 250,289,689.76

of which in foreign currency 43,359,304.77

2. Income from equity interests in real estate companies 2,359,799.63

of which in foreign currency 381,438.48

3. Income from liquidity portfolio

3.1 Income from bank deposits 24,429,643.38

56 SEB ImmoInvest

of which in foreign currency 5,036,385.63

3.2 Income from money market instruments 4,501,906.82

of which in foreign currency 0.00

3.3 Income from investment units 24,360,000.00

of which in foreign currency 0.00

3.4 Income from securities 562,833.53

of which in foreign currency 0.00

4. Development project interest 263,234.92

5. Other income 11,940,403.10

of which in foreign currency 2,290,111.21

Total income 318,707,511.14

II. Expenditure

1. Management costs

1.1 Operating costs 22,438,079.59

of which in foreign currency 14,133,170.83

1.2 Maintenance costs 23,721,660.21

of which in foreign currency 12,093,852.31

1.3 Property management costs 6,823,354.34

of which in foreign currency 2,897,429.17

1.4 Other costs 3,740,850.59

of which in foreign currency 0.00

2. Ground rent, life annuities and temporary annuities 424,247.64

of which in foreign currency 0.00

3. Interest expenses 37,304,973.84

of which in foreign currency 18,042,373.15

4. Taxes incurred abroad 99,065,837.95

5. Fund management costs

5.1 Remuneration of Fund management 27,478,872.25

5.2 Custodian bank fee 1,119,978.00

5.3 Remuneration of experts 624,129.76

5.4 Other expenditure in accordance with section 13 BVB (Special Fund Rules) 3,784,319.08

Total expenditure 226,526,303.25

III. Equalisation paid 54,894,620.73

Ordinary net income 147,075,828.62

Total Expense Ratio (TER) 0.60%


Disclosures on the Statement of Income and Expenditure

Income

Income from properties comprises the rental income

from the Fund‘s German and foreign properties. It fell by

EUR 5.7 million year-on-year to EUR 250.3 million due to

the sale of six properties. A total of EUR 93.7 million of the

income from properties is attributable to foreign proper-

ties in the eurozone, and EUR 43.4 million to properties

outside the eurozone.

Income from equity interests in real estate companies

includes the distributions received by the Fund from real

estate companies in France and the USA during the period

under review.

Income from the liquidity portfolio includes interest in-

come from time and demand deposits of EUR 24.4 million

(previous year: EUR 18.1 million), income from money

market instruments of EUR 4.5 million, income from

investment units of EUR 24.4 million and income from

interest-bearing securities of EUR 0.6 million, all of which

was generated from securities listed in euros.

Income from development project interest is calculatory

standard market interest for the Fund‘s equity tied up

during construction. Development project interest in the

amount of EUR 0.3 million was calculated in the year un-

der review on two properties under construction. One

property was completed during the period under review.

The Other income item mainly comprises interest income

from shareholder loans extended to the real estate compa-

nies amounting to EUR 7.1 million and reversals of provi-

sions amounting to EUR 1.7 million. It also includes in-

come of EUR 0.8 million from the reimbursement of US

mortgage tax by the purchaser of the property in New

York and credit interest of EUR 0.7 million from an exter-

nal tax audit, as well as income of EUR 0.6 million from

the reversal of valuation allowances on rent receivables.

Expenditure

Management costs include operating costs (EUR 22.4

million), maintenance costs (EUR 23.7 million), property

management costs which cannot be charged to the ten-

ants (EUR 6.8 million) and other costs (EUR 3.7 million).

Other costs comprise write-downs and valuation allow-

ances on rent receivables amounting to EUR 3.1 million.

The net increase in management costs of EUR 1.3 million

as against the previous year is due to the growth in main-

tenance costs of EUR 3.5 million.

The ground rent disclosed relates to the properties in

Lippstadt, Hamburg-Rahlstedt and Munich-Grünwald.

Interest expenses result primarily from the external fi-

nancing of property acquisitions abroad. Interest expenses

payable on loans taken out in foreign currencies amount

to EUR 18.0 million and relate exclusively to the USA.

The Fund incurred expenses and recognised provisions

amounting to EUR 99.1 million for the payment of income

taxes incurred abroad. EUR 90.2 million of this relates to

the taxation of foreign capital gains on properties. This tax

expense relates primarily to the USA (EUR 74.2 million),

France (EUR 16.5 million) and Spain (EUR 3.7 million).

As provisions for taxes on deferred capital gains are not

based on concrete intentions to make disposals, they are

taken directly from Fund assets.

The Fund management costs item includes the remuner-

ation of the Fund management and the custodian bank

fee, the remuneration of experts, and other expenditure

in accordance with section 13 BVB (Special Fund Rules).

Remuneration of the Fund management amounts to

EUR 27.5 million, or 0.50% p.a. of the average Fund assets;

in accordance with the Fund rules, remuneration of up

to 1% of the average Fund assets may be charged. The

Annual Report as of 31 March 2007 57


investment company pays regular – usually annual – bro-

kerage fees (trail commission) to brokers such as credit

institutions from the management fee paid to it.

In accordance with section 13 (3) of the BVB, the custo-

dian bank receives a custodian bank fee of 0.005% of

Fund assets at the end of every quarter.

