semi-annual report 30 Sep 2008 - SEB Asset Management

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semi-annual report 30 Sep 2008 - SEB Asset Management

SEB ImmoInvest

Semi-annual Report as of 30 September 2008

Jahresbericht zum 31.03.2007 U55


Fund assets EUR 6,733.3 million

Total property assets (market values) EUR 6,933.4 million

thereof held directly EUR 3,798.7 million

thereof held via real estate companies EUR 3,134.7 million

Total Fund properties 139

thereof held via real estate companies 43

Changes during the period under review 1 April 200830 September 2008

Purchases 1) 2

Additions 7

Letting rate (estimated gross rental) 2) 92.6%

Letting rate (estimated net rental) 93.1%

Net outflow of funds in the period under review 1 April 200830 September 2008 EUR – 140.0 million

Distribution on 1 July 2008 EUR 308.4 million

Distribution per unit EUR 2.50

income tax-free portion held as private assets EUR 0.8490

portion liable to income tax held as private assets EUR 1.6510

Total property return 3) for the first half of the financial year 3.8%

Liquidity return 4) for the first half of the financial year – 0.7%

Investment performance 5) for the first half of the financial year 2.5%

Investment performance 5) for one year 4.9%

Investment performance 5) since Fund launch 211.1%

Unit value/redemption price EUR 55.68

Issuing price EUR 58.60

Total Expense Ratio (TER) 6) 0.60%

1) Purchases comprise properties for which purchase contracts were signed during the period under review, regardless of whether these properties were also added

to the Fund during this reporting period.

2) The estimated gross rental corresponds to the estimated net rental plus incidental expenses.

3) Based on the Fund’s average directly and indirectly held property assets financed by equity

4) Based on the Fund’s average liquid assets

5) Calculated according to the BVI method

6) Total costs as a percentage of average Fund assets within a financial year, calculated on 31 March 2008

Note: The figures for the first half of the financial year (1 April 200830 September 2008) 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 2008 are to be distributed to investors in SEB ImmoInvest

units until the publication of the next Annual Report as of 31 March 2009. Following its publication, the Annual Report must also be provided during sale.

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

View of properties in the newly acquired Potsdamer Platz portfolio in Berlin, Germany

SEB ImmoInvest at a glance as of 30 September 2008

Cover image: Potsdamer Platz 11, Berlin, Germany


Semi-annual Report as of 30 September 2008

2 Editorial

3 The SEB ImmoInvest Open-Ended Real Estate Fund

4 Investment Strategy

6 Opportunities and Risks of Open-Ended Real Estate Funds

8 Real Estate Markets – An Overview

10 Results of the Fund in Detail

0 Structure of Fund assets

0 Investor structure of SEB ImmoInvest

0 Liquid assets

0 Investment performance

13

Income components

Portfolio Structure

17 Overview: Letting and Remaining Lease Terms

18 Changes to the Portfolio

21 Outlook

22 Overview: Returns and Valuation

23 Development of Fund Assets

26 Statement of Assets

30 Regional Distribution of Fund Properties

32 Property Record

48 Money Market Instruments, Investment Units

and Hedging Instruments

49 Statement of Income and Expenditure

52 Bodies

Graphics

3 Geographical distribution of properties

3 Types of use of Fund properties

4 Remaining lease terms

4 Economic age distribution of Fund properties

4 Allocation of Fund properties by value class

5 Tenant structure by sector

Semi-annual Report as of 30 September 2008


Dear investor,

A long-term scientific study published in August 008 by

the BVI Bundesverband Investment und Asset Management

(BVI – German Association of Investment and Asset

Management Companies) documents that, in times of equity

market volatility in particular, open-ended real estate funds

boast positive returns more or less consistently, making

them an essential component of successful asset allocation.

What is more, SEB ImmoInvest has the best long-term

risk/return ratio of all open-ended real estate funds. The

Fund proved this again in the eventful months ending on

30 September 008, recording an investment performance

of 4.9% p.a.

From 1 April 008 to 30 September 008, SEB ImmoInvest

added seven new properties worth EUR 5.1 million to the

Fund, including four completed projects in the Netherlands.

In the period under review, leases for 5 ,176 m were signed

and existing leases for another 8, 51 m were extended.

As a result, the letting rate increased as of the reporting

date to 93.1%.

SEB ImmoInvest

Editorial

Barbara A. Knoflach, Siegfried A. Cofalka,

Choy-Soon Chua and Axel Kraus

In the past six months, the Fund’s management continued

its international diversification strategy by entering the

Slovakian market among other things, and now has a

portfolio that covers 18 countries. As these investments

are concentrated on modern buildings with high letting

rates, they further increase the positive return potential.

The deterioration of the financial crisis in mid-September

008 led to an increase in capital requirements on the part

of fund of funds and asset managers in particular, who

consequently withdrew large sums from open-ended real

estate funds. As a result, SEB ImmoInvest recorded net

outflows of funds totalling approximately EUR 140.0 million

in the first half of financial year 008. For this reason, the

Fund’s management decided to suspend the redemption

of units for a period of three months as of 9 October 008.

Detailed information on the development of SEB

ImmoInvest from 1 April to 30 September 008 can

be found on the following pages.


The SEB ImmoInvest Open-Ended Real Estate Fund

Open-ended real estate funds are enjoying high demand

among private and institutional investors alike, and are

increasingly being used in strategic asset planning for the

purposes of systematic risk diversification. Due to the low

fluctuation of their unit price, their stable distributions

and their low correlation with equities and bonds, open-

ended real estate funds have become an important

component of asset accumulation and retirement

provision.

SEB ImmoInvest 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 ImmoInvest

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

ImmoInvest 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.

Semi-annual Report as of 30 September 2008 3


Investment Strategy

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.

Top-down/bottom-up approach

Regional diversification is based on analyses of macro-

economic 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.

SEB ImmoInvest

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).

Loan and currency portfolio management

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 ImmoInvest, 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.


Capital gains tax

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

on provisions for capital gains taxes can be found in the

disclosures on the statement of assets in this report.

32 Place Ronde, Paris, France

Semi-annual Report as of 30 September 2008


Opportunities and Risks of Open-ended Real Estate Funds

Just like other investments, investments in open-ended real

estate funds offer both opportunities and risks. Real estate

investments are long-term, income-oriented investments.

Investment performance depends on a broad range of legal,

economic, fiscal, and property- and product-specific factors.

Specific opportunities and risks of investing

in open-ended real estate funds

Open-ended real estate funds invest monies that are callable

in the short term in mid- to long-term real estate holdings.

To protect investors, German lawmakers have laid down

the following regulations:

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Every open-ended real estate fund is required to

maintain a minimum liquidity of 5% of fund assets in

short-term liquidity investments (e.g. bank deposits)

at all times.

In order to provide a cushion against high outflows of

funds it is possible to take on debt of up to 50% of the

market values of the properties, plus an additional 10%

of fund assets over the short term. If the borrowing costs

are higher than the return on the properties, this reduces

the fund’s return (negative leverage effect); if borrowing

costs are lower than the return on the properties, the

fund’s return increases (positive leverage effect).

Unit certificate redemption can be suspended for a

period of no longer than two years.

In addition, the Fund management company has established

product-specific and target group-oriented risk management

procedures to deal with liquidity squeezes.

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Target group-specific marketing information

(Pro)active marketing and investor management

Strategic liquidity management with regard to the

liquidity ratio and degree of external financing of

Fund assets

Property portfolio diversification according to criteria

such as the properties’ size, age, type of use and

SEB ImmoInvest

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location, so as to have marketable properties in every

market situation

Establishment of capital gains tax provisions in line

with the strategic holding period for the properties

The stability of open-ended real estate funds is derived

from the real estate they hold. Nevertheless, income from

properties and property values can fluctuate depending

on the economic environment.

Fund returns also depend on trends in property values

and cash flows. Fund returns can increase or decrease as

a result of market developments.

In addition, external factors (such as the closing of

funds managed by other market players) can have a

considerable influence on the Fund’s liquidity situation.

General opportunities and risks associated

with real estate investments

Real estate investments are subject to risks that may have

an effect on the Fund’s unit value:

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Political, fiscal, legal and economic risks, as well as the

transparency and degree of maturity of the individual

real estate market, must be considered in investment

decisions.

In addition, for investments outside the eurozone,

the volatility of the local currency must be taken into

account when making investment decisions. Currency

fluctuations and the costs of currency hedging impact

real estate returns.

A change in the quality of the location can directly

affect lettability and the current letting situation. If

the attractiveness of a location increases, leases can be

signed at higher prices. If its attractiveness declines,

however, this can lead to long-term vacancies in the

worst case.


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The quality and condition of buildings also have a

direct effect on their income-generating ability. The

condition of a building can make maintenance

expenditures in excess of budgeted costs necessary.

Additional necessary investment costs can depress

returns over the short term, but may be necessary

for positive long-term development.

Risks of damage caused by natural forces (such as

earthquakes and tornadoes) as well as by fire and

storms are covered internationally by taking out

insurance, to the extent that this is economically

justifiable and objectively advisable.

While vacancies and expiring leases can be a source

of earnings potential, they also pose a risk. Vacant

properties can be deliberately purchased as an anti-

cyclical investment in order to subsequently realise

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appreciation gains. In this case, it is important to

monitor regularly the markets in which the Fund is

invested and to act accordingly in order to react to

market movements in a timely manner. At the same

time, vacancies lead to loss of income on the one hand

and increased costs to increase the rental attractiveness

of the property on the other.

Tenant creditworthiness is also a significant risk

component. Poor creditworthiness can lead to high

lease arrears and insolvencies can result in a complete

loss of income. One of the goals of portfolio management

is to reduce dependency on individual tenants or sectors.

