semi-annual report 30 Sep 2007 - SEB Asset Management

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Jahresbericht zum 31.03.2007 U53

Fund assets EUR 6,816.5 million 

Total property assets (market values) EUR 4,754.9 million 

thereof held directly EUR 3,488.3 million 

thereof held via real estate companies EUR 1,266.6 million 

Total Fund properties 106 

thereof held via real estate companies 18 

Changes during the period under review 1 April 2007 – 30 September 2007 

Purchases 1) 14 

Additions 8 

Sales 2) 26 

Disposals 26 

Letting rate (gross estimated rental) at the reporting date 30 September 2007 3) 91.87% 

Letting rate (net estimated rental) at the reporting date 30 September 2007 92.39% 

Net inflow of funds EUR 659.4 million 

Distribution on 2 July 2007 EUR 366.0 million 

Distribution per unit EUR 3.30 

thereof special distribution due to disposal gains EUR 1.00 

income tax-free portion held as private assets EUR 2.0625 

portion liable to income tax held as private assets EUR 1.2375 

Total property return 4) for the first half of the financial year 3.6% 

Liquidity return 5) for the first half of the financial year 1.8% 

Investment performance 6) for the first half of the financial year 2.6% 

Investment performance 6) for one year 5.1% 

Investment performance 6) since Fund launch 196.6% 

Unit value/redemption price EUR 55.50 

Issuing price EUR 58.41 

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 Fund’s 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, calculated on 31 March 2007 

550 West Adams Street, Chicago, USA 

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Note: The figures for the first half of the financial year (1 April to 30 September 2007) cannot be extrapolated to forecast the results for the year, as transactions 

affecting earnings are not spread out evenly over the year. They are of limited informative value due to the short period under review. This Semi-Annual Report, 

the Sales Prospectus (available separately) and the Annual Report as of 31 March 2007 are to be distributed to investors in SEB ImmoInvest units until the publication 

of the next Annual Report as of 31 March 2008. 

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

Cover image: Hahnstrasse 49, Frankfurt am Main, Germany

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10 Structure of Fund assets 

10 Investor structure of SEB ImmoInvest 

10 Liquid assets 

10 Investment performance 

11 Income components 

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14 Geographical distribution of the properties 

14 Distribution of Fund properties by type of use 

15 Remaining lease terms 

15 Economic age distribution of Fund properties 

15 Allocation of Fund properties by value class 

16 Tenant structure by sector 

Semi-Annual Report as of 30 September 2007 1

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SEB ImmoInvest once again demonstrated its long-term 

profitability in the period ending 30 September 2007 with 

an investment performance of 5.1% p.a. This impressive 

result underlines the attractiveness of the Fund for 

security-oriented investors. 

The consolidation among open-ended real estate funds following 

events in 2005 and 2006 manifested itself in a high 

inflow of funds in 2007. SEB Immolnvest started increasing 

its market share in the last financial year, while some 

competitors were still grappling with turbulence. This trend 

continued in the period under review. Our investors’ confidence 

in the Fund’s stable earnings capacity is evidenced 

by net inflows of funds totalling EUR 659.4 million. 

Further international diversification remained an important 

objective for the Fund’s management in recent months. 

SEB Immolnvest has been acquiring properties in selected 

markets in the Asia-Pacific region since 2006. With its 

recent entry onto the Singaporean and Japanese markets, 

the Fund has now invested in properties in two further 

2 SEB ImmoInvest 

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Management: 

Barbara A. Knoflach, Axel Kraus and 

Choy-Soon Chua 

countries in this region. The proportion of properties 

abroad also increased following the disposal of a package 

of properties situated in a large number of different 

German locations. With this package, SEB Immolnvest 

disposed of mostly smaller properties for strategic reasons, 

although Germany remains the main focus of the 

Fund’s investment activities. 

The Fund’s investment strategy focuses on properties 

with solid cash flows. For example, with the acquisition 

of two portfolios in Germany and the Netherlands, the 

Fund’s management signed contracts for eight projects 

that are to be transferred to the Fund between 2007 and 

2010. Once complete, these properties will further enhance 

the Fund’s solid earnings performance. 

SEB Immolnvest pursues an investment strategy that is 

income-oriented, conservative and geared towards continuity. 

Based on this risk/return profile, the Fund’s management 

uses opportunities on the real estate markets to 

secure a sustainable income.

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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, openended 

real estate funds have become an important component 

of asset accumulation and retirement provision. 

SEB Immolnvest is an open-ended real estate fund based on 

the absolute return concept and is therefore suitable for investors 

with a medium- to long-term investment horizon. 

The Fund is geared towards investors who are looking for 

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

components. Its high level of stability means that the 

open-ended real estate fund can also be used for investing 

guarantee assets. With the approval of the guardianship 

court, it can also 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 technical 

building management, the Fund leverages potential 

value growth in the areas of property letting, restructuring 

and disposals. 

The Fund management company combines 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 

locations and different types of use, the Fund management 

company achieves a balanced risk distribution and 

above-average performance. This approach is based on 

the following investment philosophy: 

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Internationally diversified, market-oriented investment 

strategy 

Focus on high-quality properties in major cities (A 

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 

Active portfolio management and continuous quality 

assurance and portfolio maintenance 

In order to diversify risk more effectively, SEB Immolnvest 

has been exploiting market opportunities outside Germany 

since 1995. It invests primarily in the member states of the 

European Economic Area and North America. SEB Immolnvest 

has also been investing in selected markets in the 

Asia-Pacific region since 2006. To ensure the marketability 

of the properties, the Fund management company determines 

the volume of individual investments on the basis 

of market liquidity. 

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 ensures that the Fund’s property assets have 

an optimal risk/return profile. 


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SEB ImmoInvest is designed as a traditional absolute 

return fund with a global investment approach. Accordingly, 

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. 

In the process, the Fund management company consciously 

exploits 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. 

At the same time, the Fund management company adds 

properties in established, stable markets with high 

liquidity 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. Accordingly, German 

properties represent a key component of a diversified 

portfolio. 

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Regional diversification is based on analyses of macroeconomic 

development at locations with good growth 

prospects or stable long-term economies (top-down 

approach). These analyses also form the basis for decisions 

to move into new locations. At present, the Fund management 

company is actively focusing on new regions 

on the West and East Coast of the USA and on selected 

locations in Asia. The main types of use are the office, 

retail and logistics segments. 

The quality of the individual properties is an important 

criterion in all purchase decisions, as it is a key factor in 

ensuring reliable income and stable market values. In 

line with this, the letting situation and future prospects 


of each property are examined in detail in advance, as is 

the property’s contribution to the spread of lease expiration 

terms and the tenant mix within the portfolio as a 

whole (bottom-up approach). 

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Loans are used to ensure maximum tax efficiency and 

to hedge exchange rate risks. In order to minimise negative 

leverage effects as far as possible, 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. 

For SEB Immolnvest, the Fund’s management pursues 

a low-risk currency strategy. Properties held directly or 

indirectly outside the eurozone are hedged by taking 

out loans in the same national currency and through 

forward currency sales. Exchange rate hedging can result 

in gains (positive carry) but also losses (negative carry). 

The Fund management company may employ derivatives 

to reduce exchange rate and interest rate risks. Derivatives 

are used exclusively for hedging purposes as part 

of a financial risk management strategy. Currency hedging 

is not deemed necessary in non-eurozone countries 

where leases are negotiated in euros. 

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In many countries outside Germany, capital gains tax is 

payable on the sale of properties and real estate companies. 

It is not possible to calculate definitively in advance 

how much capital gains tax is due and when it has to be 

paid. The amount varies owing to changing tax laws 

and to the market situation at the time of the sale. Because 

of this, the Fund management company sets up 

provisions on the basis of country-specific tax rates. In 

the process, the long-term strategies for the respective 

country portfolio and for the individual property or real 

estate company are taken into account. Investments and

divestments within individual country portfolios are 

also coordinated with one another so that disposals can 

be made in a tax-optimised manner. Detailed information 

Wesselenyi Utca 16, Budapest, Hungary 

on provisions for capital gains taxes can be found in the 

Disclosures on the Statement of Assets in this report. 


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As with other capital investments, investments in openended 

real estate funds hold both opportunities and 

risks for the investor. Real estate investments are longterm 

and income-oriented capital investments. Investment 

performance depends on a wide variety of legal, 

economic, tax-related, real estate-specific and productdependent 

factors. 

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Open-ended real estate funds invest money that is callable 

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

portfolios. The following legal requirements have therefore 

been introduced in order to protect investors: 

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Every open-ended real estate fund must provide 

minimum liquidity of 5% of the fund assets in the 

form of short-term liquid assets (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). 

The redemption of units can be suspended for a 

maximum period of two years. 

In addition, the Fund management company has established 

product-specific approaches tailored to specific 

target groups for managing the risk of liquidity squeezes: 

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Sales information tailored to specific target groups 

(Pro)active sales and investor management 

Strategic liquidity management focusing on the 

liquidity ratio and the leverage ratio of fund assets 


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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 accordance 

with the strategically determined holding 

period for properties 

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

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

estate income and values may fluctuate according to the 

economic situation. 

The return generated by the Fund also depends on developments 

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 trends. 

Moreover, external factors (such as the closure of other 

market players’ funds) may have a substantial impact on 

the Fund’s liquidity situation. 

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Real estate investments are subject to risks that may have 

an effect on the unit value of the fund: 

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In any investment decision, political, economic and 

legal risks – including those posed by tax law – 

should be noted, along with how transparent and 

well-developed the real estate market in question is. 

In decisions to invest outside the eurozone, the volatility 

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.

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Any change in the quality of the location may have 

a direct effect on the lettability and current letting 

situation. If the location increases in attractiveness, 

lease contracts can be concluded for higher rents; 

however, in the worst possible case, a decrease could 

mean lasting high vacancy rates. 

Building quality and condition also have a direct 

impact on the capacity of a property to generate income. 

The condition of the building may require expenditures 

for maintenance that exceed budgeted 

maintenance costs. Investment costs required in 

addition may impact the return over the short term, 

but may also be necessary to achieve long-term positive 

development. 

Risks posed by natural disasters (such as earthquakes 

and tornados) and by fire and storm damage are 

covered worldwide by insurance if this is possible, 

reasonable from a financial point of view and objectively 

necessary. 

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32 Place Ronde, Paris, France 

Vacancies and expiring leases can mean either earnings 

potential or risk. Properties with vacancies can 

deliberately be purchased anticyclically to realise 

later value increases. Regular observation of the 

markets invested 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. At 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 

management is to aim to reduce dependencies on 

individual tenants or sectors. 

The risks mentioned above are a selection. For a detailed 

description of risks, please see the Sales Prospectus. 


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Following a period of strong expansion, the global economy 

remained robust, albeit with slightly less momentum. 