The members of the Expert Committee receive remunera-

tion for the statutory annual valuations. The costs of the

initial valuation opinion are reported as acquisition costs

and are therefore not recognised in the Statement of

Income and Expenditure.

Other expenditure in accordance with section 13 BVB

comprises the costs of the Annual Report, the redemption

of the distribution coupons and the audit of the Fund,

consultancy, translation and external accounting costs, as

well as bank fees and expenses. The Company also re-

ceived construction and purchase or selling fees amount-

ing to EUR 11.1 million in accordance with section 13 (2)

BVB, which are reported as part of the properties‘ and

real estate companies’ acquisition or disposal costs, and

not shown in the Statement of Income and Expenditure.

Equalisation paid

The Equalisation paid item is the balance of expenditure

and income paid by the unit buyer as part of the issuing

price in order to compensate for accrued income, or

recompensed by the Fund as part of the redemption price

when the unit is redeemed. EUR 25.5 million relates to

equalisation for domestic income, and EUR 29.4 million to

equalisation for income generated abroad.

58 SEB ImmoInvest

Ordinary net income

Ordinary net income fell by EUR 31.5 million to

EUR 147.1 million due to the extraordinary tax burden

resulting from the capital gains.

Total Expense Ratio (TER)

The Total Expense Ratio shows the impact of costs on

Fund assets. It takes into account management and custo-

dian bank fees, the costs of the Expert Committee and

other costs in accordance with section 13 of the BVB

(Special Fund Rules), with the exception of transaction

costs. The TER expresses the total amount of these costs

as a percentage of average Fund assets within a financial

year, thus providing results that comply with internation-

al cost transparency standards. This calculation is in line

with the BVI‘s recommended method.

SEB ImmoInvest‘s TER is 0.60%.


Calculation of the distribution

Total

(EUR)

per unit

Ordinary net income 147,075,828.62 1.33

Realised profits

on liquidity portfolio

on properties

on equity interests in real estate companies

143,685.03

201,942,636.73

31,841,161.24

Carried forward from previous year 48,907,525.39 0.44

Surplus retained in accordance with section 14 (2) of the BVB (Special Fund Rules) – 2,000,000.00 – 0.02

Amount available for distribution 427,910,837.01 3.86

Carried forward to new account – 61,901,273.31 – 0.56

Total distribution 366,009,563.70 3.30

thereof special distribution due to disposal gains 110,911,989.00 1.00

Notes on the calculation of distribution

EUR 2.0 million will be retained from the ordinary net

income (EUR 147.1 million) plus realised capital gains

(EUR 233.9 million) and the balance carried forward from

the previous year (EUR 48.9 million) to offset impairment

losses in accordance with section 14 (2) of the BVB

(Special Fund Rules). A further EUR 61.9 million will be

carried forward to new account. The remaining surplus

(EUR)

0.00

1.82

0.29

of EUR 366.0 million (previous year: EUR 194.0 million)

will be distributed at the rate of EUR 3.30 per unit for the

110,911,989 units in circulation. The distribution for financial

year 2006/2007 was increased by EUR 1.00 per unit

year-on-year (2005/2006: EUR 2.30) to reflect the Fund’s

exceptional earnings resulting from the substantial capital

gains on properties and real estate companies.

Annual Report as of 31 March 2007 59


Auditors’ Report

In accordance with section 44 (5) of the Investmentgesetz

(InvG – German Investment Act), we have audited the

Annual Report of the SEB ImmoInvest Fund for the

financial year from 1 April 2006 to 31 March 2007. The

preparation of the Annual Report in compliance with the

provisions of the InvG is the responsibility of the legal

representatives of the investment company.

Our responsibility is to express an opinion on the Annual

Report based on our audit.

We conducted our audit in accordance with section 44 (5)

of the InvG and the generally accepted standards for the

audit of financial statements promulgated by the Institut

der Wirtschaftsprüfer (IDW). Those standards require that

we plan and perform the audit such that misstatements

materially affecting the Annual Report are detected with

reasonable assurance. Knowledge of the management of

the Fund and evaluations of possible misstatements are

taken into account in the determination of audit proce-

dures. The effectiveness of the internal accounting control

system and the evidence supporting the disclosures in

60 SEB ImmoInvest

the Annual Report are examined primarily on a test basis

within the framework of the audit. The audit includes

assessing the accounting principles used for the Annual

Report and significant estimates made by the legal repre-

sentatives of the investment company. We believe that our

audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the

Annual Report complies with the legal requirements.

Frankfurt am Main, 22 June 2007

(Handrick) (ppa. Sundermann)

Auditor Auditor


Tax Information for Investors

The distribution for financial year 2006/2007 as of 2 July 2007 amounts to EUR 3.30 per unit. Tax treatment of the distri-

bution will be as follows:

Tax treatment of the distribution per unit

Taxation at Fund level

Under German law, real estate funds are exempted from

all income and asset-based taxes. Income is taxed at the

level of the investors.