The list of above-mentioned risks is not exhaustive. For

a more detailed risk description, please refer to the Sales

Prospectus.

Boeing Avenue 53/99,

Schiphol-Rijk/Amsterdam,

the Netherlands

Semi-annual Report as of 30 September 2008


Real Estate Markets – An Overview

Economic slowdown

The global economy is experiencing a downturn due to

the worst financial crisis in the post-war period. Global

growth will slow noticeably. The decrease in unemployment

seen in the last few months is stalling, while the employment

situation is already deteriorating in some countries. A

recovery can be expected in the second half of 2009 at

the earliest.

This global trend will manifest itself differently depending

on the region. A lengthy but historically relatively mild

recession is expected in the USA. Some Western European

countries will also face a significant economic downturn.

Economic growth will slow in Asia. Asia and Eastern

Europe will remain the regions with the highest growth

rates in the world.

Investment markets

Increased financing costs and restricted credit have

depressed the market for buying and selling real estate

since mid-2007. According to Real Capital Analytics, the

global transaction volume in the first half of 200 was

down 50% year-on-year, with Western Europe and North

America recording above-average declines. The volume

of individual transactions has fallen. The trend towards

increasing initial yields in Europe, North America and

parts of Asia has continued. Investment decisions now

focus on the fundamental data for properties. Many buyers

are selecting high-quality new buildings. In the case of

existing buildings, they are paying attention to the potential

for value appreciation as a result of asset management.

The recent intensification of the financial crisis suggests

that investment activities will continue to decline. The

trend is not expected to reverse until the financial markets

settle down. As a result, initial yields will also generally

increase further.

SEB ImmoInvest

Germany

Rents for office properties in Germany continued their

positive development in the first half of 200 . Prime yields

increased slightly. However, the slowdown in economic

activity and on the labour market will dampen the increase

in office rents. Investments in retail properties must be

considered in the context of the location in question, as

structural factors are decisive in this segment and trends

in consumer spending are disappointing.

France

Rental prices on France‘s office markets are suffering from

the current economic situation. Regional centres are proving

to be more stable than the capital. Prime rents in Paris are

about to peak due to substantial additions of space. Initial

yields are expected to increase further. In the medium term,

regional centres offer greater potential for an upturn in

rents and more attractive initial yields than the capital.

Italy

Office markets in central locations in Italy are relatively

stable despite the deterioration in the economic environment.

Rents are being underpinned by the lack of available space

and the small number of new projects. Structural change

and the expansion of international retailers are driving

demand in the retail sector. However, large numbers of

new buildings are coming onto the market in this area, in

contrast to the office real estate market. Overall, a further

increase in returns is expected in Italy as well.

Benelux

The real estate markets in the Benelux countries have

established themselves as centres for foreign trade,

administration and finance. The economic downturn and

the crisis in the financial sector are depressing rental prices

on the office real estate markets. As in other markets, initial

yields are expected to see a slight further increase here as well.


Northern Europe

Although the economic slowdown is also hitting Northern

European countries, their expected economic growth remains

above the Western European average. Flat rents are forecast

in Stockholm and Helsinki due to decreasing demand and

significant additions of available space. In contrast, Oslo

is more stable with low vacancies and few new building

projects. Overall, returns will also continue to increase in

the Nordic countries.

Eastern Europe

Economists have lowered their economic forecasts for

Eastern Europe. Nevertheless, Eastern Europe continues

to be the region after Asia with the most dynamic growth

prospects. Rising rents in some locations are being depressed

by high completion rates. Interesting investment opportunities

exist in both the logistics and the retail sectors, where solid

rental increases are achievable in some cases.

USA

In the USA, the current economic situation and the financial

crisis are driving down demand for office space and in turn

rents. Office rents are already declining in some markets. In

contrast, locations with limited new office space coming

onto the market are remaining stable. The slowdown in

economic growth can also be felt in the logistics sector.

Nonetheless, there are some attractive distribution centres

in the USA with limited supplies of space for which rents

are expected to remain stable. The market for retail space is

dominated by weaker consumer spending and rising vacancy

levels. As a result, investments in the retail sector call for the

careful selection of locations. A further increase in returns

is expected in the USA in line with the general trend.

233 Taicang Road, Shanghai, China

Asia

The effects of the financial crisis can also be felt in Asia.

Growth there is losing momentum, although it will remain

more robust than in industrialised countries. Investor

interest is focused on the established and transparent real

estate markets of Japan, Hong Kong, Singapore and South

Korea on the one hand, and on the rapidly developing

Chinese real estate markets on the other. In general terms,

the economic slowdown will also cause demand for space

in Asia to fall. Pressure on rents will increase in Beijing,

Singapore, Hong Kong and Tokyo because of the large

number of new buildings coming onto those markets. Seoul

and Taipei will see relatively stable growth, due to the

shortage of space, and especially high-quality space, there.

Semi-annual Report as of 30 September 2008


Results of the Fund in Detail

Structure of Fund assets

SEB ImmoInvest’s Fund assets amounted to EUR 6.7

billion on September 30, 2008. In the period under review

from 1 April 2008 to 30 September 2008, the Fund

recorded a net outflow of funds totalling EUR 140.0

million. The number of units in circulation fell to

120,920,991.

Investor structure of SEB ImmoInvest

More than one quarter of fund assets (exactly 27.5%)

were managed by SEB Investment GmbH via internal

investment accounts on September 30, 2008. 28.5% of the

assets under management in these internal accounts at the

reporting date were in deposit accounts that had invested

more than EUR 500,000. The average assets per deposit

account amounted to EUR 24,023.21.

Liquid assets

Gross liquidity amounted to approximately EUR 1.2

billion as of 30 September 2008, representing a decline of

4.3 percentage points in the gross liquidity ratio to 18.1%

over the past six months. Overall, the return generated

by the liquidity portfolio in the first half of the year was

negative, at – 0.7%.

Development of the SEB ImmoInvest Fund

10 SEB ImmoInvest

31 March 2006

EUR million

31 March 2007

EUR million

31 March 2008

EUR million

30 September 2008

EUR million

Properties 4,069.9 3,696.0 3,600.8 3,798.7

Equity interests in real estate companies 371.9 543.4 2,260.3 2,385.5

Liquidity portfolio 1,062.5 2,696.9 1,573.7 1,220.3

Other assets 373.1 414.2 608.1 600.6

Less: liabilities and provisions – 1,070.8 – 990.8 – 1,037.2 – 1,271.8

Fund assets 4,806.6 6,359.7 7,005.7 6,733.3

Number of units in circulation 84,367,300 110,911,989 123,378,336 120,920,991

Unit value (EUR) 56.97 57.34 56.78 55.68

Distribution per unit (EUR) 1) 2.30 3.30 2.50 –

thereof special distribution due to disposal gains – 1.00 – –

Date of distribution 3 July 2006 2 July 2007 1 July 2008

Coupon no. No. 17 / No. 25 No. 18 / No. 26 No. 19 / No. 27 –

1) Payable after the end of the financial year

At the closing date of September 30, 2008, 78.3% of the

liquidity of the SEB ImmoInvest open-ended real estate

fund was invested in special securities investment funds.

EUR 932.9 million was invested in the SEB Immo Cash

special securities fund with an average duration of 0.15

years. At the reporting date, an additional EUR 22.0

million was invested in the SEB Total Return Quant Fund

with a duration of 7.8 years. In addition, the liquidity

portfolio comprised bank deposits of EUR 93.6 million

and securities of EUR 171.8 million.

Investment performance

The Fund’s management achieved an investment

performance of EUR 1.40 per unit or 2.5% in the period

under review after adjustment for the distribution on

1 July 2008 in the amount of EUR 2.50 per unit.

Unit value as of 30 September 2008 EUR 55.68

Plus distribution on 1 July 2008 EUR 2.50

Minus unit value on 1 April 2008 EUR – 56.78

Investment performance EUR 1.40


Return according to the BVI method

Return

in %

Return

in % p. a.

1 year 4.9 4.9

3 years 15.2 4.8

5 years 25.6 4.7

10 years 64.3 5.1

15 years 121.4 5.4

Since the launch of the Fund on 2 May 1989 211.1 5.8

Note: Calculated according to the BVI method (without front-end load;

distributions reinvested immediately). Historical performance data

are no indication of future performance.

Overview of loans as of 30 September 2008

Currency Loan volume

(direct)

in EUR

in % of

property

assets

Fixed

interest

rate term

Loan volume

(equity interests)

in EUR

1)

in % of

property

assets

Fixed

interest

rate term

Loan volume

(total)

in EUR

in % of

property

RMB loans 0 0.0 0.0 years 34,635,841 0.5 0.2 years 34,635,841 0.5

Euro loans 713,956,607 10.3 3.0 years 268,866,233 3.9 2.7 years 982,822,841 14.2

JPY loans 47,576,110 0.7 1.6 years 76,073,980 1.1 2.2 years 123,650,090 1.8

SEK loans 0 0.0 0.0 years 5,104,691 0.1 0.1 years 5,104,691 0.1

SGD loans 0 0.0 0.0 years 80,872,142 1.2 0.3 years 80,872,142 1.2

USD loans 234,958,998 3.4 3.8 years 109,094,332 1.6 7.4 years 344,053,330 4.9

Total 996,491,715 14.4 3.2 years 574,647,219 8.3 3.0 years 1,571,138,935 22.7

Fixed interest rate

term

EUR loans

Loan volume

in EUR

USD loans

Loan volume

in EUR

SGD loans

Loan volume

in EUR

JPY loans

Loan volume

in EUR

RMB loans

Loan volume

in EUR

SEK loans

Loan volume

in EUR

assets

Total loans

Loan volume

under 1 year 309,807,014 51,147,774 80,872,142 0 0 5,104,691 446,931,621

1–2 years 23,211,337 94,555,394 0 47,576,110 34,635,841 0 199,978,682

2–5 years 566,704,490 0 0 76,073,980 0 0 642,778,470

5–10 years 83,100,000 198,350,162 0 0 0 0 281,450,162

over 10 years 0 0 0 0 0 0 0

Total 982,822,841 344,053,330 80,872,142 123,650,090 34,635,841 5,104,691 1,571,138,935

Currency Open currency items

as of reporting date

in % of Fund volume

(incl. loans)

currency zone

in EUR

in % of Fund volume

per currency zone

RMB (China) RMB 5,331,923 EUR 543,164 0.4 0.4

JPY (Japan) JPY 2,980,105 EUR 19,783 0.0 0.0

SEK (Sweden) SEK 1,645,548 EUR 168,000 0.6 0.6

SGD (Singapore) SGD 257,218 EUR 125,539 0.1 0.1

PLN (Poland) 2) PLN – 289,764 EUR – 85,139 100.0 100.0

USD (USA) USD 3,670,677 EUR 2,559,604 0.5 1.0

Total EUR 3,330,951 0.3 0.4 3)

1) Corresponds to size of equity interests

Income components

2) No currency hedging is performed in Poland, as the market values of the properties are carried in euros.