SEB economists expect global economic growth in 

2008 to be 4.7% (2007: 5.1%). The decline is attributed 

firstly to high oil prices and increased interest rates, and 

secondly to the subprime crisis on the US housing market 

and the subsequent liquidity crunch on the money 

and financial markets. On the plus side, the experts expect 

good balance sheet structures, healthy investment 

behaviour and positive employment figures. Once 

again, the most dynamic economic growth is expected 

in Asia and Eastern Europe. Average growth is expected 

in Western Europe, with the weakest growth predicted 

for the USA. 

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Investors are channelling more and more money into 

real estate. According to international real estate consulting 

firm Jones Lang LaSalle (JLL), total global direct 

investments in real estate in the first half of 2007 

amounted to USD 382 billion, corresponding to an increase 

of 16% year-on-year. This improved investment 

confidence manifested itself worldwide. Owing to the 

high demand, initial yields fell further in many regions. 

The rise in capital market interest rates further closed 

the yield gap between real estate and government bonds 

in a number of markets. 

Although the liquidity crisis will dampen the high level 

of activities on the real estate markets, a record level of 

direct investments is expected in 2007. Initial yields will 

fall only slightly, with the decline bottoming out in a 

number of submarkets in the USA and Western Europe. 

Accordingly, the significance of cash flow yield and asset 

management is increasing for the overall performance of 

real estate investments. 


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The commercial real estate markets in Western Europe – 

including Germany – are benefiting from robust growth 

and rising employment. Germany has developed into 

a growth driver within the eurozone. Because of this, 

office and logistics properties in virtually all prime 

locations in the country can expect a slight rise in rents. 

As retail properties are influenced more strongly by 

structural factors, investments in this segment must be 

considered in the context of the location in question. 

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The markets for office and logistics space in France are 

registering low vacancy rates and a slight rise in rents. 

This positive trend will continue not only in Paris but 

also in the regional centres. Owing to high initial yields 

in Paris, investors are increasingly turning to secondary 

locations in France. 

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Italian office markets appear stable. As in France, investors 

are looking more and more often to regional centres. 

The expansion of international retailers is pushing up 

demand for retail space. In the case of logistics properties, 

supply in Italy has yet to catch up with demand for 

structural reasons. 

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The real estate markets of the Benelux countries have 

performed strongly as centres for exports, administration 

and finance. Demand for space in the Netherlands 

is expected to rise, thereby giving rise to attractive investment 

opportunities. In some cases, however, rental 

income growth will be curbed by high vacancy levels.

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With the exception of Denmark, the Northern European 

countries are enjoying above-average economic growth, 

which is also reflected in the real estate markets. Rising 

employment in Sweden has brought about a tangible 

rental increase in prime office locations. In second- and 

third-class locations, high vacancy rates are having a 

dampening effect on rental price development. Retail 

space offers attractive investment opportunities due to 

strong growth in retail sales. 

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After Asia, the highest growth rates were recorded in 

Eastern Europe. In the office real estate segment, Poland, 

the Czech Republic and Hungary can now be considered 

well established markets, with initial yields only marginally 

above Western European levels. In spite of growing 

demand, the high volume of new completions has 

pushed up vacancy levels in a number of locations. Rents, 

which are still climbing at present, will soon be affected 

by this development. 

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The slowdown in the economy and in employment in 

the USA is having a delayed impact on a number of user 

markets. The most marked effects are expected in the 

logistics sector. Rents are expected to continue to rise 

slightly in attractive metropolitan areas as well as in 

trade and transportation hubs. The office market offers 

the best prospects. On the one hand, employment in the 

service sector – and hence the demand for office space – 

is the least impacted by cyclical effects; on the other, 

very little new office space is coming onto the market. 

In view of this, rents are expected to rise further in this 

segment. The market for retail space is characterised by 

moderate consumption and slightly rising levels of vacancies. 

As a result, investments in the retail sector call 

for the careful selection of locations. 

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In spite of restrictive economic policies, Asia is the region 

with the highest growth rates in the world. Economists 

77 Robinson Road, Singapore 

expect economic growth in Asia to be in the region of 

10% in 2008. Real estate markets in the individual countries 

of the region differ greatly with regard to the real 

estate cycle, their transparency and their degree of maturity. 

The highest investment volumes are being recorded 

in the established markets of Japan, Hong Kong 

and Singapore. These are followed by the Chinese real 

estate markets, which are developing at a breakneck pace. 

User demand for office and logistics space in the key 

trading centres of the region is high, due to expansion 

by multinational companies and in the financial and 

banking sector. The high volume of new completions 

on certain Chinese markets is having a negative effect 

on rent levels. By contrast, office markets in Seoul and 

Taipei are at the beginning of a recovery phase. Given 

the limited supply of space in Singapore and Hong Kong, 

these markets offer high potential. High demand for 

space, low vacancies and limited supply are also leading 

to further rises in rent in Tokyo. 


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In the period under review from 1 April 2007 to 30 September 

2007, SEB ImmoInvest recorded a net inflow of 

funds in the amount of EUR 659.4 million. Fund assets 

amounted to EUR 6.8 billion on 30 September 2007. The 

number of units outstanding rose to 122,808,029. 

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Almost a third of fund assets (31.4%) were managed by 

SEB Immobilien-Investment GmbH via internal investment 

accounts on 30 September 2007. 35.2% of investors 

with money in these internal accounts at the reporting date 

have invested more than EUR 500,000. The average assets 

per deposit account amounted to EUR 26,510. 

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Gross liquidity amounted to approximately EUR 2.7 billion 

as of 30 September 2007, representing a decline of 3.3 

percentage points in the gross liquidity ratio to 39.1% over 

the past six months. The Fund’s management realised a 

total liquidity return of 1.8% during the first half of the financial 

year. After deducting all funds reserved for specific 

purposes (signed purchase contracts, distributions, 

etc.), the net liquidity – including the 5% statutory 

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31 Mar. 2005 

EUR million 

31 Mar. 2006 

EUR million 

31 Mar. 2007 

EUR million 

30 Sept. 2007 

EUR million 

Properties 3,523.6 4,069.9 3,696.0 3,488.3 

Equity interests in real estate companies 212.8 371.9 543.4 625.9 

Liquidity portfolio 1,845.3 1,062.5 2,696.9 2,666.2 

Other assets 533.0 373.1 414.2 1,002.8 

Less: Liabilities and provisions –982.8 –1,070.8 –990.8 –966.7 

Fund assets 5,131.9 4,806.6 6,359.7 6,816.5 

Number of units in circulation (in millions) 90,189,205 84,367,300 110,911,989 122,808,029 

Unit value (EUR) 56.90 56.97 57.34 55.50 

Distribution per unit (EUR)* 2.30 2.30 3.30 – 

thereof special distribution due to disposal gains – – 1.00 – 

Date of distribution 17 June 2005 3 July 2006 2 July 2007 – 

Coupon no. No. 16 / No. 24 No. 17 / No. 25 No. 18 / No. 26 – 

� Payable after the end of the financial year 

minimum liquidity – was 24.8% or EUR 1.69 billion at the 

reporting date. 

At the closing date of 30 September 2007, 88.81% of the 

liquidity of the SEB Immolnvest open-ended real estate 

fund was invested in the SEB Immo Cash special securities 

investment fund. All in all, the liquidity portfolio 

comprised bank deposits totalling EUR 298.5 million 

and investment units (SEB Immo Cash) in the amount 

of EUR 2.4 billion with an average duration of 0.2 

years. 

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The Fund’s management realised an investment performance 

of EUR 1.46 per unit or 2.6% p.a. in the period under 

review after adjustment for the distribution of 2 July 2007 

in the amount of EUR 3.30 per unit (including the special 

distribution of EUR 1.00). 

Unit value as of 30 September 2007 EUR 55.50 

Plus distribution on 2 July 2007 EUR 3.30 

Minus unit value on 1 April 2007 EUR –57.34 

Investment performance EUR 1.46

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Return Return Fund income comprises the return on property and the 

in % in % p. a. return on the liquidity portfolio. In the period under 

review, the properties generated a gross rental return 

of 3.2%. Management costs reduced the gross rental 

return at the portfolio level by 0.8%. High management 

costs (–2.1%) were incurred in the USA compared with 

the other investment locations. This figure is in line 

Note: Calculated according to the BVI method (no front-end load; distributions with US market conditions, given that factors such as 

reinvested immediately). Past performance is no indication of future performance. 

high contributions towards fit-out costs are standard on 

the rental market. 

First half of the financial year 2.6 

1 year 5.1 5.1 

3 years 14.6 4.7 

5 years 26.1 4.7 

10 years 65.6 5.2 

15 years 130.3 5.7 

Since the launch of the Fund on 2 May 1989 196.6 6.1 

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Currency Loan volume as a % of Fixed Loan volume as a % Fixed in- Loan volume as a % 

in EUR the Fund interest 

1) 

(equity interests) of the Fund terest rate 

(total) of the Fund 

(direct) volume rate period 

in EUR volume period 

in EUR volume 

CNY loans 0 0.0 0.0 years 39,453,735 0.8 1.4 years 39,453,735 0.8 

EUR loans (abroad) 435,849,556 9.2 3.4 years 206,265,783 4.3 1.9 years 642,115,339 13.5 

JPY loans 43,837,042 0.9 2.6 years 0 0.0 0.0 years 43,837,042 0.9 

SEK loans 0 0.0 0.0 years 5,428,888 0.1 0.7 years 5,428,888 0.1 

SGD loans 0 0.0 0.0 years 78,616,128 1.7 2.7 years 78,616,128 1.7 

USD loans 237,578,176 5.0 4.3 years 110,310,449 2.3 8.4 years 347,888,625 7.3 

Total 717,264,775 15.1 3.6 years 440,074,983 9.2 3.8 years 1,157,339,757 24.3 

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Fixed interest 

EUR loans USD loans SGD loans JPY loans CNY loans SEK loans Total loans 

rate period 

loan volume loan volume loan volume loan volume loan volume loan volume loan volume 

in EUR 

in EUR 

in EUR 

in EUR 

in EUR 

in EUR 

in EUR 

less than 1 year 278,202,426 69,380,301 0 0 0 5,428,888 353,011,615 

1–2 years 50,895,640 47,910,483 0 0 39,453,735 0 138,259,858 

2–5 years 255,017,273 30,036,594 78,616,128 43,837,042 0 0 407,507,037 

5–10 years 58,000,000 200,561,247 0 0 0 0 258,561,247 

more than 10 years 0 0 0 0 0 0 0 

Total 642,115,339 347,888,625 78,616,128 43,837,042 39,453,735 5,428,888 1,157,339,757 

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Currency Open currency items as a % of the Fund as a % of the Fund volume 

as of reporting date volume (incl. loans) 

per currency zone 

per currency zone 

CNY (China) CNY 3,183,327 EUR 299,034 0.2 0.2 

JPY (Japan) JPY 9,801,414 EUR 59,950 0.1 0.2 

SEK (Sweden) SEK –4,584,439 EUR –497,768 –1.6 –1.6 

SGD (Singapore) SGD –1,476,800 EUR –700,665 –0.4 –0.4 

USD (USA) USD 3,399,521 EUR 2,396,949 0.4 0.6 

Total EUR 1,557,500 0.1 0.2 2) 

1) Corresponds to size of equity interests 

2) At the reporting date of 30 September 2007, 99.8% of Fund assets held in foreign currency were hedged. 