Taxation at private investor level

If the units are held as private assets, Fund income is

treated as investment income for tax purposes. This in-

come is taxable in the year it is received and must be dis-

closed in Annexe KAP of the investor‘s income tax return

as investment income generated in Germany as far as it,

Private assets

EUR

Units held as busi-

ness assets (income

tax payers)

EUR

Units held as business

assets (corporation

when taken together with other investment income,

tax payers)

Distribution 3.3000 3.3000 3.3000

of which tax-free: 2.0625 2.0609 2.0634

Tax-free earnings in accordance with double taxation agreements 1) 2.3205 2.3205 2.3205

Dividends 2) 0.0024 0.0024 0.0048

Capital gains on securities 0.0015 0.0000 0.0000

Reconciliation of Investmentgesetz to Investmentsteuergesetz 3) – 0.2619 – 0.2619 – 0.2619

of which taxable: 1.2375 1.2391 1.2366

Less dividends (Halbeinkünfteverfahren) 0.0024

Basis of calculation for savings tax 4) 1.2351

Savings tax – units held by custodian banks (30%) 5) 0.3705

Savings tax – self-custody (35%) 5) 0.4323

1) Income from abroad which is not taxable again in Germany due to double taxation agreements (exemption method) is subject to the Progressionsvorbehalt (progression

clause). This means that tax-free income is taken into account in determining the individual tax rate to be applied to the taxable income of the respective

investor. However, as income from abroad is only subject to the progression clause in the amount that would have been received after adjustment for the

depreciation of the properties abroad as permitted under German tax law, domestic investors must disclose this income in their tax returns (Annexe AUS) –

broken down by country (Belgium: EUR 0.0064 per unit; France: EUR 0.7248 per unit; Italy: EUR 0.2115 per unit; Luxemburg: EUR 0.0137 per unit; Netherlands:

EUR 0.2339 per unit; Austria: EUR 0.0064 per unit; and USA: EUR 1.1238 per unit) – in order to ascertain the individual tax rate.

2) Dividends from distributions by foreign real estate companies. These are taxable in Germany as part of the Halbeinkünfteverfahren (German half-income

system), but they are not subject to the withholding tax on dividend income levied on distributions by domestic corporations at the time of distribution of the

Fund income.

3) Difference between the Statement of Income and Expenditure under investment law and the tax accounts.

4) Calculated on the basis of the results for private investors

5) Plus the solidarity surcharge of 5.5%

exceeds the annual savings allowance (including the

lump-sum income-related expenses allowance) of EUR

801 (for single persons or married couples assessed sepa-

rately) or EUR 1,602 (for married couples assessed jointly).

If income consists wholly or partly of income from em-

ployment from which tax was deducted, an income tax

assessment is only carried out when the income subject to

income tax that is not subject to wage tax withholding

EUR

(e.g. the taxable portion of the Fund distribution), or income

Annual Report as of 31 March 2007 61


subject to the progression clause (e.g. the proportionate

tax-free income on properties outside Germany) exceeds

EUR 410 in each case.

Only half of domestic and foreign dividends, including

those paid by the real estate corporations, that are distri-

buted or retained by the Fund are taxable for investors

(Halbeinkünfteverfahren – German half-income system).

Rental, interest and dividend income in particular that is

not distributed is deemed to have accrued to the invest-

ors. Fund assets include properties located outside Ger-

many. As a rule, rental income from such properties ac-

crues to investors in Germany tax-free due to existing

double taxation agreements. However, it is subject to the

progression clause; in other words, tax-free income must

be taken into account when ascertaining the individual

tax rate applicable to the taxable income of the respective

investor. Such tax-free income subject to the progression

clause must be disclosed in the tax return in Annexe AUS

broken down by country (Belgium: EUR 0.0064 per unit;

France: EUR 0.7248 per unit; Italy: EUR 0.2115 per unit;

Luxemburg: EUR 0.0137 per unit; Netherlands:

EUR 0.2339 per unit; Austria: EUR 0.0064 per unit; and

USA: EUR 1.1238 per unit).

Gains from the sale of domestic and foreign real estate

not falling within the 10-year period that are generated at

the Fund level are always treated as tax-free for the pri-

vate investor. Gains from the sale of domestic properties

within the 10-year period that are generated at Fund level

are always treated as taxable for the investor. This is valid

regardless of whether they are distributed or retained.

Gains from the sale of foreign properties within the 10-

year period in respect of which Germany has waived tax-

ation in accordance with a double taxation agreement al-

so remain tax-free. Return of capital distributions (e.g. in

the form of development project interest) are not taxable.

Taxation at business investor level

Investors who hold their units as business assets realise

business income as a rule. Only half of domestic and for-

eign dividends, including those paid by the real estate

62 SEB ImmoInvest

corporations, that are distributed or retained by the Fund

are taxable at the level of the investors subject to income

tax (half-income system). This income is tax-free as a rule

for investors subject to corporation tax (however, 5% of

dividends are considered as non-deductible business ex-

penses). An adjustment item must be recognised under

liabilities for tax purposes for the depreciation mentioned

in the table on page 66, letter g).

The adjustment item must be reversed when the units are

sold or redeemed. Dividends, interest and rent that are

not distributed are deemed to have accrued to the invest-

or. An asset-side adjustment item in the amount of the

income deemed to have accrued must be created for tax

purposes. This asset-side adjustment item must be

reversed when the units are sold or redeemed or when

the retained amounts are distributed.