Fund income comprises the return on the properties and

on the liquidity portfolio. The figures for 1 April 2008 to

30 September 2008 are of limited informative value as

they cannot be extrapolated to forecast the results for the

year. In the period under review, the properties generated

a gross income of 3.4%. Management costs reduced this

figure at the portfolio level by 0.8%. High management

costs (2.9%) were incurred in the USA compared with the

other investment locations. This figure is in line with US

Breakdown of loan volumes per currency by fixed interest rate period, as of 30 September 2008

Overview of exchange rate risks as of 30 September 2008

3) At the reporting date of 30 September 2008, hedges of Fund assets held in foreign currency amounted to 99.6% of Fund assets.

Semi-annual Report as of 30 September 2008 11


market conditions, given that factors such as high

contributions towards fit-out costs are standard on the

rental market.

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. The return from changes in value was a positive

0.8 percentage points. A major factor in this development

was a new lease signed at much better conditions (+ 2.8%)

in Italy. The positive result in France (+ 1.1%) is also due to

successes in letting properties, which also had a significant

impact on the positive changes in the value of the equity

interests.

Income components of Fund return in %

Properties Germany Abroad

12 SEB ImmoInvest

Six-month period from Apr. 2008 to Sept. 2008 Twelve-month period from Oct. 2007 to Sept. 2008

Direct

acqui-

sitions

Abroad

Equity

interests

Total

abroad

Total Germany Abroad

Direct

acqui-

sitions

Abroad

Equity

interests

Gross income 1) 3.9 4.0 3.3 3.7 3.4 6.9 8.1 6.4 7.4 6.9

Management costs 1) – 1.3 – 0.8 – 0.5 – 0.7 – 0.8 – 1.8 – 2.4 – 1.3 – 1.9 – 1.8

Net income 1) 2.6 3.2 2.8 3.0 2.6 5.0 5.7 5.1 5.5 5.1

Changes in value 1) 0.3 0.9 2.1 1.4 0.8 – 0.1 1.6 4.5 2.8 1.8

Foreign income taxes 1) 0.0 – 0.3 – 0.3 – 0.3 – 0.2 0.0 – 0.4 – 0.6 – 0.5 – 0.3

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

Income before borrowing costs 1) 2.9 3.6 4.5 4.0 3.2 4.9 6.6 9.0 7.6 6.5

Income after borrowing costs 2) 2.9 4.3 6.0 5.0 3.5 4.9 7.5 12.0 9.3 7.0

Exchange rate differences 2) 3) 0.0 0.3 1.5 0.8 0.3 0.0 0.8 0.8 0.8 0.4

Total income in Fund currency 2) 4) 2.9 4.6 7.5 5.8 3.8 4.9 8.3 12.8 10.1 7.4

Liquidity 5) 6) – 0.7 0.6

Total Fund income before Fund costs 7) 2.7 5.3

Total Fund income after Fund costs (BVI method) 2.5 4.9

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 currency hedging costs.

4) Generated with a six-month average share of Fund assets financed by equity and invested in property of 76.1%, or 68.4% for twelve months

5) Based on the Fund’s average liquid assets

6) Generated with an average share of Fund assets invested in the liquidity portfolio of 23.9% over 6 months, or 31.6% over twelve months

7) Based on the average Fund assets

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 3.5% 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, Austria and

Belgium) to 55.8% (USA).

The liquidity portfolio generated a negative return of 0.7%.

These figures result in an overall return of 2.7% before Fund

costs in the period under review.

Total

abroad

Note: The figures for the first half of the financial year (1 April 200830 September 2008) 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


Portfolio Structure

As of 30 September 2008, the portfolio comprised 96 directly

held properties and 43 properties held via 42 investment

companies in total, with total property assets of EUR

6,933.4 million. At the reporting date, it was diversified

across a total of 18 countries. Expressed in terms of market

values, 56.1% of property assets were located outside

Germany and 43.9% in Germany. As before, the greatest

share of foreign assets was to be found in France (11.8%),

followed by the USA (8.8%) and Italy (8.7%).

Office properties formed the main focus of the portfolio,

accounting for 71.7% of the estimated net rental and 73.3%

of the rental space. 56.7% of property assets were invested in

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

portfolio had a broad, balanced structure in terms of value

classes. 49.4% of properties had a market value of between

EUR 25 million and EUR 100 million. 52 properties had a

market value of less than EUR 25 million. Taken together,

the three largest properties in terms of market value

accounted for 10.6% of the total portfolio value.

Letting

The letting rate for the SEB ImmoInvest open-ended real

estate fund during the period under review averaged 92.7%

of estimated net rental (+ 0.5% compared with the figure

as of 31 March 2008) and 92.2% of estimated gross rental

(including incidental expenses) (+ 0.6%). As of the reporting

date, the letting rate stood at 93.1% (+ 1.0%) of the estimated

net rental, or 92.6% (+ 1.1%) of the estimated gross rental.

From 1 April 2008 to 30 September 2008, the Fund’s

management signed new leases for 52,176 m2 . In addition,

existing leases for 28,251 m2 were extended.

Geographical distribution of properties

Berlin

Rhine-Main

Rhine-Ruhr

Hamburg

Munich

Rest of Germany

France

USA

Italy

Netherlands

Japan

Belgium

Austria

Finland

Hungary

Luxemburg

Rest of world

(E, S, C, SG, CZ, PL, SK)

Office

Retail/catering

Industrial

(warehouses, halls)

Hotel

Leisure

Residential

Car park

Other

2.9%

9.2%

10.6%

7.6%

4.1%

4.8%

2.9%

2.3%

1.3%

0.8%

0.0%

4.7%

1.6%

2.2%

6.8% (12)

4.9% (10)

2.4% (4)

1.1% (3)

3.0% (8)

3.0% (3)

2.3% (9)

1.2% (2)

0.8% (3)

0.7% (2)

0.6% (2)

11.8% (12)

8.8% (10)

8.7% (8)

8.5% (19)

9.7% (7)

25.7% (24)

Number of properties shown in brackets

Basis: market values (incl. properties held via equity interests, but not properties

undergoing construction/renovation)

Types of use of Fund properties

Basis: By rental space

By estimated net rental for the year

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

undergoing construction/renovation)

73.3%

71.7%

Semi-annual Report as of 30 September 2008 13


The terms and staggered durations of the leases are very

important in preventing ongoing income risks. A broad

distribution of tenants across many different industries

also reduces dependency on specific economic segments.

Remaining lease terms

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018 +

indefinite

10.3% more than 20 years

(17 properties)

10.1% 15 to 20 years

(22 properties)

22.9% 10 to 15 years

(27 properties)

14 SEB ImmoInvest

1.9%

4.9%

4.1%

4.7%

3.3%

7.3%

8.4%

13.4%

10.3%

12.3%

13.8%

up to 5 years 25.9%

(32 properties)

5 to 10 years 30.8%

(40 properties)

15.6%

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

interests, but not properties undergoing construction/renovation)

Economic age distribution of Fund properties

Basis: market values (incl. properties held via equity interests, but not

properties undergoing construction/renovation)

Long-term leases safeguard the stability and earnings

power of open-ended real estate funds. At the reporting

date, 53.7% of the leases in SEB ImmoInvest had a term

of more than five years.

