annual report 31 Mar 2007 - SEB Asset Management
annual report 31 Mar 2007 - SEB Asset Management
annual report 31 Mar 2007 - SEB Asset Management
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Real Estate Portfolio<br />
During the period under review, ten properties were pur-<br />
chased, of which three have not yet been added to the<br />
Fund. Furthermore, eight properties were sold. Of the<br />
seven properties that have been recorded as disposals<br />
and derecognised from the Fund, two are located in<br />
France, two in the US , one in the Netherlands and two<br />
in Spain.<br />
s of <strong>31</strong> <strong>Mar</strong>ch <strong>2007</strong>, the portfolio comprised 123 proper-<br />
ties at over 60 locations in twelve countries. Three Fund<br />
properties are currently under construction. The property<br />
assets accounted for by the directly and indirectly held<br />
properties (basis: market values) decreased by EUR 262.7<br />
million to EUR 4,714.6 million during the period under<br />
review. 78.4% of the property assets are held via direct<br />
investments and the remaining portion via real estate<br />
companies. s of <strong>31</strong> <strong>Mar</strong>ch <strong>2007</strong>, the Fund was majority<br />
invested in foreign real estate, with 59.8% of the market<br />
Geographical distribution of the properties<br />
Rhine-Main<br />
Rhine-Ruhr<br />
Berlin<br />
Hamburg<br />
Munich<br />
Rest of Germany<br />
France<br />
USA<br />
Italy<br />
Netherlands<br />
Belgium<br />
Hungary<br />
Luxemburg<br />
Rest of world (E, S ,C)<br />
16 <strong>SEB</strong> ImmoInvest<br />
11.5% (14)<br />
9.7% (19)<br />
6.7% (7)<br />
4.2% (6)<br />
2.1% (4)<br />
6.0% (14)<br />
15.5% (11)<br />
14.0% (11)<br />
12.7% (8)<br />
7.3% (10)<br />
3.4% (9)<br />
1.1% (2)<br />
0.9% (2)<br />
4.9% (3)<br />
Number of properties in brackets<br />
Basis: <strong>Mar</strong>ket value (incl. properties held via equity interests, but not<br />
properties undergoing construction/renovation)<br />
value of all properties (not including properties under<br />
construction) being abroad.<br />
The geographical focus of the portfolio abroad is currently<br />
France, with 15.5% of property assets, followed by the<br />
US with 14.0% and Italy with 12.7%.<br />
In terms of types of use, office buildings are the Fund’s<br />
primary focus, accounting for 73.8% (estimated net rental)<br />
or 71.3% (rental space) of the portfolio.<br />
The economic age distribution of the properties is aimed<br />
at achieving stability and sustainability: 41.8% of the<br />
properties in the portfolio (basis: market values) have<br />
been constructed or comprehensively renovated in the<br />
past five years. total of 64.3% of the real estate portfolio<br />
is less than ten years old.<br />
Distribution of Fund properties by type of use<br />
Office<br />
Retail / catering<br />
Industry<br />
(warehousing, halls)<br />
Car park<br />
Hotel<br />
Leisure<br />
Residential<br />
Miscellaneous<br />
71.3 %<br />
73.8 %<br />
10.6%<br />
10.3%<br />
11.7%<br />
4.1%<br />
0.0%<br />
4.5%<br />
3.4%<br />
3.8%<br />
0.9%<br />
0.7%<br />
0.1%<br />
Basis: By rental space<br />
0.0%<br />
By estimated net rental per year<br />
2.0% (incl. properties held via equity interests, but<br />
2.8% not properties undergoing construction/renovation)
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