The changes in value item include both changes in value 

according to the expert opinions and other changes in 

value, such as provisions for planned construction measures 

and capital gains. The return from changes in value 

was a positive 1.2 percentage points. This is largely due to 

the positive development on real estate markets in general 

and in France in particular. In Germany, too, the return 

from changes in value was positive, primarily as a result of 

the sale of 25 German properties (Limes portfolio), which 

generated a disposal gain of EUR 23.6 million. Writedowns 

were performed on certain German properties. 

In Belgium, on the other hand, write-downs were performed 

on one property due in particular to lease renewals 

at current market rates and relatively high vacancy 

levels. In the “Rest of world” category, the capital gains 

generated by the sale of the Alcala de Guadaira property 

near Seville in Spain were not enough to offset the 

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Properties Germany Abroad 


Six-month period from Apr. 2007 to Sept. 2007 Twelve-month period from Oct. 2006 to Sept. 2007 

Direct 

acquisi- 

tions 

Abroad 

Equity 

inter- 

ests 

Abroad 

Total 

Total Germany Abroad 

Direct 

acquisi- 

tions 

Abroad 

Equity 

inter- 

ests 

Abroad 

Gross income 1) 2.7 3.4 3.9 3.6 3.2 5.8 6.6 5.5 6.1 6.0 

Management costs 1) –0.9 –0.7 –0.8 –0.8 –0.8 –1.5 –1.7 –1.3 –1.5 –1.5 

Net income 1) 1.8 2.7 3.1 2.8 2.4 4.3 4.9 4.2 4.6 4.5 

Changes in value 1) 0.8 2.2 0.3 1.5 1.2 –0.7 6.8 3.9 5.6 3.4 

Foreign income taxes 1) 0.0 –0.3 –0.2 –0.3 –0.2 0.0 –4.3 –1.3 –3.0 –2.0 

Foreign deferred taxes 1) 0.0 –0.4 –0.1 –0.2 –0.1 0.0 0.2 –0.1 0.0 0.0 

Income before borrowing costs 1) 2.6 4.2 3.1 3.8 3.3 3.6 7.6 6.7 7.2 5.9 

Income after borrowing costs 2) 2.6 5.2 3.5 4.5 3.6 3.6 9.4 9.4 9.4 6.6 

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

Total income in Fund currency 2) 4) 2.6 5.2 3.5 4.5 3.6 3.6 8.8 9.7 9.2 6.5 

Liquidity 5) 6) 1.8 3.7 

Total Fund income before Fund costs 7) 2.9 5.5 

Total Fund income after Fund costs (BVI method) 2.6 5.1 

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 six-month average share of Fund assets financed by equity and invested in property of 58.4%, or 61.8% for twelve months 

5) Based on the Fund’s average liquid assets 

6) Generated with a six-month average share of Fund assets invested in the liquidity portfolio of 41.6%, or 38.2% for twelve months 

7) Based on the average Fund assets 

provisions for construction services for the property in 

Vienna, Austria. 

Foreign income taxes reduced the net rental return by 

0.2 percentage points in the period under review. 

Strategic external financing increased the total property 

return. Income from properties contributed 3.6% of 

the Fund return after borrowing costs. At present, the 

Fund’s management uses external financing exclusively 

for foreign properties. The average external debt ratio 

varies at the country portfolio level from 0.0% (Germany 

and Austria) to 59.8% (Japan). 

The liquidity portfolio generated a return of 1.8%. This 

results in an overall return of 2.9% before Fund costs in 

the period under review. 

Note: The figures for the first half of the financial year (1 April to 30 September 2007) cannot be extrapolated to forecast the results for the year, as 

transactions affecting earnings are not spread out evenly over the year. They are of limited informative value due to the short period under review. 

Total 

Total

�� 

�� 

Germany 

Germany 

Belgium 

France 

Directly held properties 1,882,505 70,575 499,182 518,971 213,922 431,695 138,696 3,755,546 0 1,873,041 3,755,546 

Properties held via equity interests 0 0 0 0 0 0 0 0 1,204,698 1,204,698 1,204,698 

Total properties 1,882,505 70,575 499,182 518,971 213,922 431,695 138,696 3,755,546 1,204,698 3,077,739 4,960,244 

of which property assets financed by equity 1,882,505 59,082 293,042 455,539 113,656 176,258 83,554 3,063,636 773,107 1,954,238 3,836,743 

Loan volume 0 11,493 206,140 63,432 100,266 255,437 55,142 691,910 431,591 1,123,501 1,123,501 

Liquid assets 2,485,751 437 2,058 3,139 1,079 162,817 2,287 2,657,568 78,317 250,134 2,735,885 

Fund volume 4,368,256 59,519 295,100 458,678 114,735 339,075 85,841 5,721,204 851,424 2,204,372 6,572,628 

Germany 

Belgium 

Belgium 

France 

I. Properties 

Gross income 2) 2.7 2.3 3.3 2.9 3.6 4.5 2.4 3.0 3.9 3.6 3.2 

Management costs 2) –0.9 –0.4 –0.1 –0.5 –0.3 –2.1 –0.6 –0.8 –0.8 –0.8 –0.8 

Net income 2) 1.8 1.9 3.2 2.4 3.3 2.4 1.8 2.2 3.1 2.8 2.4 

Changes in value 2) 0.8 –1.6 7.8 0.9 0.6 0.0 –1.5 1.6 0.3 1.5 1.2 

Foreign income taxes 2) 0.0 –0.1 –0.4 –0.3 –0.6 0.0 –1.0 –0.2 –0.2 –0.3 –0.2 

Foreign deferred taxes 2) 0.0 0.0 –0.9 –0.3 0.0 –0.2 –0.3 –0.2 –0.1 –0.2 –0.1 

Income before borrowing costs 2) 2.6 0.2 9.7 2.7 3.3 2.2 –1.0 3.4 3.1 3.8 3.3 

Income after borrowing costs 3) 2.6 –0.3 14.8 2.9 4.3 1.1 –2.6 3.6 3.5 4.5 3.6 

Exchange rate differences 3) 4) 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 

Total income in Fund currency 3) 5) 2.6 –0.3 14.8 2.9 4.3 1.2 –2.6 3.6 3.5 4.5 3.6 

II. Liquidity 6) 7) 1.8 

III. Total Fund income before Fund costs 8) 2.9 

Total Fund income after Fund costs (BVI method) 2.6 

Note: The figures for the first half of the financial year (1 April to 30 September 2007) cannot be extrapolated to forecast the results for the year, as 

transactions affecting earnings are not spread out evenly over the year. They are of limited informative value due to the short period under review. 

�� 

�� 

France 

Portfolio market valuations (expert opinions) 9) 1,533,540 70,090 532,884 469,500 301,500 427,352 153,448 3,488,314 1,266,650 3,221,424 4,754,964 

Portfolio rental valuations (expert opinions) 10) 91,865 5,447 32,578 31,695 19,186 39,235 8,669 228,675 86,639 223,448 315,314 

Positive changes in value acc. to expert opinions 11) 1,480 254 38,990 4,630 1,440 0 0 46,794 3,277 48,591 50,071 

Other positive changes in value 12) 5 0 0 0 221 0 17 243 0 238 243 

Negative changes in value acc. to expert opinions 11) –6,190 –1,360 0 0 –450 0 0 –8,000 –220 –2,030 –8,220 

Other negative changes in value 12) –2,595 0 –1 0 0 0 –5,500 –8,096 –27 –5,528 –8,123 

Total changes in value acc. to expert opinions 11) –4,710 –1,106 38,990 4,630 990 0 0 38,794 3,057 46,561 41,851 

Total other changes in value 12) –2,590 0 –1 0 221 0 –5,483 –7,853 –27 –5,290 –7,880 

Addition – capital gains tax 0 0 –4,547 –1,299 0 –649 –342 –6,837 –484 –7,321 –7,321 

Total changes in value –7,300 –1,106 34,442 3,331 1,211 –649 –5,825 24,104 2,546 33,950 26,650 

1) The weighted average figures in the first half of the financial year are calculated 

using seven month-end values (31 March – 30 September 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 currency 

hedging costs for the period under review. 

5) The 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 58.4%. 

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

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

was 41.6%. 

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

Italy 

Italy 

Italy 

Netherlands 

Netherlands 

Netherlands 

USA 

USA 

USA 

Rest of world 

(L, A, E, J) 

Rest of world 

(L, A, E, J) 

Rest of world 

(L, A, E, J) 

Total direct 

investments 

Total direct 

investments 

Total direct 

investments 

Total equity 

interests 

Total equity 

interests 

Total equity 

interests 

Total 

abroad 

Total 

abroad 

Total 

abroad 

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 30 September 2007. For this reason, the proceeds from 

the sales are not shown here. 

Total 

Total 

Total 


�� 

As of 30 September 2007, the portfolio comprised 88 directly 

held properties and 18 equity investments with total 

property assets of EUR 4.8 billion. Three Fund properties 

are currently under construction. Expressed in terms 

of market values, 67.7% of property assets were located 

outside Germany at the reporting date and 32.3% in Germany; 

all in all, the Fund is invested in a total of 14 countries. 

As before, the greatest share of foreign assets was to 

be found in France (16.2%), followed by the USA (13.0%) 

and Italy (12.7%). 

Office properties formed the main focus of the portfolio, 

accounting for 76.4% of the estimated net rental and 76.6% 

of the rental space. 57.2% of property assets were in properties 

with an economic age of ten years or less. The portfolio 

has a broad, balanced structure in terms of value classes. 

51.6% of properties have a market value of between EUR 25 

�� 


Rhine-Main 

Rhine-Ruhr 

Berlin 

Hamburg 

Munich 

Rest of Germany 

France 

USA 

Italy 

Netherlands 

Belgium 

Japan 

Hungary 

Luxemburg 

Rest of world (E, S, C, SG) 

3.6 % (4) 

1.7 % (3) 

6.7% (9) 

6.0 % (5) 

4.1 % (7) 

3.3% (9) 

1.6 % (2) 

1.1 % (2) 

0.9 % (2) 

10.2 % (12) 

9.3 % (14) 

9.6 % (4) 

13.0 % (11) 

12.7 % (8) 

Number of properties in brackets 

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

properties undergoing construction/renovation) 

16.2 % (11) 

million and EUR 100 million. 43 properties had a market 

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

largest properties in terms of market value accounted for 

23.0% of the total portfolio value. 

�� 

The letting rate for the SEB ImmoInvest open-ended real 

estate fund during the period under review averaged 

92.3% of estimated net rental, or 91.8% of estimated gross 

rental (including incidental expenses). As of the reporting 

date, the letting rate stood at 92.4% of the estimated net 

rental, or 91.9% of the estimated gross rental. 