TOP 5 properties

Singapore, 77 Robinson Road

Berlin, Marlene-Dietrich-Platz 5

Berlin, Potsdamer Platz 1

Issy-les-Moulineaux, 65 Rue de Camille Desmoulins

Berlin, Stauffenbergstr. 26

TOP 5 tenants

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

Maritim Hotelgesellschaft mbH, Berlin, Stauffenbergstr. 26

Daimler Financial Services AG, Berlin, Marlene-Dietrich-Platz 5

Grand Hyatt Berlin GmbH, Marlene-Dietrich-Platz 2

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

Allocation of Fund properties by value class

10.6% from EUR 200 million

(3 properties)

14.5% EUR 150 ≤ 200 million

(6 properties)

15.5% EUR 100 ≤ 150 million

(9 properties)

up to EUR 10 million 1.4%

(16 properties)

EUR 10 ≤ 25 million 8.6%

(36 properties)

Basis: market values (incl. properties held via equity interests, but not

properties undergoing construction/renovation)

EUR 25 ≤ 50 million 22.0%

(42 properties)

EUR 50 ≤ 100 million27.4%

(26 properties)


Tenant structure by sector

by rental space*

Consumer goods industry and retail

Banks and financial services providers

Technology and software

Management consulting, legal and tax advisory

Hotels and catering

Automotive and transport

Utilities and telecommunications companies

Media and entertainment

Construction companies

Engineering, raw materials extraction and processing

Public authorities, associations and educational institutions

Insurance companies

Chemical and pharmaceutical industry

Other sectors

by total estimated net rental*

Banks and financial services providers

Consumer goods industry and retail

Management consulting, legal and tax advisory

Technology and software

Hotels and catering

Automotive and transport

Utilities and telecommunications companies

Media and entertainment

Engineering, raw materials extraction and processing

Construction companies

Public authorities, associations and educational institutions

Insurance companies

Chemical and pharmaceutical industry

Other sectors

11.6% (265)

9.9% (138)

8.7% (77)

7.8% (76)

6.6% (58)

6.6% (32)

6.3% (58)

4.9% (41)

4.8% (25)

4.6% (10)

4.4% (53)

4.2% (26)

3.6% (16)

11.8% (138)

11.5% (265)

9.3% (76)

8.5% (77)

7.6% (58)

6.2% (32)

5.4% (58)

5.0% (41)

5.0% (10)

4.7% (25)

4.3% (53)

3.9% (26)

3.4% (16)

13.4% (515)

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

not properties undergoing construction/renovation)

Humboldtstrasse 58-62, Hamburg, Germany

16.0% (515)

Semi-annual Report as of 30 September 2008 15


Letting situation of individual properties

As part of the report on the letting situation, the following is a detailed overview of 17 properties with a vacancy

rate of over 33% of the estimated (gross) rental at the reporting date, 30 September 2008. Owing to new leases signed

in the properties in Linkstrasse 2/Alte Potsdamer Strasse 7, Berlin, and Kruppstrasse 108, Düsseldorf, during the

period under review, these properties now have a higher letting rate and are therefore no longer included in this list.

Property

16 SEB ImmoInvest

Vacancy rate

at property

level

in %

Vacancy rate

Berlin, Steinplatz 2 100.00 0.29

Of the property‘s seven storeys, five (approx. 5,400 m²) were let after 30 September 2008, thereby reducing the vacancy rate to approx. 25%.

The letting rate is expected to rise further in the future.

Brussels, 139–141 Rue Royale 100.00 0.23

A decision was taken not to revitalise the property. Measures to market (sell) it on a standalone basis are in preparation.

Berlin, Kleine Kurstrasse 100.00 0.15

Intensive negotiations are currently continuing with prospective tenants regarding the lease of the property.

Diegem/Brussels, 3 Kennedylaan 96.07 0.28

Vacancy rates in office properties on the outskirts of Brussels remain high. A number of different options are being examined, especially

a sale as part of a portfolio transaction.

Cologne, Oskar-Jäger-Strasse 50 85.08 0.32

Work on revitalising the common areas of the OJ50 property has been completed. Efforts to find new tenants have been stepped up.

At present, promising lease negotiations are being conducted with two interested parties.

Berlin, Johannisstrasse 20 79.59 0.36

Contract negotiations are currently being held with prospective tenants regarding letting office floors. Since demand for larger rental units has

been rising in the microlocation since the third quarter of 2008, it makes sense to retain this letting strategy.

Zaventem/Brussels, 9 Belgicastraat 77.26 0.15

Vacancy rates in office properties on the outskirts of Brussels remain high. A number of different options are being examined, especially

a sale as part of a portfolio transaction.

Frankfurt am Main, Herriotstrasse 4 60.36 0.61

Despite muted demand for open plan offices in Niederrad, we succeeded in letting three office floors (approx. 4,000 m²) as of the

third quarter of 2008. Part of the space covered by the contract will only become active in the fourth quarter of 2008 and will then

reduce vacancy levels to around 55%. Extensive marketing activities are continuing.

Brussels, 41 Avenue des Arts 58.06 0.09

Demand remains extremely low, particularly since this location continues to compete with attractively priced peripheral locations.

Unterschleissheim/Munich, Edisonstrasse 1 56.13 0.07

Demand for office and warehouse space across the entire Munich hinterland is still low.

Brussels, 306–310 Avenue Louise 53.64 0.12

Demand is still extremely low owing to this property‘s location on the outskirts of the CBD, particularly as a result of continued competition

from attractively priced peripheral locations.

Aschheim-Dornach, Einsteinring 31–39 46.95 0.31

Demand for office space at the microlocation continues to be extremely restrained. The marketing concept is being adapted to the current

market conditions.

Frankfurt am Main, Stützeläckerweg 12–14 42.19 0.17

This property on the outskirts of Frankfurt is still unaffected by the slight upturn in inner city areas. Although demand among prospective

tenants has increased slightly, the competitive situation has prevented any new leases from being signed.

Munich, Westendstrasse 160–162/Barthstrasse 24–26 40.44 0.16

The rental market at the microlocation is still difficult. However, an increase in visits by potential tenants points to rising demand, meaning that

the letting rate can be expected to improve in the medium term.

Mannheim, Dudenstrasse 46/57a 39.83 0.11

The revitalisation of the property has largely been completed. Demand for office space is good; negotiations for parts of the vacant spaces are

ongoing and are nearing completion.

Lille, Boulevard de Turin 37.00 0.13

Vacancy levels are expected to fall in the short term owing to promising negotiations with a prospective tenant.

Vienna, Rennweg 46–50 35.74 0.23

The building was revitalised following the departure of the main tenant and has been positioned on the market under the new brand name Qbik.

Approx. 1,500 m² was let as of 1 November 2008, reducing the vacancy rate to below 30%. Further negotiations are taking place.

at Fund

level

in %


Overview: Letting and Remaining Lease Terms

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

Germany

Belgium

France

Italy

Office 15.0 1.1 7.1 5.3 0.6 0.6 5.5 0.5 8.4 0.5 44.6 27.1 71.7

Retail / catering 2.2 0.0 0.5 1.2 0.0 0.0 0.1 0.2 0.5 0.0 4.7 5.9 10.6

Hotel 2.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.5 2.3 4.8

Industrial (warehouses, halls) 1.0 0.0 0.5 0.5 0.0 0.0 0.0 0.0 0.1 0.0 2.1 0.8 2.9

Residential 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.8 0.8

Leisure 0.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.4 1.9 2.3

Car park 1.5 0.1 0.3 0.5 0.0 0.1 0.6 0.1 0.1 0.0 3.3 1.4 4.7

Other 1.1 0.1 0.2 0.1 0.0 0.0 0.0 0.0 0.2 0.0 1.7 0.5 2.2

% of total annual rental income 23.7 1.3 8.6 7.6 0.6 0.7 6.2 0.8 9.3 0.5 59.3 40.7 100.0

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

Germany

Belgium

France

Italy

Office 2.6 0.7 0.1 0.0 0.0 0.0 0.0 0.2 0.8 0.0 4.4 1.4 5.8

Retail / catering 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 0.2

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 0.0

Industrial (warehouses, halls) 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2

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

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

Car park 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.1 0.4

Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 0.3 0.0 0.3

Proportion of total vacancies 2.9 0.8 0.1 0.0 0.0 0.0 0.0 0.2 1.2 0.0 5.2 1.7 6.9

Letting rate (at the reporting date)

in % of the estimated net rental

for the year and country 1) 87.4 43.4 98.6 99.7 100.0 98.8 100.0 69.3 87.4 100.0 91.0 96.1 93.1

Letting rate (at the reporting date)

in % of the estimated gross rental

for the year and country 2) 86.7 43.4 98.5 99.7 100.0 98.8 100.0 68.9 87.4 100.0 90.4 95.8 92.6

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

Germany

Belgium

France

Italy

indefinite 0.4 0.0 0.2 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.8 2.5 3.3

2008 0.4 0.0 0.1 0.0 0.0 0.0 0.0 0.1 0.3 0.0 0.9 1.0 1.9

2009 1.4 0.0 0.2 3.5 0.0 0.4 0.0 0.0 0.9 0.0 6.4 2.0 8.4

2010 5.4 0.1 0.0 1.2 0.0 0.0 1.4 0.0 2.0 0.0 10.1 3.3 13.4

2011 3.1 0.4 0.3 0.0 0.0 0.1 0.1 0.0 0.4 0.2 4.6 5.7 10.3

2012 1.1 0.0 1.1 0.1 0.0 0.0 0.8 0.3 0.4 0.4 4.2 8.1 12.3

2013 3.2 0.0 3.2 2.0 0.0 0.0 0.1 0.0 1.1 0.0 9.6 4.2 13.8

2014 0.5 0.0 1.9 0.1 0.0 0.0 0.3 0.0 0.3 0.0 3.1 1.8 4.9

2015 0.8 0.0 1.8 0.0 0.0 0.2 0.0 0.0 0.4 0.0 3.2 4.1 7.3

2016 1.2 0.0 0.1 0.2 0.0 0.0 0.1 0.0 0.5 0.0 2.1 2.0 4.1

2017 0.4 0.0 0.6 0.0 0.7 0.0 1.7 0.0 1.0 0.0 4.4 0.3 4.7

2018 + 4.9 0.1 0.0 1.3 0.0 0.0 2.3 0.0 1.4 0.0 10.0 5.6 15.6

Proportion of estimated net rental

for the year

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

indirectly held properties to the total estimated net rental for the Fund.

In the case of the equity investments, the estimated rental is included in

proportion to the equity interest held.

Japan

Japan

Japan

Luxemburg

Luxemburg

Luxemburg

Netherlands

Netherlands

Netherlands

Austria

Austria

Austria

USA

USA

USA

Rest of

world (E, PL)

Rest of

world (E, PL)

Rest of

world (E, PL)

Total direct

investments

Total direct

investments

Total direct

investments

Equity

interests

Equity

interests

Equity

interests

22.8 0.6 9.5 8.4 0.7 0.7 6.8 0.5 8.8 0.6 59.4 40.6 100.0

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

Semi-annual Report as of 30 September 2008 17


Changes to the Portfolio

In the past six months, the Fund management company

purchased two properties, one of which has already been

added to the Fund. Six completed development projects

acquired in previous years were added to the Fund. Ten

projects that are still under construction will be transferred

to the Fund portfolio on completion. No sales were effected

during the period under review.