Income that is tax-free in accordance with double-

taxation agreements and income subject to the half-

income system must be deducted from the taxable and

accounting profit during preparation of the income tax

and corporation tax returns (in the case of income subject

to the half-income system accruing to investors subject to

income tax, only 50% of the amount is to be deducted).

Withholding tax on dividend income/savings tax

Taxable income is subject in principle to savings tax

(ZAST – Zinsabschlagsteuer). The custodian bank holding

the units must retain and remit to the tax authorities 30%

of the portions of unit income subject to savings tax on

payment to private investors resident in Germany. Coun-

ter transactions are subject to 35% savings tax. Non-resi-

dents for tax purposes receive the distribution without

the tax deduction if the units are held in custody at a

bank in Germany or abroad. The savings tax remitted is

certified for the investor, and must be disclosed in An-

nexe KAP as imputable tax (withholding tax on dividend

income incurred in Germany) and is offset against the in-

come tax liability. Upon submission of a non-assessment

certificate or proof of non-resident status to the custodian

bank, the portions of unit income subject to savings tax

contained in the distribution will be exempted from sav-

ings tax in their full amount; upon submission of an ex-


emption instruction they will be exempt in an amount up

to the savings allowance including the lump-sum allow-

ance for income-related expenses (EUR 801 / EUR 1,602).

Domestic dividends are subject in their full amount to

withholding tax on dividend income of 20% upon distri-

bution or retention. Private investors are immediately re-

imbursed the withholding tax on dividend income, pro-

vided the units are held by the investment company or

another domestic bank and an exemption instruction for

a sufficient amount or a non-assessment certificate has

been submitted. For private investors, only half of domes-

tic dividends are counted towards the exemption limit

(half-income system). If an exemption instruction or a

non-assessment certificate is not submitted in good time,

investors can offset the retained withholding tax on divi-

dend income and the solidarity surcharge against their

personal income tax liability by supplying a tax certifi-

cate from their custodian bank.

On the instructions of the fiscal authorities, the withhold-

ing tax on dividend income applicable to individual in-

vestors is calculated as follows: the portion of distribution

income subject to withholding tax on dividend income is

first multiplied by the number of units held by the invest-

or at the distribution date and 30% savings tax charged

on this amount. The same procedure applies to withhold-

ing tax on dividend income. In this case, the dividend

portion attributable to the individual investor is multi-

plied by 20% for the purposes of computing withholding

tax on dividend income. If units are held as business as-

sets, a waiver or a reimbursement of the savings tax and a

reimbursement of the withholding tax on dividend in-

come are only possible upon presentation of a non-

assessment certificate. In other cases, investors receive a

corresponding tax certificate.

Solidarity surcharge

The solidarity surcharge on income and corporation tax

amounts to 5.5%. Insofar as distributions from Fund

units are subject to deductions of withholding tax on div-

idend income/savings tax, the retained withholding tax

on dividend income is taken as the basis of calculation for

the solidarity surcharge. The solidarity surcharge is dis-

closed separately in the tax certificate and counts towards

the final solidarity surcharge to be ascertained in the

course of income or corporation tax assessment. Excess

solidarity surcharge payments are reimbursed.

Private disposals

If investment units in a real estate fund are sold by a pri-

vate investor within a year of purchase (taxable period),

any capital gains are taxable in principle as income from

private disposals, and must be disclosed in Annexe SO of

the investor‘s income tax return. Capital gains realised

outside the taxable period are tax-free for private invest-

ors. In calculating the capital gains, the acquisition costs

are to be reduced by the interim income at the time of ac-

quisition, and the disposal price by the interim income at

the time of disposal, so that interim income is not taxed

twice (see below). Capital gains are not subject to the

half-income system.

Taxation of interim income

Interim income consists of income contained in the sale

or redemption price for interest received or accrued that

has not yet been distributed or retained by the Fund and

is therefore not yet taxable for the investor (comparable to

accrued income on fixed-interest securities). Interest in-

come and interest claims generated by the Fund are sub-

ject to income tax and withholding tax on dividend in-

come in the case of the redemption or sale of units by

German tax residents. Investment income tax on interim

income amounts to 30% if the units are held by custodian

banks, and 35% in the case of self-custody (plus 5.5% soli-

darity surcharge on the withholding tax on dividend in-

come in each case). The withheld tax is an advance pay-

ment on income tax and must be disclosed in Annexe KAP.

Interim income paid on the acquisition of units can be de-

ducted as negative income for income tax purposes in the

year of payment. It is also recognised as reducing the tax

burden for the purposes of tax withholding. In addition,

no tax is withheld in the case of an exemption instruction

or submission of a non-assessment certificate. Here, too,

non-residents for tax purposes are exempt as a matter of

principle from tax withholding. In calculating interim in-

come, the following are not recognised: rental and leasing

income, and income from the valuation and disposal of

Annual Report as of 31 March 2007 63


properties. Interim income is computed every time the

unit value is determined and is published on each valua-

tion date. The interim income to be disclosed by the in-

vestor in Annexe KAP of the income tax return is calcu-

lated by multiplying the respective interim income per

unit by the number of units sold/redeemed. Interim in-

come may also be ascertained regularly from the account

and income statements issued by the banks.