From 1 April 2007 to 30 September 2007, the Fund’s management 

signed new leases for 25,450 m2 . In addition, 

existing leases for 24,145 m2 were extended. 

�� 

Office 

Industrial 

(warehouses, halls) 

Retail/catering 

Hotel 

Leisure 

Car park 

Miscellaneous 

3.4% 

3.0% 

3.3% 

0.9 % 

0.7 % 

0.0 % 

9.1 % 

8.6% 

8.9% 

4.5 % 

1.8 % 

2.8% 

76.6 % 

76.4 % 

Basis: By rental space 

By estimated net rental for the year 

(incl. properties held via equity interests, but not properties undergoing 

construction/renovation)

Long-term leases are what ensure the stability and profitability 

of an open-ended real estate fund. 48.8% of leases 

in SEB Immolnvest have a term of more than five years. 

The terms and staggered durations of the leases are very 

�� 

Singapore, 77 Robinson Road 

Berlin, Stauffenbergstrasse 26 

Issy-les-Moulineaux, 65 Rue de Camille Desmoulins 

Rome, Via Laurentina 449 

Shanghai, 233 Taicang Road 

�� 

ENI S.p.A., Rome, Via Laurentina 449/Via del Serafico 49-61 

Maritim Hotelgesellschaft mbH, Berlin, Stauffenbergstr. 26 

NBC Universal, Inc., San Francisco, 225 Bush Street 

PricewaterhouseCoopers, Frankfurt am Main, Marie-Curie-Str. 24-28 

Global Shared Services S.r.l., Milan, Via della Chiusa 2 

�� 

15.1 % more than 20 years 

(18 properties) 

10.9 % 15 to 20 years 


16.8 % 10 to 15 years 


up to 5 years 32.8 % 


5 to 10 years 24.4 % 




important in preventing ongoing income risks. A broad 

distribution of tenants across many different industries 

also reduces dependency on specific economic segments. 

�� 

2007 

2008 

2009 

2010 

2011 

2012 

2013 

2014 

2015 

2016 

2017 + 

indefinite 

2.6 % 

2.7% 

23.0 % from EUR 150 million 


EUR 100 

13.3 % ≤ 150 million 


29.4 % EUR 50 ≤ 100 million 


5.0 % 

4.4 % 

4.8 % 

6.0% 

6.1% 

9.4 % 

13.2 % 

15.0 % 

14.2 % 

16.6 % 

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

interests, but not properties undergoing construction/renovation) 

�� 

up to EUR 10 million 1.8 % 


EUR 10 ≤ 25 million 10.3 % 




EUR 25 ≤ 50 million 22.2 % 

(30 properties) 


�� 


by rental space * 

Consumer goods industry and retail 

Banksandfinancialservicesproviders 

Management consulting, legal and tax advisory 

Utilities and telecommunications companies 

Technology and software 

Construction companies 

Mechanical engineering, raw material extraction and processing 

Insurance companies 

Hotels and catering 

Chemical and pharmaceutical industry 

Media and entertainment 

Public authorities, associations and educational institutions 

Automotive and transport 

Other sectors 

bytotalestimatednetrental * 

Consumer goods industry and retail 

Banksandfinancialservicesproviders 

Management consulting, legal and tax advisory 

Technology and software 

Utilities and telecommunications companies 

Construction companies 

Mechanical engineering, raw material extraction and processing 

Hotels and catering 

Public authorities, associations and educational institutions 

Media and entertainment 

Insurance companies 

Chemical and pharmaceutical industry 

Automotive and transport 

Other sectors 

9.3 % (94) 

9.3% (76) 

9.2 % (48) 

8.6% (55) 

6.7% (20) 

5.8 % (7) 

5.3 % (21) 

4.9 % (32) 

4.7 % (16) 

4.6 % (36) 

4.3 % (38) 

4.0 % (24) 

10.9 % (211) 

70 – 74RuedelaLoi,Brussels,Belgium 

12.4 % (200) 

11.3 % (200) 

10.9 % (94) 

10.8 % (76) 

8.9% (55) 

7.8 % (48) 

6.6% (20) 

6.4 % (7) 

5.4 % (32) 

5.1 % (38) 

5.0 % (36) 

5.0 % (21) 

4.4 % (16) 

� In brackets: number of tenants (incl. 

3.6% (24) 

properties held via equity interests, 

but not properties undergoing 

8.8% (211) construction/renovation)

�� 

�� 

Germany 

Belgium 

France 

Office 19.6 1.5 8.8 7.0 0.9 6.0 11.2 0.7 55.7 20.7 56.8 76.4 

Retail / catering 2.9 0.0 1.0 1.8 0.0 0.1 0.5 0.0 6.3 2.6 6.0 8.9 

Hotel 3.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.3 0.0 0.0 3.3 

Industrial (warehouses, halls) 1.2 0.0 0.7 0.6 0.0 0.0 0.2 0.0 2.7 0.7 2.2 3.4 

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

Car park 1.8 0.2 0.3 0.7 0.0 0.3 0.1 0.1 3.5 1.0 2.7 4.5 

Other 1.4 0.2 0.2 0.1 0.0 0.0 0.4 0.0 2.3 0.5 1.4 2.8 

% of total annual rental income 30.7 1.9 11.0 10.2 0.9 6.4 12.4 0.8 74.3 25.7 69.3 100.0 

�� 

Germany 

Belgium 

France 

Office 2.6 0.9 0.2 0.5 0.0 0.0 1.1 0.0 5.3 0.8 3.5 6.1 

Retail / catering 0.0 0.0 0.0 0.1 0.0 0.0 0.2 0.0 0.3 0.1 0.4 0.4 

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

Industrial (warehouses, halls) 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.2 

Leisure 0.0 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 0.0 0.4 0.0 0.1 0.4 

Other 0.1 0.0 0.0 0.1 0.0 0.0 0.3 0.0 0.5 0.0 0.4 0.5 

% of total vacancy rate 

Letting rate on reporting date 

as % of est. net rental for year 

3.2 1.0 0.2 0.7 0.0 0.0 1.6 0.0 6.7 0.9 4.4 7.6 

and country 1) Letting rate on reporting date 

as % of est. gross rental for year 

89.8 42.0 98.1 92.8 100.0 100.0 87.4 98.8 91.0 96.5 93.5 92.4 

and country 2) 89.2 42.1 98.2 92.9 100.0 100.0 87.0 98.9 90.4 96.3 93.1 91.9 

�� 

Germany 

Belgium 

France 

indefinite 0.4 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.5 2.2 2.3 2.7 

2007 1.6 0.0 0.0 0.2 0.0 0.2 0.0 0.0 2.0 0.6 1.0 2.6 

2008 0.8 0.0 0.4 0.0 0.0 0.0 1.2 0.0 2.4 2.6 4.2 5.0 

2009 1.8 0.0 0.2 4.6 0.0 1.1 1.3 0.5 9.5 3.7 11.4 13.2 

2010 7.0 0.1 0.0 1.6 0.0 0.9 2.7 0.0 12.3 2.7 8.0 15.0 

2011 4.3 0.5 0.4 0.1 0.0 0.2 0.4 0.1 6.0 3.4 5.1 9.4 

2012 1.4 0.0 1.4 0.1 0.0 0.8 0.4 0.0 4.1 1.9 4.6 6.0 

2013 3.5 0.0 3.9 2.0 0.0 0.1 1.3 0.0 10.8 3.4 10.7 14.2 

2014 0.5 0.0 2.5 0.0 0.0 0.4 0.4 0.1 3.9 0.5 3.9 4.4 

2015 1.1 0.0 2.4 0.0 0.0 0.0 0.2 0.2 3.9 2.2 5.0 6.1 

2016 1.2 0.0 0.1 0.0 0.0 0.1 0.6 0.0 2.0 2.8 3.6 4.8 

2017 + 6.2 0.1 0.4 1.7 1.0 3.2 3.1 0.0 15.7 0.9 10.4 16.6 

% of estimated net rental for the year 29.8 0.7 11.7 10.3 1.0 7.0 11.7 0.9 73.1 26.9 70.2 100.0 

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. 

Italy 

Italy 

Italy 

Japan 

Japan 

Japan 

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) 


(abroad) 


(abroad) 

Total 

abroad 

Total 

abroad 

Total 

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 

Total 

Total 


�� 

As part of the report on the letting situation, the following is a detailed overview of 15 properties with a vacancy rate 

of over 33% of the estimated (gross) rental at the reporting date, 30 September 2007. 

Property Vacancy 

rate at property 

level 

in % 


Vacancy 

rate at Fund 

level 

in % 

Brussels, 139–141 Rue Royale 

Demand for office space in Brussels is muted. Potential office tenants are primarily interested in projects. 

The Fund’s management is aiming to revitalise and market the property with the help of a project developer. 

100.00 0.27 

Diegem/Brussels, 3 Kennedylaan 

It will only be possible to market the property following extensive renovation. A decision regarding the extent 

of the necessary renovation is pending; this will be made on the basis of an economic efficiency assessment. 

100.00 0.40 

Cologne, Oskar-Jäger-Strasse 50 

Demand for rental space in Cologne is growing, and this is also benefiting suburban locations. In the current financial year, 

the Fund’s management is implementing a concept to revitalise the property’s common areas and grounds; this will be 

undertaken in parallel with marketing activities. 

92.38 0.50 

Milan, Via Dante 15 

Two renowned tenants have signed leases for the vacant spaces. This means that the property will be fully 

leased again as of 1 January 2008. 

85.18 0.48 

Zaventem/Brussels, 9 Belgicastraat 

The letting process is still proving very laborious because of high vacancy rates, numerous new 

completions and the competition with city-centre vacancies. 

80.20 0.22 

Brussels, 41 Avenue des Arts 

The property was extensively modernised in line with the needs of its target group to improve its competitive positioning. 

Intensive efforts to secure tenants have already resulted in one commitment to sign a lease. In line with this, the vacancy 

rate would fall by 15% to approx. 60% as of 1 January 2008. 

72.35 0.16 

Frankfurt am Main, Herriotstrasse 4 

Demand at the Niederrad microlocation is muted. Intensive letting negotiations are ongoing with a prospective 

tenant for 1,500 m 

68.41 0.96 

2 of space. 

Berlin, Johannisstrasse 20 

The Fund’s management has developed a marketing concept together with a local lead letting agent. 

Lease renewal negotiations are currently being held with existing tenants. 

67.05 0.39 

Unterschleissheim/Munich, Edisonstrasse 1 

Demand for office and warehouse space across the entire Munich region is still low. In spite of this, 

the Fund’s management succeeded in letting 2,448 m 

54.53 0.10 

2 of office and warehouse space as of 1 April 2007. 

Brussels, 306–310 Avenue Louise 

Demand has been sluggish owing to this property’s location on the outskirts of the CBD. 