Purchases and additions in Europe

Slovakia – Bratislava, Radlinského 7

SEB ImmoInvest has increased the proportion of its

portfolio invested in Eastern Europe with the acquisition

of a high-quality office building in Bratislava that is leased

in the long term to Dell. The property, which has total

space of around 22,185 m², 305 underground parking

spaces and a letting rate of 100%, was transferred to the

Fund in September. Total investment costs amounted to

EUR 49.5 million. Slovakia is one of the most dynamic

economies in Europe. Almost a quarter of the country’s

economic growth is attributable to Bratislava, its capital city.

Additions in Europe

Düsseldorf, Peter-Müller-Str. 20

Located in the direct vicinity of Düsseldorf Airport, this

Airport City building was acquired as part of the Yellowstone

portfolio and was transferred to the Fund in May. The

letting rate is 100%. A detailed description of the portfolio

transaction was included in the Semi-annual Report as of

30 September 2007.

Netherlands – Rotterdam, George Hintzenweg 77 and

George Hintzenweg 89

These two buildings in Rotterdam belong to the Lotus office

complex, which was acquired by the Fund’s management

as a project in December 2005. The new buildings were

added to the Fund in April (George Hintzenweg 89) and

in August (George Hintzenweg 77). Further information

can be found in the Annual Report as of 31 March 2006.

18 SEB ImmoInvest

The building at George Hintzenweg 89 is fully let, and the

property at George Hintzenweg 77 also has a letting rate

of 100%.

Netherlands – Deventer, Hunneperkade 70–78 and

Zwolle, Ceintuurbaan/Dokter van Deenweg

As part of the Eurocommerce portfolio, SEB ImmoInvest

purchased two office projects under construction which,

once completed, were transferred to the Fund portfolio on

schedule in June (Deventer) and in September (Zwolle;

the tenant fit-outs in Part B of the building have not yet

been finished). The buildings are both fully let. Further

details about the portfolio transaction were published in

the Semi-annual Report as of 30 September 2007.

Finland – Helsinki, Opus 1, Hitsaajankatu 24

In December 2006, the Fund management company signed

a purchase contract for the Opus 1 development project in

Helsinki (see Annual Report as of 31 March 2007). The

new building was transferred to the Fund on completion

in June. The letting rate is 99.6%.

Purchases in Asia

Singapore – Ubi Avenue

Following the purchase of an office building in the city centre,

SEB Immolnvest made its second investment in Singapore:

Ubi Tech Park. This project consists of approximately

38,350 m² in office, warehouse and production space as well

as 470 parking spaces and has a letting rate of approximately

60%. It is situated between the central business district

and the international airport at a location with a high

concentration of light industry and high-tech companies.

The project is scheduled to be completed and transferred to

the Fund in March 2009. The purchase price is approximately

EUR 94.0 million. In the last 30 years, Singapore has evolved

economically from a developing country to a leading

industrial nation. In 2007, the economy grew by 7.7%.

For 2008, growth of between 4% and 6% is expected.


Record of Purchases Relating to the Statement of Assets as of 30 September 2008

PURCHASES 1) : DIRECTLY HELD PROPERTIES IN EUROZONE COUNTRIES

Country Post-

600–701 Lee Road, Wayne, USA

City Street Transfer of

Purchase price Total

code

risks and

investment

rewards of

ownership as of

costs 2)

value

Germany 40474 Düsseldorf Peter-Müller-Str. 20 05/2008 EUR 20.8 million EUR 21.9 million EUR 22.7 million

Netherlands 3068 AX Rotterdam George Hintzenweg 89 04/2008 EUR 42.2 million EUR 43.8 million EUR 42.7 million

Netherlands 7418 BT Deventer Hunneperkade 70–78 06/2008 EUR 10.8 million EUR 11.2 million EUR 11.4 million

Netherlands 3068 AX Rotterdam George Hintzenweg 77 08/2008 EUR 20.5 million EUR 21.1 million EUR 20.5 million

Netherlands 8025 BM Zwolle Dokter van Deenweg 162 09/2008 EUR 43.4 million EUR 48.1 million EUR 48.1 million

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

Country Regis- Name Equity Transfer of Purchase

tered

interest risks and price

office

held rewards of

ownership as of

3)

Total

Market

investment value

3) 4) costs

Finland Vantaa KOY Opus 1 100.0000% 06/2008 EUR 28.2 million EUR 29.1 million EUR 29.5 million

Slovakia Bratislava Sasanka s.r.o. 100.0000% 09/2008 EUR 48.3 million EUR 49.5 million EUR 50.2 million

1) Purchases only comprise properties that were added to the Fund during the period under review.

2) Total investment volume at the time of acquisition

3) Including loans assumed in the course of the acquisition of the equity interest

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

Market

Semi-annual Report as of 30 September 2008 19


Development projects in the first half of the financial year 1 April 200830 September 2008

PROPERTIES COMPLETED DURING THE PERIOD UNDER REVIEW – IN PORTFOLIO

City Street Use Area

in m 2

Germany

20 SEB ImmoInvest

Transfer of

risks and

rewards of

ownership/

Completion

Construction status Letting rate

Düsseldorf Peter-Müller-Strasse 20 Office 6,073 05/2008 Completed 100%

Netherlands

Deventer Hunneperkade/Hanzeweg Office 3,051 06/2008 Completed 100%

Rotterdam George Hintzenweg 77 Office 5,683 08/2008 Completed 100%

Rotterdam George Hintzenweg 89 Office 12,027 04/2008 Completed 100%

Zwolle Ceintuurbaan/Dokter van

Finland

Deenweg, Gebäude A

Office 6,662 09/2008 Completed 100%

Helsinki Opus 1, Hitsaajankatu 24 Office 7,010 06/2008 Completed 100%

(rental guarantee

2 years)

PROPERTIES UNDER CONSTRUCTION – IN PORTFOLIO

City Street Use Planned

Netherlands

Zwolle Ceintuurbaan/Dokter van

Deenweg, Building B

PROPERTIES UNDER CONSTRUCTION – NOT YET IN PORTFOLIO

area

in m 2

City Street Use Planned

Germany

Scheduled

completion

date

Construction status Letting rate

Office Approx. 6,662 12/2008 Completed apart from tenant

area

in m 2

Transfer of

risks and

rewards of

ownership/

Scheduled

completion date

fit-outs (approx. 85%)

Frankfurt Werfthaus, Speicherstrasse Office 14,194 11/2009 Shell construction on

100%

(rental guarantee

10 years)

Construction status Letting rate

second storey

Freiburg Schnewlinstrasse Office/retail Approx. 15,400 11/2008 Tenant fit-outs Approx. 70%

(rental guarantee

3 years)

Hamburg Drehbahn 47–48,

Dammtorwall 7

Office

Phase 1: 7,500

Phase 2: 9,000

to

11,000

Phase 1: 1 Dec. 2008

Phase 2: Mid-2010

Phase 1: Completed.

Phase 2: Revitalisation of property

expected

to begin 11/2008

100%

100%

(rental guarantee

2 years)

Karlsruhe Haid-und-Neu-Strasse 13 Office 7,352 10/2008 Completed 100%

(rental guarantee

2 years)

Mannheim Galilei, Galileistrasse 3 Office 15,162 12/2008 Shell construction completed;

tenant fit-out underway

Approx. 30%

(rental guarantee

2 years)

Salzgitter Albert-Schweitzer-Strasse 1 Retail 11,420 11/2008 Completed Over 90%

(rental guarantee

2 years)

Stuttgart Z-UP, Heilbronner Str. 29 Office 14,903 04/2009 Shell construction completed;

Netherlands

tenant fit-out underway

Amsterdam Changiweg Office Approx. 22,000 09/2009 Shell construction on

second storey

Rotterdam Wilhelminakade Office Approx. 38,120 11/2009 Shell construction on

Singapore

eleventh storey

Approx. 70%

(rental guarantee

2 years)

100%

100%

(rental guarantee

10 years)

Singapore Ubi Tech Park Office 38,350 03/2009 Overall completion 85% Approx. 60%


Outlook

The investment process will continue to make exceptional

demands on fund managers of all asset classes until such

time as the financial markets have settled down again.

Numerous open-ended real estate funds no longer had

sufficient liquidity to meet the exceptionally high payout

demands and therefore announced a limited suspension

of unit redemption.

On 29 October 2008, SEB Immolnvest’s management took

the decision to suspend the repayment of units initially

for a three-month period in the interests of treating all

investors equally and of protecting their assets. As before,

the unit price is calculated on each trading day and

investors can acquire additional Fund units at any time.

Payout plans are being serviced despite the suspension

of unit redemption. This measure applies to all relevant

contracts that already existed on 27 October 2008.

The temporary closing of the Fund has no negative impact

on the long-term value of the Fund and thus on the value

of Fund units. This measure does not affect the Fund’s

strong performance. SEB Immolnvest offers the best long-

term risk/return ratio of all open-ended real estate funds.

The sustained profitability of the real estate portfolio

remains as strong as ever. As before, we are aiming for a

return of 5% p.a. at year-end.

The Fund’s management will continue to use its extensive

know-how and its energies to ensure that SEB Immolnvest

generates stable performance and sustainable returns for

its investors in the current challenging market environment.

Thank you for the confidence you have shown in us.