Gains from real estate and shares

The regulations governing gains from real estate and

shares apply only to investors whose units are held as

business assets.

The Fund‘s real estate gains consist of foreign rental in-

come that has not yet accrued or been deemed to have

accrued, and realised and unrealised changes in value of

foreign real estate belonging to the Fund, in respect of

which Germany has waived taxation in accordance with

a double taxation agreement. The investment company

publishes the Fund‘s gains from real estate as a percent-

age of the value of the investment unit.

Fund gains from shares comprise dividend income that

has not yet accrued or been deemed to have accrued to

the investor, including from real estate corporations, and

realised and unrealised gains and losses from equity in-

terests held by the Fund, especially in real estate corpora-

tions. The investment company publishes the Fund gains

from shares each exchange trading day as a percentage of

the value of the investment unit.

64 SEB ImmoInvest

On the date of purchase and sale of the units, as well as

on the reporting date, the investor must multiply the pub-

lished percentages by the respective redemption price to

calculate the absolute investor gains from real estate and

shares. The difference between the two figures represents

the investor‘s gains from real estate and shares for the

proportionate holding period that are relevant for tax

purposes. Gains from the disposal of investment units

are fully tax-free for all business investors, provided they

result from the absolute investor gains from real estate for

the proportionate holding period.

Gains from the disposal of investment units are fully tax-

free for investors who hold their units as business assets

and are taxed in accordance with the Körperschafts-

steuergesetz (KStG – Corporation Tax Act), provided they

result from the absolute investor gains from shares for

the proportionate holding period. However, 5% of these

tax-free gains are deemed to be non-deductible business

expenses. Half of the gains from the disposal of invest-

ment units are tax-free for investors subject to income tax

holding their units as business assets provided they re-

sult from the investor gains from shares for the propor-

tionate holding period.

Notice

Further explanations on the tax treatment of Fund income

can be found in the Notice regarding important tax regula-

tions for unit holders in the Sales Prospectus.


Tax liability in Austria

Since the introduction of the Immobilien-Investmentfondsge-

setz (ImmoInvFG – Austrian Real Estate Investment Fund

Act), a limited tax liability has been in force in Austria in

respect of the gains generated from Austrian real estate

by non-Austrian resident investors in the Fund. Tax is

levied on regular rental income and on the increases in

the value of the Austrian real estate as revealed by the

annual valuation. This limited tax liability applies to

individual invest-ors who are neither domiciled nor have

their habitual residence in Austria (in the case of corpora-

tions, which are neither headquartered in nor managed

from Austria):

n

n

n

For natural persons, the rate of tax on this income is

25% in Austria. If the investor‘s taxable income in

Austria amounts to no more than EUR 2,000 per cal-

endar year, the investor is not required to submit a

tax return, and the income remains tax-free. If this

limit is exceeded or if a notice to this effect is issued

by the Austrian tax office, a tax return must be filed

in Austria.

For corporations, the tax rate in Austria has been

25% since 2005. There is no statutory allowance as

there is for natural persons. However, the Austrian

tax authorities will not tax investors if their income

is very low, to ensure administrative efficiency. Tax

office 1/23 in Vienna is the local office responsible

for dealing with queries concerning this tax liability.

The Austrian income applicable to one unit in SEB

ImmoInvest amounts to EUR -0.0003 for the 2007 cal-

endar year (resulting from a distribution per unit of

EUR 3.3000 and distribution-equivalent income per

unit of EUR-3.3003). The amount of income subject

to tax in Austria can be calculated by multiplying

this figure by the number of units held by the re-

spective investor.

This unlimited tax liability applies to individual investors

who are domiciled or have their habitual residence in

Austria (in the case of corporations, which are head-

quartered in or managed from Austria):

n

n

n

n

n

For natural persons, the rate of tax on this income is

25% in Austria (withholding tax on dividend income

or special tax rate in accordance with section 37 (8)

no. 5 of the Einkommenssteuergesetz (EStG – Austrian

Income Tax Act), unless the standard taxation option

in accordance with section 97 (4) of the EStG is exer-

cised.

For corporations, the tax rate in Austria has been

25% since 2005.

For private foundations, taxable income from real es-

tate funds offered via public placements is subject to

an interim tax rate of 12.5%.

Insofar as Austrian withholding tax on dividend in-

come is deducted from the entire distribution re-

ceived by the investor (if the units are held in an

Austrian custody account), an adjustment may be

made via the negative distribution-equivalent in-

come (assessment or reimbursement in accordance

with section 240 of the Bundesabgabenordnung (BAO –

Austrian Federal Fiscal Code)).

For investors who have unlimited tax liability in

Austria, the Austrian income applicable to one unit

in SEB ImmoInvest amounts to EUR 1.6123 for the

2007 calendar year (resulting from a distribution per

unit of EUR 3.3000 and distribution-equivalent in-

come per unit of EUR-1.6877). The amount of income

subject to tax in Austria can be calculated by multi-

plying this figure by the number of units held by the

respective investor. Foreign taxes in the amount of

EUR 0.6721 per unit are deductible from the taxable

amount thus calculated.