The letting agents commissioned with the task of finding tenants have stepped up their activities. 

51.28 0.16 

Frankfurt am Main, Stützeläckerweg 12–14 

This property on the outskirts of Frankfurt is currently unaffected by the slight upturn in inner city areas. The Fund’s management is 

investigating how the property can be rendered more attractive. This will be followed by appropriate strategic marketing activities. 

44.73 0.24 

Aschheim-Dornach Einsteinring 31–39 

Demand for office space in the microlocation is extremely restrained. A new lead letting agent agreement has been concluded with 

a view to consolidating marketing activities. Three existing tenants have extended their leases. 

43.94 0.43 

Lille, Boulevard de Turin 

The Fund’s management has let two further storeys to renowned companies. Efforts to find new tenants are being continued. 

It is possible that the building will be fully leased within the near future. 

43.80 0.19 

Munich, Westendstrasse 160-162/Barthstrasse 24–26 

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

Negotiations are currently underway with a prospective tenant for some 2,000 m 

42.20 0.23 

2 of space. 

Düsseldorf, Kruppstrasse 108 

Demand on the Düsseldorf market has picked up substantially, although this has yet to spread to all locations. 

The Fund’s management believes that the Fund property will also benefit from the positive trend next year. 

An existing tenant has leased additional space as of 2008. 

36.42 0.12

�� 

Over the last six months, the Fund management company 

optimised the SEB Immolnvest open-ended real estate 

fund by acquiring two extensive real estate packages in 

Germany and the Netherlands and by entering the Singaporean 

and Japanese markets. Seven of the 15 properties 

for which purchase contracts have been signed have already 

been transferred to the portfolio. The 25 properties 

belonging to the Limes portfolio, which was sold by the 

Fund’s management, were derecognised from the Fund 

in their entirety. 

�� 

SEB Immobilien-Investment GmbH used a bidding process 

to dispose of a geographically diversified package consisting 

of 26 office and commercial properties in German 

cities such as Munich, Hanover, Duisburg, Darmstadt, 

Essen, Mannheim and Hamburg. DIC Asset AG acquired 

the properties, which were primarily let to tenants with 

extremely good credit ratings, and which offered some 

263,000 m2 of space. The selling price for the portfolio was 

approximately EUR 440 million, while the market value 

was EUR 404 million. 25 of the 26 properties belonged to 

SEB Immolnvest. An office building in Duisburg with a 

selling price of EUR 14.3 million (market value: EUR 11.6 

million) belonged to SEB ImmoPortfolio Target Return 

Fund. This sale, known as the “Limes transaction”, allowed 

the Fund’s management to reduce the proportion 

of smaller, older and non-central properties in the SEB 

Immolnvest open-ended real estate fund. The transaction 

not only generated substantial capital gains, but also optimised 

the portfolio, thereby boosting the profitability of 

the Fund in the long term. 

In the Annual Report as of 31 March 2007, we reported 

on the sale of the shopping centre portfolio in Spain. The 

“Los Alcores” shopping centre in Alcala de Guadaira near 

Seville was the last property to be derecognised from the 

SEB Immolnvest portfolio, with the exception of one retail 

unit, which maintains the Fund’s presence in Spain in 

order to leverage tax benefits. 

�� 

With the acquisition of the Yellowstone portfolio in Germany 

and the Eurocommerce portfolio in the Netherlands, 

SEB Immolnvest has secured a total of twelve 

attractive properties and projects in Western Europe. 

The Yellowstone portfolio, which changed hands for 

EUR 237 million, comprises six office and retail properties 

with total space of approximately 78,300 m2 in the 

cities of Düsseldorf, Hamburg and Cologne and in the 

regional centres of Freiburg, Karlsruhe and Salzgitter. 

The Colonius Carré office building in Cologne city centre 

has already been transferred to the Fund. The other five 

buildings are currently being developed. The Airport 

City building in the direct vicinity of Düsseldorf Airport 

is expected to be completed by the end of 2007. The office 

and services centre at Freiburg Central Station, the retail 

warehouse in Salzgitter city centre and the office building 

in Karlsruhe are expected to be transferred to the 

Fund in mid-2008. The office complex in Hamburg is 

scheduled for completion in two construction phases in 

2008 and 2010 respectively. 51% of the portfolio has already 

been leased to renowned tenants. The seller has 

furnished a rental guarantee for several years on the 

vacant space. 

SEB Immolnvest acquired the Eurocommerce portfolio, 

comprising some 40,400 m2 of space, for a total price of 

EUR 125 million. This consists of three office buildings – 

Hof van Breda in Breda, Blauwvingerveste in Zwolle and 

Colisée in Deventer – plus the three Odyssée office 

projects in Deventer and the two-part Place Vendôme 

A+B complex in Zwolle. The Odyssée property is to be 

transferred to the Fund portfolio in July 2008, followed 

by Place Vendôme A+B in November. The three portfolio 

properties are fully let, with the average lease term of the 

portfolio being approximately 8.5 years. Space that has not 

yet been let is covered by a rental guarantee until 2017. 


�� 

SEB Immolnvest has been investing in selected markets in 

the Asia-Pacific region since 2006. The open-ended real 

estate fund has further diversified its portfolio in this region 

over the last six months by acquiring properties in Singapore 

and Japan for the first time. 

The Fund management company acquired Robinson 77, a 

high-quality, 35-storey office building in Singapore, for a 

total investment volume of SGD 551.9 million. The property, 

which offers approximately 27,450 m2 of space, is almost 

fully let. 

Los Alcores, Alcalá de Guadaira 

(near Seville), Spain 


In Osaka, the third-largest city in Japan with approximately 

2.6 million inhabitants, the Fund’s management transferred 

the eleven-storey office building Shin Osaka (6,150 m2 ) to 

the Fund portfolio. The investment volume was JPY 7.1 billion. 

In Tokyo, SEB ImmoInvest secured the seven-storey 

Hamamatsucho office building with 3,050 m2 of space. The 

total investment costs amounted to JPY 4.9 billion.

�� 

PURCHASES 1) :DIRECTLYHELDPROPERTIESINEUROZONECOUNTRIES 

Country Post- 

code 

City Street Transfer of 

risks and 

Purchase 

price in 

Total investment 

costs 3) 

Market value 

in EUR 

rewardsasof EUR million in EUR million million 

Germany 50823 Cologne Subbelrather Str. 15 08/2007 41.0 43.1 42.0 

Netherlands 4817 PA Breda Bergschot 69 09/2007 28.8 31.1 31.2 

Netherlands 7418 AA Deventer Hunneperkade/Hanzeweg 09/2007 12.9 13.3 13.3 

Netherlands 3068 AX Rotterdam George Hintzenweg 77 08/2007 28.6 29.3 29.3 

Netherlands 8021 EW Zwolle Burgemeester 

Roelenweg 10/14 A 

09/2007 19.5 21.5 21.6 

PURCHASES 1) PURCHASES 

: EQUITY INTERESTS IN REAL ESTATE COMPANIES IN COUNTRIES WITH OTHER CURRENCIES 

Country Regis- Name Equity Transfer of Purchase Total invest- Market value 

tered 

interest risks and price in 

4) 5) 

ment costs in SGD 

office 

held rewardsasof SGD million in SGD million million 

Singapore Singapore SEB Robinson 77 Pte Ltd. 100% 05/2007 526.0 551.9 553.3 

1) :DIRECTLYHELDPROPERTIESINCOUNTRIESWITHOTHERCURRENCIES 

Country Post- City Street Transfer of Purchase Total investcode 

risks and price in ment costs 

rewardsasof JPY million 

3) 

Market value 

in JPY 

in JPY million million 

Japan 1050013 Tokyo 1-22-5 Hamamatsucho 04/2007 4,593.3 4,897.8 4,900 

Japan 5220003 Osaka 4-1-4 Miyahara 04/2007 6,600.0 7,099.4 7,100 

SALES 2) :DIRECTLYHELDPROPERTIESINEUROZONECOUNTRIES 

Country Post- City Street Transfer of Purchase Total investcode 

risks and price in ment costs 

rewardsasof EUR million 

3) 

Selling Market value at 

price in the time of sale 

in EUR million EUR million in EUR million 

Germany 13357 Berlin Prinzenallee 89–90 05/2007 22.5 24.6 13.1 12.1 

Germany 44789 Bochum Universitätsstr. 105 05/2007 9.2 9.8 9.4 8.8 

Germany 64283 Darmstadt Wilhelminenstr. 1–3 05/2007 43.0 47.5 59.0 49.9 

Germany 45058 Duisburg Hansastr. 15 05/2007 39.3 51.8 62.5 53.2 

Germany 40211 Düsseldorf Couvenstr. 6–8 05/2007 5.6 7.9 6.3 5.5 

Germany 40470 Düsseldorf Münsterstr. 304–306 05/2007 38.5 39.2 47.3 43.1 

Germany 45130 Essen Alfredstr. 57–65 05/2007 11.0 11.0 11.2 11.1 

Germany 45329 Essen Gladbecker Str. 425–427 05/2007 6.4 7.7 6.5 6.4 

Germany 45329 Essen Gladbecker Str. 431–435 05/2007 8.6 10.0 8.3 8.4 

Germany 82031 Grünwald Bavariafilmplatz 8 / 

Luise-Ulrich-Str. 2–8 

05/2007 14.9 16.3 17.5 16.2 

Germany 22145 Hamburg Bargkoppelweg 52–66a 05/2007 22.8 31.3 24.9 25.4 

Germany 30179 Hanover Vahrenwalder 

Str. 315–315a 

05/2007 28.0 29.2 36.1 33.2 

Germany 63150 Heusenstamm Borsigstr. 6 05/2007 8.4 9.0 6.8 6.5 

Germany 55743 Idar-Oberstein Nahe-Center 1–10 05/2007 3.7 3.9 2.1 2.0 

Germany 51373 Leverkusen Wiesdorfer Platz 82 05/2007 15.3 16.9 18.7 19.2 

Germany 59557 Lippstadt Planckstr. 1 05/2007 6.5 6.8 5.8 5.7 

Germany 67059 Ludwigshafen Ludwigsplatz 1 05/2007 8.2 12.6 10.0 9.8 

Germany 39104 Magdeburg Otto-von-Guericke-Str. 86a / 05/2007 

Leiterstr. 12 

10.7 16.0 5.8 5.1 

Germany 68161 Mannheim Kunststr., N7 05/2007 30.7 31.6 36.0 32.6 

Germany 45768 Marl Bergstr. 228 05/2007 9.7 10.8 12.0 12.0 

Germany 14482 Potsdam Großbeerenstr. 181–183 05/2007 10.6 11.3 11.0 10.6 

Germany 93059 Regensburg Donaustaufer Str. 168 05/2007 7.9 8.4 3.2 3.2 

Germany 21218 Seevetal Kirchstr. 26 05/2007 3.0 3.5 3.7 3.8 

Germany 41748 Viersen Kränkelsweg 2–16 05/2007 8.5 9.1 6.9 6.8 

Germany 67547 Worms Mainzer Str. 16–18 05/2007 3.1 3.3 1.9 1.9 

Spain 41500 Alcalá de Guadaira 

(Sevilla) 

Los Alcores 04/2007 24.5 34.6 42.2 38.8 

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

period under review. 