SEB Investment GmbH

Knoflach Cofalka

Chua Kraus

Frankfurt am Main, November 2008

Semi-annual Report as of 30 September 2008 21


Overview: Returns and Valuation

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

22 SEB ImmoInvest

Germany

Belgium

France

I. Properties

Gross income 2) 3.9 4.2 4.0 3.7 3.2 5.5 2.9 3.9 2.7 3.7 3.4

Management costs 2) – 1.3 – 1.2 – 0.1 – 0.4 – 0.2 – 2.9 – 0.6 – 1.0 – 0.5 – 0.7 – 0.8

Net income 2) 2.6 3.0 3.9 3.3 3.0 2.6 2.3 2.9 2.2 3.0 2.6

Changes in value 2) 0.3 – 0.4 1.1 2.8 – 0.4 0.0 0.1 0.6 1.1 1.4 0.8

Foreign income taxes 2) 0.0 0.0 – 0.4 – 0.3 – 0.4 – 0.2 – 0.3 – 0.2 – 0.2 – 0.3 – 0.2

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

Income before borrowing costs 2) 2.9 2.6 4.4 5.7 2.2 2.4 2.1 3.3 3.1 4.0 3.2

Income after borrowing costs 3) 2.9 2.6 5.5 6.1 2.0 1.9 2.3 3.5 3.4 5.0 3.5

Exchange rate differences 3) 4) 0.0 0.0 0.0 0.0 0.0 2.4 0.3 0.2 0.6 0.8 0.3

Total income in Fund currency 3) 5) 2.9 2.6 5.5 6.1 2.0 4.3 2.6 3.7 4.0 5.8 3.8

II. Liquidity 6) 7) – 0.7

III. Total Fund income before Fund costs 8) 2.7

Total Fund income after Fund costs (BVI method) 2.5

Note: The figures for the first half of the financial year (1 April 2008 to 30 September 2008) 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.

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

Germany

Belgium

France

Portfolio market values (expert opinions) 9) 1,549,840 69,560 565,310 480,400 453,930 430,380 249,275 3,798,695 3,133,434 3,886,639 6,932,129

Portfolio rental valuations (expert opinions) 10) 96,476 5,559 32,828 32,152 27,491 36,397 19,911 250,815 157,515 260,074 408,330

Positive changes in value acc. to expert opinions 11) 8,250 0 6,070 3,040 1,250 0 0 18,610 30,990 41,350 49,600

Other positive changes in value 12) 3,883 0 0 12,091 284 0 300 16,558 1,030 13,705 17,588

Negative changes in value acc. to expert opinions 11) – 6,900 – 260 – 200 – 80 – 1,340 0 – 30 – 8,810 – 1,050 – 2,960 – 9,860

Other negative changes in value 12) – 920 0 – 50 0 – 1,741 0 0 – 2,711 0 – 1,791 – 2,711

Total changes in value acc. to expert opinions 11) 1,350 – 260 5,870 2,960 – 90 0 – 30 9,800 29,940 38,390 39,740

Total other changes in value 12) 2,963 0 – 50 12,091 – 1,457 0 299 13,847 1,030 11,914 14,877

Addition – capital gains tax 0 0 – 1,207 – 979 0 – 393 0 – 2,579 – 403 – 2,982 – 2,982

Total changes in value 4,313 – 260 4,614 14,072 – 1,547 – 393 269 21,068 30,567 47,322 51,636

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

calculated using seven month-end values (31 March 2008 to 30 September 2008).

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

76.1%.

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 23.9%.

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

Germany

Belgium

France

Directly held properties 1,517,722 69,478 536,704 535,012 393,246 407,881 209,521 3,669,564 0 2,151,840 3,669,564

Properties held via equity interests 0 0 0 0 0 0 0 0 3,021,949 1,541,748 3,021,949

Total properties 1,517,722 69,478 536,704 535,012 393,246 407,881 209,521 3,669,564 3,021,949 3,693,588 6,691,513

of which equity-financed property assets 1,517,722 69,478 321,015 465,947 210,747 180,203 127,771 2,892,883 2,437,330 2,332,291 5,330,213

Loan volume 0 0 215,689 69,065 182,499 227,678 81,750 776,681 584,619 1,361,297 1,361,300

Liquidity 1,502,796 224 3,770 8,944 2,160 2,160 3,123 1,523,177 154,208 145,924 1,677,385

Fund volume 3,020,518 69,702 324,785 474,891 212,907 182,363 130,894 4,416,060 2,591,538 2,478,215 7,007,598

Italy

Italy

Italy

Netherlands

Netherlands

Netherlands

USA

USA

USA

Rest of

world

(L, A, E, J, PL)

Rest of

world

(L, A, E, J, PL)

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

Rest of

world

(L, A, E, J, PL)

Total direct

investments

Total direct

investments

Total direct

investments

Total equity

interests

Total equity

interests

Total equity

interests

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

costs. Wherever portfolio properties were reclassified as properties under

construction, they are included at market value; construction costs are included

in the form of provisions for construction costs.

10) Portfolio rental valuations (expert opinions) are defined as the gross profit from

rental determined by experts. Gross profit in this case equates to the sustainable

net basic rent estimated by the experts.

11) Total changes in market value established by the experts.

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

costs and purchase price settlements subsequently included in the carrying

amounts.

The “Information on changes in value” table only includes data for properties

held in the Fund as of the reporting date of 30 September 2008.

Total abroad

Total abroad

Total abroad

Total

Total

Total


Development of Fund Assets

EUR EUR EUR

Fund assets at start of the first half of the financial year on 1 April 2008 7,005,697,060.76

Distribution for the previous year – 308,445,840.00

Adjustment item

for units issued/redeemed up

to the distribution date 1,557,350.00

Inflow of funds from sale of units 1,281,502,632.13

Outflow of funds from redemption of units – 1,421,531,956.91

Net outflow of funds – 140,029,324.78

Equalisation paid 2,473,165.90

Ordinary net income 80,819,067.04

Realised losses less unrealised changes in value from previous years

on liquidity portfolio – 9,771,225.61

changes in value from previous years – 10,678,148.63 906,923.02

of which in foreign currency 0.00

Changes in value of unrealised profits

on properties 31,132,236.76

of which in foreign currency 0.00

on equity interests in real estate companies 69,542,669.44 100,674,906.20

of which in foreign currency 34,488,509.38

Changes in value of unrealised losses

on properties – 10,063,939.99

of which in foreign currency – 392,847.40

on equity interests in real estate companies – 1,294,974.09 – 11,358,914.08

of which in foreign currency – 133,694.03

on liquidity portfolio – 17,917,154.19

of which in foreign currency

Changes in exchange rates 18,951,665.71

Fund assets at end of the first half of the financial year on 30 September 2008 6,733,328,905.58

Semi-annual Report as of 30 September 2008 23


Disclosures on the development of Fund assets

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 is the distribution

amount reported in the Annual Report for the previous

year (see the total distribution item under “Calculation of

the distribution” in the statement of income and expenditure

in the Annual Report).

The adjustment item reflects units issued and redeemed

between the end of the financial year and the distribution

date. Investors who acquire units between these two dates

participate in the distribution although their unit purchases

were not recognised as an inflow of funds during the past

financial year. Conversely, investors who sell their units

between these two dates do not participate in the distribution,

although their unit redemption was not reflected in the

outflow of funds during 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 accumulated income per unit. The equalisation paid

is deducted from or added to the inflow and outflow of

funds, which consequently only indicate the change in

assets. Ultimately, the result of the equalisation paid is

that the distributable amount per unit is not influenced

by changes in the units in issue.

The ordinary net income can be seen from the statement of

income and expenditure.

24 SEB ImmoInvest

Realised losses on the liquidity portfolio (investment units)

represent the difference between the purchase prices and

the lower 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 first half of the financial

year. Deducting the unrealised losses from the previous

year gives the realised losses for the period under review.

The net change in value of unrealised profits on properties

and on equity interests in real estate companies is the

result of remeasurement gains and losses and changes in

carrying amounts during the financial year. Changes in

market value due to reappraisals and gains on initial

recognition are recognised, as are all other changes in the

carrying amounts of the properties/equity interests. These

can be the result, for example, of the recognition or reversal

of provisions, subsequent purchase price adjustments or

cost refunds, the acquisition of additional minor spaces, etc.

With regard to the location of properties and equity interests

in real estate companies, a distinction is made between

countries that have adopted the euro as their currency and

countries with other currencies (in the case of real estate

companies, the country of domicile is the deciding factor).

The net change in value of unrealised losses on properties

and on equity interests in real estate companies is the

result of remeasurement gains and losses and changes in

carrying amounts during the financial year. The information

on the changes in value of unrealised profits given above

also applies here.

The net change in value of unrealised losses on the

liquidity portfolio is the result of changes in the market

prices of investment units held in the portfolio during the

financial year.


Changes in exchange rates represent the difference in

the measurement of assets in foreign currencies 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 companies, the difference between the valuation

at the exchange rate when the assets were capitalised or

remeasured and at the exchange rate at the end of the period

under review is disclosed. Furthermore, fluctuations in the

value of currency derivatives that are still open as of the

reporting date are recognised. Realised gains and losses

from currency derivatives closed out during the period

under review are recognised, whereby net remeasurement

gains or losses are not included (see above).

The changes in exchange rates in the amount of EUR 19.0

million comprise the balance of exchange rate gains of

EUR 55.5 million and net losses of EUR 36.5 million from

forward exchange transactions used for currency hedging.

The net income from forward exchange transactions

comprises negative realised changes in value of EUR –15.8

million and unrealised changes in value of EUR – 20.7 million.