Annual Report as of 31 March 2007 65


Documentation of the bases for taxation in accordance with section 5 (1)

sentence 1 number 1 and 2 of the InvStG (German Investment Tax Act)*

Partial distribution/partial retention

66 SEB ImmoInvest

Private assets Business assets

Amount per unit

in EUR

Investors liable for

income tax

Amount per unit

in EUR

Business assets

Investors liable for

corporation tax

Amount per unit

a) Distribution amount 3.3000 1) 3.3000 1) 3.3000 1)

b) Income distributed (proportion of income from financial year

contained in the distribution) 3.3194 2) 3.3194 2) 3.3194 2)

i.e. not including amount carried over from previous year and not including

development project interest

Distribution-equivalent income

(carried forward to new account in accordance with tax law) 0.2425 0.2425 0.2425

c) Included in the distribution

aa) Carried forward from previous year 0.0000 0.0000 0.0000

bb) Tax-free capital gains on securities 0.0015

cc) Domestic and foreign dividend income, half of which is tax-free 0.0048 3) 0.0048 3)

dd) Domestic and foreign dividend income, tax-free for corporations 0.0048

ee) Capital gains from shares, half of which is tax-free 0.0000 2)

ff) Capital gains from shares, tax-free for corporations 0.0000

gg) Tax-free capital gains from subscription rights to free units

in corporations

hh) Tax-free capital gains on real estate outside the taxable period

0.0000

of ten years 0.0000

ii) Tax-free foreign income subject to progression clause in Germany 2.3205 2.3205 2.3205

jj) Foreign income with imputable foreign withholding tax 0.0000 0.0000 0.0000

kk) Foreign income with notional foreign withholding tax

Included in the distribution-equivalent income

0.0000 0.0000 0.0000

cc) Domestic and foreign dividend income, half of which is tax-free 0.0000 3) 0.0000 3)

dd) Domestic and foreign dividend income, tax-free for corporations 0.0000

ii) Tax-free foreign income subject to progression clause in Germany 0.0000 0.0000 0.0000

jj) Foreign income with imputable foreign withholding tax 0.0000 0.0000 0.0000

kk) Foreign income with notional foreign withholding tax 0.0000 0.0000 0.0000

d) Portion of distribution and distribution-equivalent income warranting

the crediting or reimbursement of withholding tax on dividend

income

aa) Basis of calculation for savings tax 1.2351 1.2351 1.2351

bb) Basis of calculation for withholding tax on dividend income 0.0000 0.0000 0.0000

e) Amount of withholding tax on dividend income to be credited

or reimbursed

aa) Savings tax (30% of above basis of calculation) 0.3705 4) 0.3705 4) 0.3705 4)

bb) Withholding tax on dividend income (20% of above basis of calculation) 0.0000 4) 0.0000 4) 0.0000 4)

f) Amount of foreign tax for foreign income taxable in Germany

aa) Imputable foreign withholding tax 0.0000 0.0000 0.0000

bb) Deductible foreign withholding tax 0.0000 0.0000 0.0000

cc) Notional foreign withholding tax 0.0000 0.0000 0.0000

g) Amount of depreciation or depletion (depreciation of buildings

in accordance with German law) 0.5515 0.5515 0.5515

h) Amount of any corporation tax credit utilised by the distributing

corporation in accordance with section 37 (3) KStG 0.0000

1) Resolution on the distribution dated 20 June 2007

2) Including 10% non-deductible income-related expenses of EUR 0.0194

3) Income is disclosed in full (of which half is tax-free).

4) Plus 5.5% solidarity surcharge

in EUR

* Deviations between amounts according to investment law or tax law result

from the offsetting of gains and losses, non-deductible costs in accordance

with tax law and the tax depreciation of buildings.


Publication of adjusted interim income and taxable income per share (TIS)

in accordance with the Zinsinformationsverordnung (German Interest

Information Regulation)