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

during the period under review. 

3) Total investment volume at the time of acquisition 

4) Total investment volume at the time of acquisition, at company level 

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


�� 

PROPERTIES COMPLETED DURING THE PERIOD UNDER REVIEW – IN PORTFOLIO 

City Street Use Area 

in m 2 


Transfer of 

risks and 

rewards 

Construction status Letting rate 

Netherlands 

Rotterdam George Hintzenweg 77 Office 8,620 08/2007 Completed 100% 

PROPERTIES CURRENTLY UNDER CONSTRUCTION – IN PORTFOLIO 

City Street Use Planned 

area 

in m2 Scheduled Construction status Letting rate 

completion 

Germany 

date 

Mannheim 

Austria 

Dudenstr. 46/57a Office 10,033 11/2007 Basic finishing work completed; tenant 

fit-outs successively as let 

45% 

Vienna Rennweg 46–50 Office/ 17,250 11/2007 Basic finishing work completed; ten- 40% 

France 

retail 

ant fit-outs successively as let 

Lyon Avenue Jean Jaures 208–210 Office 7,134 01/2008 Shell construction completed; 

finishing work begun. 

14% 

PROPERTIES UNDER CONSTRUCTION – NOT YET IN PORTFOLIO 

City Street Use Planned 

area 

in m2 Scheduled Construction status Letting rate 

completion 

Netherlands 

date 

Rotterdam Marten Meesweg, Building B Office 8,688 10/2007 Shell construction completed; 

finishing work 75% completed. 

100% 

Rotterdam Marten Meesweg, Building C Office 5,725 07/2008 Shell construction begun. 0% (rental guarantee 

5 years) 

Rotterdam Marten Meesweg, Building E Office 11,890 05/2008 Shell construction 80% completed. 100 % 

Rotterdam Wilhelminakade Office 38,572 02/2008 Shell construction begun. 91% (rental guarantee 

10 years) 

Amsterdam Changiweg Office 22,249 10/2009 Building application submitted. 100% 

Deventer Hunneperkade/Hanzeweg Office 3,061 04/2008 Shell construction completed; finishing 

work begun. 

100% 

Zwolle Ceintuurbaan/ 

Office 13,285 Phase 1: 04/2008 Shell construction for PHASE 1 35% Phase 1: 100% 

Czech Republic 

Doktor van Heesweg 

Phase 2: 02/2009 

completed. 

Phase 2: 35% (rental 

guarantee 10 years) 

Prague 

Finland 

Factory Outlet Prague Airport Retail 31,833 09/2008 Shell construction completed; 


35% 

Vantaa Plaza Vivace, Äyritie 8c Office 5,682 02/2008 Shell construction completed; 


52% 

Helsinki 

Germany 

Opus 1, Hitsaajankatu 24 Office 6,663 05/2008 Shell construction 60% completed; 


98% 

Freiburg Schnewlinstrasse Office/ 15,409 11/2008 Shell construction begun. 60% (rental 

retail 

guarantee 3 years) 

Karlsruhe Haid-und-Neu-Str. 13 Office 7,400 07/2008 Shell construction begun. 94% (rental guarantee 

2 years) 

Salzgitter Albert-Schweitzer-Str. 1 Retail 15,299 07/2008 Shell construction begun. 80% (rental guarantee 

2 years) 

Düsseldorf Peter-Müller-Strasse 20 Office 6,073 04/2008 Shell construction completed; 80% (rental guarantee 


2 years) 

Hamburg Dammtorwall 7 Office Phase 1: Phase 1: 

Phase 1: Shell construction com- Phase 1: 100% 

7,400 05/2008 

pleted; finishing work Phase 2: 0% 

Phase 2: 

9,000 to 

11,000 

Phase 2: 

mid-2010 

begun. 

Phase 2: Revitalisation of property 

expected as of mid-2008 

(rental guarantee 2 

years)

�� 

SEB Immolnvest offers a sparkling performance and very 

low volatility by comparison with the competition, primarily 

due to our active asset management of the real estate 

portfolio. Decisions to sell properties, which are reflected 

in the performance in the form of extraordinary income, 

are evaluated and implemented not only from a return 

perspective, but also and primarily with a view to portfolio 

optimisation. 

The economic conditions on the investment market have 

improved in recent months for equity-rich investors such 

as SEB Immolnvest. As a consequence of the subprime 

crisis in the US, highly leveraged investors are now only 

able to raise limited credit. This means the extremely 

fierce competition among buyers seen in the past two 

years will ease. SEB Immolnvest will use this opportunity 

to further diversify its portfolio by acquiring top properties 

that retain their value over time and generate stable 

income. High-yield, high-growth properties will be 

added to the top properties in prime locations. These can 

be properties in new markets or in more volatile locations 

with a shorter-term investment perspective, or projects 

that the fund’s management secures at an early stage. 

SEB Immolnvest will continue to drive forward the international 

diversification of its portfolio. Economic growth 

promises attractive investment possibilities at a large 

number of locations. Many European real estate markets, 

especially in Eastern Europe, are experiencing an upturn. 

From a global perspective, the best opportunities are in 

the established and emerging Asian markets. Carefully 

selected markets in the US also offer good investment 

perspectives. Accordingly, we are focussing our new 

investments on Asia, but also on Europe. 

We would like to thank you for the confidence you have 

shown in us and will continue to do everything in our 

power to offer you a product that retains its value and can 

be used for long-term asset accumulation in the future as 

well. 

SEB Immobilien-Investment GmbH 

Management 

Knoflach Kraus Chua 

Frankfurt am Main, November 2007 


�� 


EUR EUR EUR 

Fund assets at the beginning of the first half of the financial year on 1 April 2007 6,359,728,578.37 

Distribution for the previous year –366,009,563.70 

Equalisation item 

for units issued/redeemed 

up to the distribution date –6,116,259.60 

Inflow of funds from sale of units 1,392,161,264.11 

Outflow of funds from redemption of units –732,757,004.70 

Net inflow of funds 659,404,259.41 

Equalisation paid –10,717,887.67 

Ordinary net income 

Realised profits less unrealised changes in value from previous years 

69,808,006.52 

on properties 108,272,124.23 

Changes in value from previous years 82,646,387.25 25,625,736.98 

of which in foreign currency 0.00 

on liquidity portfolio 4,831,665.60 

Changes in value from previous years 1,039,665.60 3,792,000.00 

of which in foreign currency 

Realised losses less unrealised changes in value from previous years 

0.00 

on properties –7,350,495.40 

Changes in value from previous years –8,244,997.42 894,502.02 


Net changes in value of unrealised profits 

0.00 

on properties 45,091,914.06 

of which in foreign currency 17,082.52 

on equity interests in real estate companies 19,648,057.39 64,739,971.45 

of which in foreign currency 9,696,272.78 

on liquidity portfolio 32,428,000.11 32,428,000.11 


Net changes in value of unrealised losses 

0.00 

on properties –16,104,862.72 


on equity interests in real estate companies –1,516,833.47 –17,621,696.19 

of which in foreign currency –1,516,833.47 

Changes in exchange rates 583,037.62 

Fund assets at the end of the first half of the financial year on 30 September 2007 6,816,538,685.32

�� 

The development of fund assets shows which transactions 

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 

first half 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 under 

“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 

financial year and the distribution date. Investors who 

acquire 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 past financial 

year. Conversely, investors who sell their units between 

these two periods do not participate in the distribution 

although the redemption of their units is not recognised 

as an outflow of funds in the past financial year. 

The Inflow of funds from sale of units and the Outflow 

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 represent the difference 

between 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 interests 

in real estate companies, a distinction is made between 

eurozone countries and those with other currencies 

(the deciding factor for real estate companies is the 

country of domicile). 

Realised profits on the liquidity portfolio (investment 

units) represent the difference between the lower purchase 

prices and the prices at sale. 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 

investment units that were sold 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. 

Net changes in the value of unrealised profits on properties 

and equity interests in real estate companies are 

the result of adjustments to 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 carrying 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 

liquidity portfolio are the result of changes in the market 

prices of investment units held in the portfolio during the 

financial year. 

Net changes in the value of unrealised losses on properties 

and equity interests in real estate companies are the 

result of adjustments to and changes in carrying amounts 

during the financial year. The information provided 

above on the value of unrealised profits also applies here. 

Changes in exchange rates represent the difference in 

the measurement of foreign currency assets at the respective 

exchange rates at the beginning and at the end of the 

period under review. In the case of assets acquired 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. Furthermore, 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 0.6 million, represents the net amount produced 

by netting out exchange rate losses (EUR –33.4 million) 

and the net gain from forward exchange transactions 

employed for hedging against exchange rate risks (EUR 

34.0 million). The net gains from forward exchange transactions 

comprise realised changes in value in the amount 

of EUR 14.1 million and unrealised changes in value 

amounting to EUR 19.9 million.

�� 

I. Properties 

EUR EUR EUR 

1. Commercial properties 3,419,939,777.77 50.17 


2. Properties under construction 61,474,322.00 0.90 


3. Undeveloped properties 5,900,000.00 0.09 


4. Other properties and rights (section 67 (2) InvG) 1,000,000.00 0.02 


Total properties 3,488,314,099.77 51.18 

total in foreign currency 500,749,777.77 

II. Equity interests in real estate companies 

1. Majority interests 601,438,213.68 8.82 


2. Minority interests 24,490,743.60 0.36 

total in foreign currency 0.00 

Total equity interests in real estate companies 625,928,957.28 9.18 


III. Liquidity portfolio 

1. Bank deposits 298,462,564.36 


2. Investment units 2,367,750,000.11 


Total liquidity portfolio 2,666,212,564.47 39.11 


IV. Other assets 

1. Receivables from real estate management 83,824,967.55 


2. Receivables from real estate companies 277,750,730.59 


3. Interest claims 7,875,789.87 


4. Miscellaneous 633,350,375.30 


Total other assets 1,002,801,863.31 14.71 


Total 7,783,257,484.83 114.18 

total in foreign currency 1,126,936,190.62 

V. Liabilities from 

1. Loans 

(of which collateralised [section 82(3) InvG]: EUR 452,960,938.85) 

717,264,774.76 


2. Land purchases and construction projects 15,968,880.26 


3. Real estate management 106,383,160.95 


4. Miscellaneous 35,414,713.74 


Total liabilities 875,031,529.71 12.84 


VI. Provisions 91,687,269.80 1.34 


Total 966,718,799.51 14.18 


Fund assets 6,816,538,685.32 100.00 


Unit value (EUR) 55.50 

Number of units in circulation 122,808,029 

Exchange rates as of 28 September 2007: 

Sterling (GBP) 0.69838 = EUR 1 US dollar (USD) 1.41827 = EUR 1 

Swedish krona (SEK) 9.20999 = EUR 1 Japanese yen (JPY) 163.49187 = EUR 1 

Chinese renmimbi (RMB) 10.64538 = EUR 1 Singapore dollar (SGD) 2.10771 = EUR 1 

% of 

Fund 

assets 


�� 

In the first six months of the year, from 1 April to 30 September, 

2007, Fund assets increased by EUR 456.8 million 

or 7.18% to EUR 6,816.5 million. 