Semi-annual Report as of 30 September 2008 25


Statement of Assets as of 30 September 2008

26 SEB ImmoInvest

EUR EUR EUR EUR

% of Fund

I. Properties

1. Commercial properties 3,791,825,251.49 56.31

of which in foreign currency 509,375,251.49

2. Undeveloped properties 5,900,000.00 0.09

of which in foreign currency 0.00

3. Other properties and rights (section 67(2) of the InvG) 970,000.00 0.02

of which in foreign currency 0.00

Total properties 3,798,695,251.49 56.42

Total in foreign currency 509,375,251.49

II. Equity interests in real estate companies

1. Majority interests 2,357,138,592.27 35.01

of which in foreign currency 378,649,949.03

2. Minority interests 28,318,940.90 0.42

of which in foreign currency 0.00

Total equity interests in real estate companies 2,385,457,533.17 35.43

Total in foreign currency 378,649,949.03

III. Liquidity portfolio

1. Bank deposits 93,562,708.50

of which in foreign currency 3,068,930.43

2. Money market instruments 171,846,528.00

of which in foreign currency 0.00

3. Investment units 954,963,189.07

of which in foreign currency 0.00

Total liquidity portfolio 1,220,372,425.57 18.12

Total in foreign currency 3,068,930.43

IV. Other assets

1. Receivables from real estate management 76,779,536.64

of which in foreign currency 14,036,868.67

2. Receivables from real estate companies 280,622,344.81

of which in foreign currency 148,661,998.68

3. Interest claims 12,957,100.03

of which in foreign currency 9,290,469.96

4. Miscellaneous 230,282,641.83

of which in foreign currency 29,647,951.18

Total other assets 600,641,623.31 8.92

Total in foreign currency 201,637,288.49

Total 8,005,166,833.54 118.89

Total in foreign currency 1,092,731,419.44

V. Liabilities from

1. Loans 996,491,715.43

of which collateralised (section 82(3) 535,530,829.53

of the InvG)

of which repurchase transactions 153,257,050.00

of which in foreign currency 282,535,109.09

2. Land purchases and construction projects 61,661,734.03

of which in foreign currency 0.00

3. Real estate management 100,767,864.28

of which in foreign currency 27,368,087.22

4. Miscellaneous 40,829,447.53

of which in foreign currency 13,033,562.20

Total liabilities 1,199,750,761.27 17.82

Total in foreign currency 322,936,758.51

VI. Provisions 72,087,166.69 1.07

of which in foreign currency 10,833,862.77

Total 1,271,837,927.96 18.89

Total in foreign currency 333,770,621.28

Fund assets 6,733,328,905.58 100.00

of which in foreign currency 758,960,798.16

Unit value (EUR) 55.68

Number of units in circulation 120,920,991

Exchange rates as of 30 September 2008:

Sterling (GBP) 0.79586 = EUR 1 Japanese yen (JPY) 150.64283 = EUR 1

Swedish krona (SEK) 9.79491 = EUR 1 Singapore dollar (SGD) 2.04891 = EUR 1

Chinese renminbi (RMB) 9.81642 = EUR 1 Polish zloty (PLN) 3.40344 = EUR 1

US dollar (USD) 1.43408 = EUR 1

assets


Disclosures on the statement of assets

Fund assets decreased by EUR 272.4 million or 3.89% to

EUR 6,733.3 million in the first half of the financial year

from 1 April 2008 to 30 September 2008.

I. Properties

Five properties – four in the Netherlands and one property

in Germany – were added to the Fund in the first half of the

financial year 2008/2009 (cf. the property record starting

on page 32).

The commercial properties and undeveloped properties

were included in the Fund assets at the market values

calculated by the experts in each case.

The other properties and rights (section 67(2) of the InvG)

item comprises a property held in partial ownership by

the Fund. 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 acquisitions, directly held property assets

increased by EUR 197.9 million to EUR 3,798.7 million and

consisted of 96 directly held properties as of the reporting

date, 30 September 2008. Property assets located abroad

were divided between European Union countries, with

EUR 3,289.3 million, the USA with EUR 430.4 million and

Japan with EUR 79.0 million.

II. Equity interests in real estate companies

In the period under review, the Fund acquired the following

real estate companies: Kiinteistö Oy Opus 1 with one

property in Vantaa, Finland and Sasanka s.r.o. with one

property in Bratislava, Slovakia.

Equity interests in real estate companies now comprise

42 companies with 43 properties with an aggregate market

value of EUR 3,134.7 million. After adjustment for the

companies’ other assets and liabilities (EUR 106.0 million),

as well as external financing (EUR 574.6 million) and

shareholder loans (EUR 280.6 million), the value of the

equity interests amounts to EUR 2,385.5 million.

Liabilities from external financing comprise EUR 109.1

million of loans in US dollars, loans in euros totalling

EUR 268.8 million, a EUR 5.1 million loan in Swedish

krona, a loan in Singapore dollars of EUR 80.9 million, a

EUR 34.6 million loan in Chinese renminbi and EUR 76.1

million of loans in Japanese yen. The duration of the

companies’ external financing is three years.

III. Liquidity portfolio

The bank deposits, money market instruments and

investment units reported under the liquidity portfolio

item primarily serve to cover expenditure relating to the

completion of construction projects and purchase price

payments for property acquired in the amount of EUR 391.8

million. A further EUR 376.3 million is required for the

repayment of loans due within the next two years and

EUR 110.3 million for the settlement of other liabilities

and provisions. EUR 336.7 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 money market instruments item comprises securities

with a remaining term of no more than twelve months at

the time of acquisition, or where the interest payments are

adjusted at least once per year to reflect changes in the

market situation.

The investment units item is used to report units of the

SEB Immo Cash special bond fund and of the SEB Total

Return Quant Fund mutual bond fund.

IV. Other assets

Receivables from real estate management comprise rent

receivables totalling EUR 30.2 million and expenditures

relating to incidental expenses allocable to tenants in the

amount of EUR 46.6 million. These are matched by

Semi-annual Report as of 30 September 2008 27


appropriate prepayments by tenants of allocable costs in

the amount of EUR 62.5 million, which are included in the

liabilities from real estate management item.

Shareholder loans are reported under receivables from

real estate companies. EUR 131.9 million of this item relates

to loans in euros, EUR 14.0 million to a loan in Swedish

krona and EUR 134.7 million to a loan in Singapore dollars.

Interest claims result from interest receivables from

shareholder loans to the real estate companies as well

as from time deposit investments and money market

instruments.

The other assets disclosed under the miscellaneous item

primarily represent value added tax receivables from the

fiscal authorities in Germany and abroad in the amount

of EUR 95.4 million. Receivables from down payments

on property acquisitions amounted to EUR 46.9 million.

Receivables from advance payments for operating costs due

from property managers abroad amounted to EUR 45.7

million, while receivables from real estate companies

totalled EUR 28.0 million.

Where properties are acquired in foreign currencies, part of

the exchange rate risk is hedged by taking out loans in the

relevant local currency. The internal portion of the financing

is hedged against changes in exchange rates using forward

exchange transactions. An overview of open currency

items is given in the table entitled “Overview of exchange

rate risks”.

In the first half of the financial year, 17 forward exchange

transactions with a volume of USD 565.3 million, nine

forward exchange transactions with a volume of SEK 430.0

million, six forward exchange transactions (non-deliverable

forwards) with a volume of RMB 1,713.4 million, 15 forward

exchange transactions with a volume of SGD 637.6 million

and ten forward exchange transactions with a volume of

JPY 17,015.0 million were entered into to hedge exchange

rate risks. Liabilities to counterparties from forward

exchange transactions amount to EUR 10.9 million for

transactions in US dollars, EUR 6.9 million in Singapore

28 SEB ImmoInvest

dollars, EUR 3.7 million in Japanese yen and EUR 0.09

million in Chinese renminbi. Receivables of EUR 0.2 million

in Swedish krona also exist.

The receivables are disclosed under miscellaneous in the

other assets item and the liabilities under miscellaneous

liabilities.

V. Liabilities

Liabilities from loans refer to EUR 843.2 million of loans

taken out to acquire property abroad and to EUR 153.3

million of repayment obligations for securities sold under

repurchase agreements. Please see the overview of loans

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

and the 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

are the result of outstanding payment obligations relating

to the acquisition of properties and real estate companies

in the amount of EUR 61.0 million and of construction

services in the amount of EUR 0.7 million.

Liabilities from real estate management primarily consist

of EUR 62.5 million for prepaid allocable costs, EUR 28.5

million for advance rental payments and EUR 7.5 million

in cash security bonds.

The miscellaneous liabilities item includes EUR 8.9

million in loan interest liabilities, EUR 3.8 million in sales

tax liabilities to domestic and foreign fiscal authorities,

EUR 3.4 million in liabilities to creditors as well as EUR 3.1

million in liabilities from management and custodian bank

fees and liabilities to counterparties from forward exchange

transactions of EUR 21.6 million.

VI. Provisions

Provisions relate primarily to maintenance measures

(EUR 14.3 million), construction costs (EUR 10.4 million)

and taxes (EUR 45.3 million). EUR 38.7 million of the

latter figure relates to provisions for deferred taxes on


potential foreign capital gains, while EUR 6.6 million relates

to current taxes on income abroad.

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 6.3 million) were not included

in the risk provision calculated for capital gains tax.

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%

(EUR 38.7 million) of the nominal value of the deferred

taxes (EUR 111.3 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, Finland 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

as described above, with the market value of the property

being replaced by the going concern value.

Semi-annual Report as of 30 September 2008 29


Regional Distribution of Fund Properties

Europe: 123 properties, of which

61 properties in Germany

USA: 11 properties

Asia: 5 properties

San Francisco, CA

30 SEB ImmoInvest

Lisbon

Chicago, IL

Herndon, VA

Beijing

Singapore

Seville

Shanghai

Alcalá de Guadaira

Harrison, NY

Wayne, PA

Washington, D.C.

