annual report 31 Mar 2007 - SEB Asset Management

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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 positive 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
Page 1 and 2: SEB ImmoInvest Annual Report as of
Page 3 and 4: Annual Report as of 31 March 2007 2
Page 5 and 6: The SEB ImmoInvest Open-Ended Real
Page 7 and 8: Opportunities and Risks of Open-End
Page 9 and 10: Real Estate Markets Positive econom
Page 11 and 12: 26 Rue de la Villette, Lyon, France
Page 13 and 14: Loans and currency hedging Loans ar
Page 15 and 16: Distribution EUR 366.0 million will
Page 17 and 18: Overview: Returns and Valuation Key
Page 19 and 20: To ensure marketability, the volume
Page 21 and 22: Overview: Letting and Remaining Lea
Page 23 and 24: Changes to the Portfolio In the pas
Page 25 and 26: Sales and disposals abroad USA, New
Page 27: Record of Purchases and Sales Relat
Page 31 and 32: Disclosures on the Development of F
Page 33 and 34: Statement of Assets as of 31 March
Page 35 and 36: Liabilities from external financing
Page 37 and 38: The calculation also included US re
Page 39 and 40: Gothenburg Rome Prague Vienna Warsa
Page 41 and 42: Area 2) in m 2 Features Property da
Page 49 and 50: Year built / renovated 1) Area 2) i
Page 51 and 52: Year built / renovated 1) 1982/1988
Page 53 and 54: Overview: Market Values and Rents P
Page 55 and 56: Overview: Market Values and Rents P
Page 57 and 58: Money Market Instruments, Securitie
Page 59 and 60: Disclosures on the Statement of Inc
Page 61 and 62: Calculation of the distribution Tot
Page 63 and 64: Tax Information for Investors The d
Page 65 and 66: emption instruction they will be ex
Page 67 and 68: Tax liability in Austria Since the
Page 69 and 70: Publication of adjusted interim inc
Page 71 and 72: Bodies Investment Company SEB Immob

annual report 31 Mar 2007 - SEB Asset Management

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