I. Properties 

Seven properties, four in the Netherlands, two in Japan 

and one in Germany, were added to the Fund in the first 

half of financial year 2007/2008 (cf. Property Record starting 

on page 34). 

26 properties were sold during the period under review. 

Specifically, this related to a portfolio of 25 properties in 

Germany and one property in Spain. 

The commercial properties and undeveloped properties 

were included in the Fund assets at the market values calculated 

by the experts in each case. Properties under construction 

were included in the Fund assets at the value of 

the land plus accumulated construction costs. 

At the end of the period under review, three properties 

were under construction: one property each in Germany, 

France and Austria. The properties in Germany and 

Austria are portfolio properties that have been reclassified 

as properties under construction since 2006 and 

measured at their adjusted market values due to extensive 

restructuring measures. The construction costs are 

recognised in the form of provisions for construction 

costs. 

One property held in partial ownership by the Fund is 

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

InvG). This relates to a property in Spain, which was included 

in the Fund assets at the market value calculated 

by the experts. 

Owing to the sales in the first half of financial year 

2007/2008, directly held property assets decreased by 

EUR 207.7 million to EUR 3,488.3 million and consisted of 

88 directly held properties as of the reporting date, 


30 September 2007. Property assets located abroad were 

divided between eurozone countries, with EUR 1,454.0 

million, the USA with EUR 427.4 million and Japan with 

EUR 73.4 million. 

II. Equity interests in real estate companies 

The Fund acquired the SEB Robinson 77 Pte. Ltd. real 

estate company in Singapore in the reporting period. 

Equity interests in real estate companies now comprise 

16 companies with 18 properties and a total market value 

of EUR 1,266.6 million. Taking into account the companies‘ 

other assets and liabilities (EUR 77.2 million), as well 

as external financing (EUR 440.1 million) and shareholder 

loans (EUR 277.8 million), the value of the equity investments 

amounts to EUR 625.9 million. 

Liabilities from external financing comprise EUR 110.3 

million of loans in US dollars, loans in euros totalling 

EUR 206.3 million, a EUR 5.4 million loan in Swedish krona, 

a EUR 39.5 million loan in Chinese renmimbi and a 

EUR 78.6 million loan in Singapore dollars. The companies’ 

external financing has a duration of 3.8 years. 

III. Liquidity portfolio 

The Bank deposits and Investment units disclosed under 

the Liquidity portfolio item primarily serve to cover 

payment obligations for the distribution calculated up to 

the reporting date in the amount of EUR 141.6 million, 

as well as expenditure relating to the completion of construction 

projects, purchase price payments for property 

acquired and sales costs in the amount of EUR 368.7 

million. A further EUR 311.5 million is required for the 

repayment of loans due within the next two years and 

EUR 154.8 million for the settlement of other liabilities 

and provisions. EUR 340.8 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 

investment units. The remainder is earmarked for use 

in further property acquisitions.

The Investment units item is used to report units of the 

SEB ImmoCash special bond fund, which was launched 

by our sister company SEB Invest GmbH as a joint investment 

instrument for the real estate funds managed by our 

company. 

IV. Other assets 

Receivables from real estate management include rent 

receivables in the amount of EUR 6.6 million and incidental 

expenses chargeable to tenants in the amount of 

EUR 77.2 million. This is offset by appropriate prepayments 

of allocable costs by tenants, which amount to 

EUR 81.3 million and are included in the item Liabilities 

from real estate management. 

Shareholder loans are disclosed under Receivables from 

real estate companies. EUR 132.0 million of this item 

relates to loans in euros, EUR 14.8 million to a loan in 

Swedish krona and EUR 131.0 million to a loan in Singapore 

dollars. 

Interest claims result from interest receivables from 

shareholder loans to real estate companies and time 

deposit investments. 

The other assets disclosed under Miscellaneous prima- 

rily represent value added tax receivables from the tax 

authorities in Germany and abroad in the amount of 

EUR 78.7 million. Receivables from advance payments 

on operating costs due from property managers abroad 

amount to EUR 50.3 million. Receivables from real estate 

companies are EUR 21.7 million, receivables from open 

forward exchange transactions are EUR 20.8 million and 

down payments on property acquisitions are EUR 21.0 

million. The Miscellaneous item also includes proceeds 

from the disposal of German properties (Limes portfolio) 

of EUR 425.8 million, which were paid into a 

blocked interest-bearing account belonging to the guarantor 

bank issuing the guarantees. The funds will be 

released on restitution of the guarantees after the deadline 

for reversal of the sales expires. 

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. A list of the open currency items can be 

found in the Overview of exchange rate risks table. 

In the first half of the financial year, 14 forward exchange 

transactions with a volume of USD 1,106.1 million, nine 

forward exchange transactions with a volume of 

SEK 600.0 million, eight forward exchange transactions 

(non-deliverable forwards) with a volume of CNY 1,696.0 

million, 16 forward exchange transactions with a volume 

of SGD 961.8 million and nine forward exchange transactions 

with a volume of JPY 7,790.0 million were entered 

into as exchange rate hedges. Receivables from counterparties 

in forward exchange transactions amount to 

EUR 13.2 million for transactions in US dollars, EUR 3.8 

million in Chinese renmimbi, EUR 3.1 million in Singapore 

dollars, EUR 0.7 million in Japanese yen; in addition, 

a liability in Swedish krona of EUR 0.9 million exists. 

The receivables are disclosed under Other assets, point 4, 

and the liability under Miscellaneous liabilities. 

V. Liabilities 

Liabilities from loans refer to loans taken out for the 

acquisition of property 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 period (page 11) illustrates the breakdown of loan 

volumes by their fixed interest rate terms. 

Liabilities from land purchases and construction 

projects consist of remaining payment obligations on 

acquisitions of properties and real estate companies in 

the amount of EUR 15.5 million and construction services 

in the amount of EUR 0.5 million. 

Liabilities from real estate management are primarily 

composed of EUR 81.3 million for prepaid allocable costs, 

EUR 8.1 million for rental payments already received, and 

EUR 4.6 million in cash security bonds and EUR 3.0 million 

for key money. 


Miscellaneous liabilities consist of EUR 20.9 million in 

liabilities from the sale of land, EUR 9.5 million in liabilities 

from loan interest, EUR 3.1 million in liabilities from 

management and custodian bank fees and EUR 0.9 million 

each from liabilities to creditors and liabilities to 

counterparties from forward exchange transactions in 

Swedish krona. 

EUR 18.7 million of liabilities from the sale of land relates 

to capital gains taxes. 

VI. Provisions 

Provisions refer primarily to maintenance measures 

(EUR 22.6 million), construction costs (EUR 20.0 million) 

and taxes (EUR 44.5 million). EUR 28.8 million of the latter 

figure relates to provisions for deferred taxes on potential 

foreign capital gains, and EUR 15.7 million relates 

to current foreign taxes on income. 

Capital gains tax 

In some countries, it is possible to transfer capital gains 

flexibly; as a result, due to the planned continuous reinvestments, 

Belgium and the Netherlands (nominal value 

of deferred taxes: EUR 9.7 million) were not included in 

30 SEB ImmoInvest 

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 

appropriate balance between the economic interests of investors, 

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 35.0% 

(EUR 32.7 million) of the nominal value of the deferred 

taxes (EUR 92.7 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.

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 calculated 

in the same manner as the method described above. 

The market value of the property was merely replaced by 

the going concern value. 

Edisonstrasse 1, Unterschleissheim, Germany 

The provision for the property sold in Spain was increased 

to 100% at the time of sale and reported as a liability 

from the sale of land under Miscellaneous liabilities. 

The previously created provision for the sold property 

was charged to Fund equity. The new provision was 

charged to the Statement of Income and Expenditure. 


Asia 

Regional Distribution of Fund Properties 

Europe: 91 properties, of which 

41 properties in Germany 

USA: 11 properties 

Asia: 4 properties 

Lisbon 


Beijing 

Singapore 

Shanghai 

Tokyo 

Osaka 

Brussels 

Capital city 

Town/city 

Luxemburg 

Berne 

Town/city with investment 

Milan 

Capital city with investment 

Copenhagen 

Munich 

Gothe 

R

Property Record as of 30 September 2007 

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

Postcode 

City 


Street 

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 

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 

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

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

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 

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 

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

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 

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 

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

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 

50823 Cologne Subbelrather Str. 15 C 84 8 7 0 0 0 1 08/2007 2004 

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 

Type of property: 

C = Commercial property 

U = Undeveloped property 

P = Partial ownership 

H = Heritable 

building right 

Type of 

property 

Office 

Retail/ 

catering 

Industrial 

(warehouses. halls) 

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) Heritable building right in favour of the real estate company 

Chrysalis Invest S.A., Brussels 

Hotel 

Residential 

Leisure 

Other 

Acquisition date 

4) Volume ownership 

5) Single retail unit 

Year built/ 

renovated 1)


Postcode 

City 


Street 

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 

85716 

Belgium 

Unterschleissheim Edisonstr. 1 C 56 0 44 0 0 0 0 09/1989 1989 

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 3) 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 Andre 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 89 10 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 89 0 11 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 Serafi co 49–61 C 70 5 23 0 0 0 2 05/2003 1978/1982 

33010 

Japan 

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

1050013 Tokyo 1–22–5 Hamamatsucho C 100 0 0 0 0 0 0 04/2007 1985 

5220003 Osaka 4–1–4 Miyahara C 100 0 0 0 0 0 0 04/2007 1992 

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 





H = Heritable 


Type of 

property 

Office 

Retail/ 

catering 

Industrial 


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

or modernisation took place 




Hotel 

Residential 

Leisure 

Other 




Year built/ 

renovated 1)


Postcode 

City 


Street 

Netherlands 

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

1101 CN Amsterdam Herikerbergweg 2–36/145–179 C/H 100 0 0 0 0 0 0 12/2005 2004 

4817 PA Breda Bergschot 69 C 100 0 0 0 0 0 0 09/2007 2004 

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 

7418 AA Deventer Hunneperkade/Hanzeweg C 100 0 0 0 0 0 0 09/2007 2007 

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 

3068 AX Rotterdam George Hintzenweg 77 C 100 0 0 0 0 0 0 08/2007 2007 

8021 EW 

Austria 

Zwolle Burgemeester Roelenweg 10/14 A C 100 0 0 0 0 0 0 09/2007 1992 

1030 

Spain 

Vienna Rennweg 46–50 

C (under 

con.) 