Valid from Until (inclusive) Interim income

7 Sep. 2006 10 Sep. 2006 0.11

11 Sep. 2006 20 Sep. 2006 0.12

21 Sep. 2006 3 Oct. 2006 0.13

4 Oct. 2006 10 Oct. 2006 0.14

11 Oct. 2006 18 Oct. 2006 0.15

19 Oct. 2006 26 Oct. 2006 0.16

27 Oct. 2006 2 Nov. 2006 0.17

3 Nov. 2006 9 Nov. 2006 0.18

10 Nov. 2006 16 Nov. 2006 0.19

17 Nov. 2006 23 Nov. 2006 0.20

24 Nov. 2006 30 Nov. 2006 0.21

1 Dec. 2006 7 Dec. 2006 0.22

08 Dec. 2006 17 Dec. 2006 0.23

18 Dec. 2006 26 Dec. 2006 0.24

27 Dec. 2006 28 Dec. 2006 0.25

29 Dec. 2006 3 Jan. 2007 0.26

4 Jan. 2007 8 Jan. 2007 0.27

9 Jan. 2007 14 Jan. 2007 0.28

15 Jan. 2007 18 Jan. 2007 0.29

19 Jan. 2007 25 Jan. 2007 0.30

26 Jan. 2007 31 Jan. 2007 0.31

1 Feb. 2007 6 Feb. 2007 0.32

7 Feb. 2007 12 Feb. 2007 0.33

13 Feb. 2007 15 Feb. 2007 0.34

16 Feb. 2007 21 Feb. 2007 0.35

22 Feb. 2007 27 Feb. 2007 0.36

28 Feb. 2007 6 Mar. 2007 0.37

7 Mar. 2007 13 Mar. 2007 0.38

14 Mar. 2007 15 Mar. 2007 0.39

16 Mar. 2007 21 Mar. 2007 0.40

22 Mar. 2007 27 Mar. 2007 0.41

28 Mar. 2007 28 Mar. 2007 0.42

29 Mar. 2007 29 Mar. 2007 0.45

30 Mar. 2007 3 Apr. 2007 0.47

4 Apr. 2007 11 Apr. 2007 0.48

12 Apr. 2007 17 Apr. 2007 0.50

18 Apr. 2007 24 Apr. 2007 0.51

25 Apr. 2007 29 Apr. 2007 0.52

30 Apr. 2007 3 May 2007 0.53

4 May 2007 6 May 2007 0.54

7 May 2007 8 May 2007 0.55

9 May 2007 15 May 2007 0.56

16 May 2007 17 May 2007 0.57

18 May 2007 22 May 2007 0.58

23 May 2007 28 May 2007 0.59

29 May 2007 29 May 2007 0.60

Zinsinformations-

verordnung:

Taxable income

Valid from Until (inclusive) per share

07 Sep. 2006 11 Sep. 2006 0.11

12 Sep. 2006 21 Sep. 2006 0.12

22 Sep. 2006 4 Oct. 2006 0.13

5 Oct. 2006 11 Oct. 2006 0.14

12 Oct. 2006 19 Oct. 2006 0.15

20 Oct. 2006 29 Oct. 2006 0.16

30 Oct. 2006 6 Nov. 2006 0.17

07 Nov. 2006 14 Nov. 2006 0.18

15 Nov. 2006 21 Nov. 2006 0.19

22 Nov. 2006 28 Nov. 2006 0.20

29 Nov. 2006 5 Dec. 2006 0.21

6 Dec. 2006 12 Dec. 2006 0.22

13 Dec. 2006 19 Dec. 2006 0.23

20 Dec. 2006 26 Dec. 2006 0.24

27 Dec. 2006 28 Dec. 2006 0.25

29 Dec. 2006 7 Jan. 2007 0.26

8 Jan. 2007 15 Jan. 2007 0.27

16 Jan. 2007 17 Jan. 2007 0.28

18 Jan. 2007 23 Jan. 2007 0.29

24 Jan. 2007 30 Jan. 2007 0.30

31 Jan. 2007 6 Feb. 2007 0.31

7 Feb. 2007 13 Feb. 2007 0.32

14 Feb. 2007 18 Feb. 2007 0.33

19 Feb. 2007 22 Feb. 2007 0.34

23 Feb. 2007 27 Feb. 2007 0.35

28 Feb. 2007 6 Mar. 2007 0.36

7 Mar. 2007 11 Mar. 2007 0.37

12 Mar. 2007 13 Mar. 2007 0.38

14 Mar. 2007 20 Mar. 2007 0.39

21 Mar. 2007 22 Mar. 2007 0.40

23 Mar. 2007 27 Mar. 2007 0.41

28 Mar. 2007 28 Mar. 2007 0.42

29 Mar. 2007 29 Mar. 2007 0.44

30 Mar. 2007 2 Apr. 2007 0.46

3 Apr. 2007 9 Apr. 2007 0.47

10 Apr. 2007 11 Apr. 2007 0.48

12 Apr. 2007 17 Apr. 2007 0.49

18 Apr. 2007 19 Apr. 2007 0.50

20 Apr. 2007 24 Apr. 2007 0.51

25 Apr. 2007 2 May 2007 0.52

3 May 2007 6 May 2007 0.53

7 May 2007 8 May 2007 0.54

9 May 2007 15 May 2007 0.55

16 May 2007 17 May 2007 0.56

18 May 2007 22 May 2007 0.57

23 May 2007 29 May 2007 0.58

The interim income and TIS amounts for the period from 7 September 2006 to 29 May 2007 had to be recalculated due to the retrospective adjustment of the recognition

of the income from investment units. The recalculated figures can be found in the table.

These figures must be disclosed in your income tax return as tax credits from the purchase of investment units or as the basis for the calculation of savings tax in

the case of the sale of investment units, instead of the figures listed in your statement of securities.

Annual Report as of 31 March 2007 67


Attestation report on the review of tax information in accordance with

section 5 (1) sentence 1 number 3 of the Investmentsteuergesetz

(InvStG – German Investment Tax Act)

To the SEB Immobilien-Investment GmbH investment

company (hereinafter referred to as the Company): The

Company engaged us to review in accordance with sec-

tion 5 (1) sentence 1 number 3 of the InvStG whether the

information to be published by the Company for the SEB

ImmoInvest Fund in accordance with section 5 (1) sen-

tence 1 numbers 1 and 2 of the InvStG for the period from

1 April 2006 to 31 March 2007 was determined in line with

the provisions of German tax law.

The determination of the tax information in accordance

with section 5 (1) sentence 1 numbers 1 and 2 of the In-

vStG in conjunction with the requirements of German tax

law is the responsibility of the legal representatives of the

Company. To the extent that the Company has invested

funds in units of other funds (target funds), it uses the tax

information for these target funds at its disposal.