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 0 100 0 0 0 0 0 04/2007 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 





H = Heritable 


Type of 

property 

Office 

Retail/ 

catering 

Industrial 


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

modernisation took place 




Hotel 

Residential 

Leisure 

Other 




Year built/ 

renovated 1)


Company/ 

legal form 


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 32,046,368 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 4,315,345 34 Rue de la Loi 522 Avenue Louise 

Shareholder loans: EUR 8,000,000 


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

Capital: EUR 9,180,468 65 Rue de Camille Desmoulins 112 Avenue Kléber 



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 


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 



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 


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 


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

SEB ImmoInvest 41756 Gothenburg, Sweden, 41120 Gothenburg, C 94 3 3 0 0 0 0 06/2004 

Lindholmen Science Park AB Lindholmspiren 9 c/o Aberdeen Property 

Capital: EUR 1,166,946 Investors Nordic AB, 

Shareholder loans: EUR 14,842,578.55 Hivitfeldtsgatan 15 


SEB Ingatlankezelési Kft 1075 Budapest, Hungary, 1024 Budapest, C 93 2 5 0 0 0 0 12/1999 

Capital: EUR 5,526,254 Wesselenyi Utca 16 Buday László út 

Shareholder loans: EUR 10,600,000 12.I.emelet 


SEB Immobilia Kft 1065 Budapest, Hungary, 1024 Budapest, C 87 11 1 0 0 0 1 05/2002 

Capital: EUR 3,146,343 Nagymezö Utca 46–48 Buday László út 

Shareholder loans: EUR 4,715,346.13 12.I.emelet 


Chesterbrook Partners LP 19087 Wayne, USA, 19046 Jenkintown, 

Capital: EUR 51,439,641 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 Boulevard, 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 





H = Heritable 


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

modernisation took place 




Type of property 

Office 


Industrial 


Hotel 

Residential 

Leisure 

Other 



Acquisition date


Company/ 

legal form 


Location of property 

Registered office of 

real estate company 

Glenhardie Partners LP 19087 Wayne, USA, 19046 Jenkintown, C 100 0 0 0 0 0 0 03/2006 

Capital: EUR 9,931,902 1255–1285 Drummers Lane 165 Township Line Road 

Shareholder loans: EUR 0.00 


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 1,449,983 Chesterbrook Parcel 11 165 Township Line Road 



851 Duportail Road LP 19087 Wayne, USA, 19046 Jenkintown, C 100 0 0 0 0 0 0 01/2007 

Capital: EUR 5,655,978 851 Duportail Road 165 Township Line Road 



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

Property Development Co., Ltd. 233 Taicang Road 233 Taicang Road 

Capital: EUR 22,079,533 



SEB Robinson 77 Pte Ltd. 068896 Singapur, Singapore, C/H 98 2 0 0 0 0 0 05/2007 

Capital: EUR 56,157,870 77 Robinson Road 049145 Singapore 

Shareholder loans: EUR 130,947,805.91 80 Raffles Place 

Equity interest held: 100.00000% #33-00 UOB Plaza 





H = Heritable 


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

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 

Good quality toilet fittings 

faced brickwork, clinker, wall, high thermal standard 

shading system, thermal covering, high thermal insulation 

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, 


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 


bined bedding and pointing and paint, 



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 


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

medium Lightweight concrete walls with 

thermal insulation, concrete 



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

or modernisation took place 




Thermal insulation plaster/composite 

system, exposed brickwork with combined 

bedding and pointing and paint, 


Wood, plastic, 

insulation glazing 

Type of property 

Office 


Industrial 


Concrete roof tiles, medium 

thermal insulation standard 

Hotel 

Residential 

Leisure 

Other 




Adequate toilet facilities, several showers, 

some surface-mounted fittings

�� 

�� 

Investment units Purchases 


(units) thou. 

from 1 Apr. 2007 

to 30 Sept. 2007 

Sales/disposals 

thou. units 



Portfolio 

thou. units 

Market value* 

EUR thou. 

Units of SEB Immo Cash special fund 7,900 7,900 46,200 2,367,750 

Total investment units 7,900 7,900 46,200 2,367,750 

Hedging transactions Purchases 

a) Purchases and sales of financial instruments 

equiv. (EUR thou.) 



Sales 




Total volume 




Sales volume 

nom. currencies 



entered into during the period under review 

and no longer appearing in the statement of 

assets 

CNY 75,134 78,082 2,948 782,500,000 

SEK 37,487 38,197 710 347,100,000 

SGD 124,815 127,347 2,532 261,000,000 

USD 414,155 423,414 9,259 565,100,000 

Total 651,591 667,040 15,449 

Market value Market value (rept. Preliminary result 

Sales nom. 

(sales) EUR thou. date)* EUR thou. 

EUR thou. 

currencies 

b) Open items 

CNY 132,120 128,357 3,763 1,318,000,000 

JPY 33,422 32,695 727 5,250,000,000 

SEK 30,841 30,994 –153 285,000,000 

SGD 201,052 197,952 3,100 413,000,000 

USD 385,894 372,696 13,198 529,600,000 

Total 783,329 762,694 20,635 

Market value Market value (rept. Preliminary result 

Sales nom. 

(sales) EUR thou. date)* EUR. thou. 

EUR thou. 

currencies 

c) Closed out transactions not yet due 

SEK 20,604 21,357 –753 195,000,000 

JPY 7,887 7,887 0 1,270,000,000 

SGD 7,713 7,713 0 15,980,000 

USD 9,402 9,402 0 13,200,000 

Total 45,606 46,359 –753 

� The forward exchange transactions were valued at their forward rate on 28 September 2007. 

The investment units were measured at their unit value/redemption price on 28 September 2007. 

�� 

Key figures SEB Immo Cash SEB Immo Cash in % of the SEB Immo Cash 

in % of 

investment structure Fund volume credit rating structure the Fund volume 

Return (1 Apr. 2007 – 30 Sept. 2007) 1.5% Bank deposits 4.4 AAA 33.3 

Return p.a. (10 Oct. 2006 – 30 Sept. 2007) 3.4% Securities 95.6 AA 38.7 

Duration 0.2 years A 28.0

�� 

For the period from 1 April 2007 to 30 September 2007 EUR EUR EUR 

I. Income 

1. Income from properties 107,730,422.13 

of which in foreign currency 16,630,830.00 

2. Income from equity interests in real estate companies 6,253,157.13 


3. Income from liquidity portfolio 

3.1. Income from bank deposits 12,573,634.71 


4. Development project interest 163,553.96 

5. Other income 5,941,341.64 

of which in foreign currency 422,646.61 

Total income 

II. Expenditure 

24,029,712.06 132,662,109.57 

1. Management costs 

1.1 Operating costs 8,017,025.26 


1.2 Maintenance costs 7,519,280.27 


1.3 Property management costs 4,399,880.41 


1.4 Other costs 6,458,608.81 


2. Ground rent, life annuities and temporary annuities 207,225.82 


3. Interest expenses 16,992,537.55 


4. Taxes incurred abroad 8,092,289.01 

5. Fund management costs 

5.1 Remuneration of Fund management 16,524,221.21 

5.2 Custodian bank fee 651,643.21 

5.3 Remuneration of experts 295,537.97 

5.4 Other expenditure in accordance with section 13 BVB (Special Fund Rules) 4,413,741.20 

Total expenditure 73,571,990.72 

III. Equalisation paid 10,717,887.67 

Ordinary net income 69,808,006.52 

Realised profits on properties 100,921,628.83 

Realised profits on liquidity portfolio 4,831,665.60 

Net income for the period 175,561,300.95 


�� 

Income 

Income from properties comprises the rental income 

from the Fund‘s German and foreign properties. A total 

of EUR 42.4 million of the income from properties is 

attributable to foreign properties in the eurozone, and 

EUR 16.6 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 12.6 million. 

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 0.2 million was calculated in the first six 

months of the financial year on one property under construction. 

The Other income item mainly comprises interest in- 

come from shareholder loans extended to the real estate 

companies amounting to EUR 3.4 million, the reimbursement 

of prepaid ground rent amounting to EUR 1.4 million 

by the purchaser of the Limes portfolio and income 

of EUR 0.5 million from the reversal of valuation allowances 

on rent receivables. 

Expenditure 

Management costs include operating costs (EUR 8.0 million), 

maintenance costs (EUR 7.5 million), property management 

costs which cannot be charged to the tenants 

(EUR 4.4 million) and other costs (EUR 6.5 million). Other 

costs mainly comprise write-downs and valuation allowances 

on rent receivables and other receivables amounting 

to EUR 6.4 million. 


The ground rent disclosed relates to the properties in 

Lippstadt, Hamburg-Rahlstedt and Munich-Grünwald. 

Interest expenses result from the external financing of 

property acquisitions abroad. Interest expenses payable 

on loans taken out in foreign currencies amount to 

EUR 8.0 million and relate to the USA and Japan. 

The Fund incurred expenses and recognised provisions 

amounting to EUR 8.1 million for the payment of income 

taxes incurred abroad. EUR 6.6 million of this relates to the 

taxation of capital gains on foreign properties. This tax 

expense relates primarily to Spain (EUR 6.1 million) and 

France (EUR 0.5 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 16.5 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 investment 

company pays regular – usually annual – brokerage 

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 custodian 

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 remuneration 

for the statutory annual valuations. The costs of the 

initial valuation opinions 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 Fund reports, the redemption 

of the distribution coupons, the audit of the Fund, consultancy, 

translation and external accounting costs, bank fees 

and expenses and costs associated with abortive acquisitions 

of properties. The Company also received construction 

and purchase or selling fees amounting to EUR 9.2 

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 9.3 million relates to 

equalisation for domestic income and EUR 1.4 million to 

equalisation for income generated abroad. 

Ordinary net income 

At the reporting date, Ordinary net income amounted 

to EUR 69.8 million. Together with the capital gains on 

properties (EUR 100.9 million) and investment units 

(EUR 4.8 million), this resulted in net income for the 

period of EUR 175.5 million. 


�� 

Investment Company 


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 5.274 million 

(as of September 30, 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, 


Auditors 

PricewaterhouseCoopers Aktiengesellschaft 

Wirtschaftsprüfungsgesellschaft, 


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 2.289 billion 

(as of September 30, 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. 


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. 


developed and undeveloped properties, Darmstadt 

Klaus Thelen, Dipl.-Ing. 


developed and undeveloped properties, Gladbeck

Investment Company: 


Rotfeder-Ring 7 

60327 Frankfurt am Main, Germany 

P.O. Box 


Internet: www.SEBAssetManagement.de 

Phone: +49 (0) 69 2 72 99-10 00 

Fax: +49 (0) 69 2 72 99-0 90 

Sales: 

SEB Asset Management AG 

Rotfeder-Ring 7 


U52 SEB ImmoInvest 

IMMOHJBEV 0907

semi-annual report 30 Sep 2007 - SEB Asset Management

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