Our responsibility is to express an opinion, based on our

review, as to whether the Company has calculated the in-

formation required by the InvStG in accordance with Ger-

man tax law. To the extent that the Company has invested

funds in units of target funds, our review was limited to

the correct incorporation by the Company of the tax infor-

mation made available for these target funds on the basis

of certificates supplied to us. We did not review the corre-

sponding tax information.

We conducted our review in accordance with the general-

ly accepted standards for the audit of financial statements

promulgated by the Institut der Wirtschaftsprüfer. Those

standards require that we plan and perform the review

such that we can assess with reasonable assurance

whether the information in accordance with section 5 (1)

sentence 1, numbers 1 and 2 of InvStG is free of material

misstatements. Knowledge of the management of the

68 SEB ImmoInvest

Fund and evaluations of possible misstatements are taken

into account in the determination of review procedures.

The effectiveness of the internal control system for the de-

termination of information in accordance with section 5 (1)

sentence 1 numbers 1 and 2 of the InvStG and the evi-

dence supporting the tax information are examined pri-

marily on a test basis within the framework of the review.

The review also includes assessing the Company‘s inter-

pretation of the tax laws applied. No objection may be

raised to the interpretation selected by the Company if it

could be reasonably supported by legal materials, court

rulings, the relevant specialist literature and published

opinions by the tax authorities. Attention is drawn to the

fact that future legal developments and, in particular, new

insights from court rulings could necessitate a different

assessment of the Company‘s interpretation.

We believe that our review provides a reasonable basis for

our opinion. On the basis of this, we certify to the Compa-

ny in accordance with section 5 (1) sentence 1 number 3 of

the InvStG that the information in accordance with sec-

tion 5 (1) sentence 1 numbers 1 and 2 of the InvStG was

determined in accordance with the provisions of German

tax law.

Frankfurt am Main, 20 June 2007

PwC FS Tax GmbH

Wirtschaftsprüfungsgesellschaft

Steuerberatungsgesellschaft

Markus Hammer Ina Petzschke

Tax consultant Tax consultant


Bodies

Investment Company

SEB Immobilien-Investment GmbH

Rotfeder-Ring 7, 60327 Frankfurt am Main

P.O. Box, 60283 Frankfurt am Main

Phone: +49 (0) 69 2 72 99-10 00

Fax: +49 (0) 69 2 72 99-0 90

Subscribed and paid-up capital EUR 5.113 million

Liable capital EUR 4.089 million

(as of 31 March 2007)

Frankfurt am Main Commercial Register, HRB 29859

Established: 30 September 1988

Management

Barbara A. Knoflach

Axel Kraus

Choy-Soon Chua

Supervisory Board

Fredrik Boheman

Head of SEB Wealth Management,

– Chair –

Peter Buschbeck

Chairman of the Board of Directors of SEB AG,

Frankfurt am Main

– Deputy Chair –

William Paus

Member of the Board of Directors of SEB AG,

Frankfurt am Main

Auditors

PricewaterhouseCoopers Aktiengesellschaft

Wirtschaftsprüfungsgesellschaft,

Frankfurt am Main

Shareholder

SEB AG, Frankfurt am Main (since 10 May 2006: 6%)

SEB Asset Management AG, Frankfurt am Main

(since 10 May 2006: 94%)

Custodian Bank

SEB AG, Ulmenstrasse 30, 60325 Frankfurt am Main

Subscribed and paid-up capital EUR 0.775 billion

Liable capital EUR 2.285 billion

(as of 31 March 2007)

Expert Committee

Klaus Peter Keunecke, Dr.-Ing.

Publicly certified and sworn expert for the valuation of

rents and developed and undeveloped properties, Berlin

– Chair –

Hans-Joachim Ackermann, Architect/Dipl.-Ing.

Publicly certified and sworn expert for construction

costing and property valuation, Dortmund

– Deputy Chair –

Albrecht Novak, Dipl.-Ing./Freelance architect

Publicly certified and sworn expert for general construction

and the valuation of developed and undeveloped

properties, Stuttgart

Ulrich Renner, Dipl.-Kfm.

Publicly certified and sworn expert for the valuation of

developed and undeveloped properties, Wuppertal

Günter Schäffler, Dr.-Ing.

Publicly certified and sworn expert for the planning and

control of construction costs, the valuation of undeveloped

and developed properties, rents for properties and

buildings, Stuttgart

Prof. Michael Sohni, Dr.-Ing.

Publicly certified and sworn expert for the valuation of

developed and undeveloped properties, Darmstadt

Annual Report as of 31 March 2007 69


Investment Company:

SEB Immobilien-Investment GmbH

Rotfeder-Ring 7

60327 Frankfurt am Main, Germany

P.O. Box

60283 Frankfurt am Main, Germany

Internet: www.SEB ssetManagement.de

Phone: +49 (0) 69 2 72 99-10 00

Fax: +49 (0) 69 2 72 99-0 90

Sales:

SEB sset Management G

Rotfeder-Ring 7

60327 Frankfurt am Main, Germany

SEB ImmoInvest

IMMOJBEV 0307

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