Tama

Málaga

Tokyo

Osaka

London

Boulogne-

Billancourt

Bordeaux

Chatillon

Lille

Amsterdam

Diegem

Brussels

Paris

Issy-les-Moulineaux

Combs-la-Ville

Barcelona

Lyon

Marseille

Capital with investment

Town/city with investment

Capital

Town/city

Zaventem

Luxemburg

Berne

Milan

Oslo

Frankfurt

Basiglio

Copenhagen

Hamburg

Munich

Berlin

Tavagnacco/Udine

Gothenburg

Rome

Palermo


Prague

Stockholm

Vienna

Ljubljana

Chieti

Bratislava

Budapest

Sarajevo

Warsaw

Belgrade

Tirana

Vantaa

Helsinki

Athens

Tallinn

Riga

Neuss

Essen

Hagen

Düsseldorf

Cologne

Kelsterbach

Neu-Isenburg

Saint Petersburg

Freiburg

Oberursel

Frankfurt

Dietzenbach

The Hague

Mannheim

Esslingen

Bremen

Schiphol-Rijk

Hamburg

Hanover

Unterschleissheim

Munich

Amsterdam

Diemen

Amstelveen

Rotterdam

Nuremberg

Breda

Aschheim

Zwolle

Berlin

Deventer

Nijmegen

Semi-annual Report as of 30 September 2008 31


Property Record as of 30 September 2008

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

Postcode

City

I. DIRECTLY HELD PROPERTIES IN EUROZONE COUNTRIES

Germany

32 SEB ImmoInvest

Street

85609 Aschheim-Dornach Einsteinring 31–39 C 91 0 3 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 93 6 0 0 0 0 1 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

40474 Düsseldorf Peter-Müller-Str. 20 C 60 0 4 0 0 0 36 05/2008 2008

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 86 0 9 0 0 0 5 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 33 1 2 0 0 62 2 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 29 36 11 0 0 0 24 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

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 conversions, extensions, or modernisations

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)


Area 2) in m 2 Features Property data

Area of

land in m2 Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central/

decentralised)

Central heating

Property category

13,300 17,235 W W W W Office high Non-central office centre 6 465 47.2

2,188 7,353 W W W W W Office high Central business district (CBD) 0 61 100.0

12,127 44,270 W W W W W W W Hotel very high Other city-centre locations 1 478 0.0

2,694 10,259 W W W W W W Office high Other city-centre locations 4 30 81.4

725 3,754 445 W W W W W Office high Other city-centre locations 0 20 100.0

7,473 14,527 W W W Office high Other city-centre locations 1 135 0.5

20,883 5,408 W W W Retail medium Retail park 1 449 0.0

24,877 16,679 W W W W W Logistics medium Established logistics location 2 102 0.0

3,381 6,198 W W W W Office high Other city-centre locations 27 143 31.9

4,671 10,684 W W W W W Office high Non-central office centre 8 122 0.1

6,047 20,879 W W W W W Office high Non-central office centre 9 269 13.3

4,518 6,090 W W W W Office high Non-central office centre 3 104 0.0

11,826 24,971 W W W W Office medium Other city-centre locations 1 96 0.0

9,485 23,140 W W W W W W Retail high City centre (1a) 35 325 3.5

1,801 4,645 90 W W W W Office high Other city-centre locations 6 26 15.5

6,453 10,625 W W W Office high Commercial estate 7 167 41.2

7,340 16,823 W W W W W W Office high Non-central office centre 14 304 7.9

7,631 7,455 W W W W W W Office* high Non-central office centre 1 23 0.0

7,769 15,423 W W W W W W Office very high Non-central office centre 2 102 8.3

13,582 29,472 W W W W W W Office high Non-central office centre 1 471 0.0

15,688 24,034 W W W W W W Office very high Non-central office centre 6 434 60.2

2,660 11,302 W W W Retail* high City centre (1a) 15 0 0.0

4,458 5,275 W W W Office medium Other city-centre locations 10 86 1.3

1,155 3,969 W W W W W Retail high City centre (1a) 10 0 0.0

15,703 29,728 W W W W W W Retail high City centre (1a) 58 864 1.1

3,209 14,594 W W W W W W Office very high Central business district (CBD) 2 140 0.0

4,290 9,601 W W W W Office high Other city-centre locations 8 68 0.2

8,513 15,350 W W W W W Office high Other city-centre locations 36 167 8.6

4,975 13,512 W W W W Office medium Central business district (CBD) 7 24 0.1

5,842 8,049 W W W W W Office high Non-central office centre 2 121 0.0

24,655 15,816 W W W W Logistics medium Established logistics location 1 120 0.0

14,302 15,371 W W W Office high Non-central office centre 1 580 0.0

* In contrast to the predominant types of use by

area, a corresponding classification was made

within the normal production costs category.

() Only completed parts can be disclosed at present. The size

of the property corresponds to the information provided

in the expert opinion.

Property quality

Location category

Number of tenants

Number of

parking spaces

Property vacancy

rate in % of

estimated net rental

Semi-annual Report as of 30 September 2008 33


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

Postcode

Germany

City

34 SEB ImmoInvest

Street

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 97 0 3 0 0 0 0 03/1993 1992/2007

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

Belgium

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

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

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

1000 Brussels 34 Rue de la Loi U 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 Zaventem/Brussels 9 Belgicastraat C 96 0 4 0 0 0 0 03/1998 1997

France

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

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

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

69007 Lyon 208–210 Avenue Jean Jaurès C 100 0 0 0 0 0 0 05/2006 2008

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 Paris 99 Avenue de France C 0 89 10 0 0 0 1 04/2006 2004

Italy

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 78 6 16 0 0 0 0 12/1999 1898/2000

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

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

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

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

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building right

Type of

property

Office

Retail/

catering

Industrial

(warehouses, halls)

1) The last year in which major conversions, extensions, or modernisations

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)


Area 2) in m 2 Features Property data

Area of

land in m2 Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central/

decentralised)

Central heating

Property category

4,858 12,126 154 W W W Office high Commercial estate 5 213 85.3

5,836 14,642 W W W W Office medium Other city-centre locations 27 210 0.0

7,485 10,055 W W W W Office high Commercial estate 5 190 41.6

5,996 10,369 W W W W Office high Other city-centre locations 4 167 41.1

3,890 6,060 W W W Office high Non-central office centre 4 41 19.1

6,750 7,284 W W W Office high Non-central office centre 4 421 2.2

7,025 7,314 W W W W W W Office high Non-central office centre 2 210 0.0

15,908 24,985 W W W W Office high Commercial estate 1 563 0.0

4,972 6,081 W W W W Office high Other locations 1 100 0.0

7,712 5,369 W W W W Office medium Commercial estate 1 106 60.7

750 3,472 W W W W Office high Central business district (CBD) 5 55 57.8

1,271 6,213 W W W W Office medium Other city-centre locations 8 70 54.0

995 5,478 W W W W Office medium Other city-centre locations 0 52 100.0

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

14,799 11,023 W W W W Office medium Other city-centre locations 1 284 0.0

8,205 7,205 W W W W Office medium Non-central office centre 1 182 94.7

4,800 4,724 W W W W W Office high Non-central office centre 1 135 77.6

3,124 18,614 W W W W W Office high Non-central office centre 4 311 0.0

81,875 32,391 W W W W Logistics medium Established logistics location 6 419 0.0

4) 7,466 W W W W Office high Central business district (CBD) 3 131 37.9

1,462 7,138 W W W W Office high Other city-centre locations 8 136 0.0

3,973 10,211 W W W W Office high Central business district (CBD) 6 119 0.0

2,287 9,179 W W W W W Office very high Central business district (CBD) 19 145 0.0

4) 8,911 W W W W W W Office high Non-central office centre 2 136 0.0

4) 9,312 W W W W W W Office high Non-central office centre 3 147 0.0

4) 9,695 W W W W W Office high Non-central office centre 2 54 0.1

4) 4,589 W W W W W Retail high Non-central office centre 2 13 0.0

9,150 14,043 W W W W Office high Non-central office centre 4 151 0.0

5,230 7,207 W W W W Office high Non-central office centre 1 72 0.0

9,000 6,152 W W W W W Office high Central business district (CBD) 7 0 0.0

2,687 5,727 W W W W W Office high Non-central office centre 1 58 0.0

6,103 25,162 W W W W W Office high Central business district (CBD) 7 128 1.0

79,657 51,660 W W W W W W Office medium Non-central office centre 2 1.304 0.0

103,645 17,728 W W W W W W Retail high Solo location (shopping centre) 1 1.545 0.0

* In contrast to the predominant types of use by

area, a corresponding classification was made

within the normal production costs category.

() Only completed parts can be disclosed at present. The size

of the property corresponds to the information provided

in the expert opinion.

Property quality

Location category

Number of tenants

Number of

parking spaces

Property vacancy

rate in % of

estimated net rental

Semi-annual Report as of 30 September 2008 35


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

Postcode

Luxemburg

City

36 SEB ImmoInvest

Street

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

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

Netherlands

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

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 BT Deventer Hunneperkade 80–94 C 100 0 0 0 0 0 0 09/2007 2007

7418 BT Deventer Hunneperkade 70–78 C 100 0 0 0 0 0 0 06/2008 2008

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 85 C 100 0 0 0 0 0 0 08/2007 2007

3068 AX Rotterdam George Hintzenweg 81 C 100 0 0 0 0 0 0 10/2007 2007

3068 AX Rotterdam George Hintzenweg 77 C 94 6 0 0 0 0 0 08/2008 2008

3068 AX Rotterdam George Hintzenweg 89 C 99 0 1 0 0 0 0 04/2008 2008

8021 EW Zwolle Burgemeester Roelenweg 10/14 A C 100 0 0 0 0 0 0 09/2007 1992

8025 BM Zwolle Dokter van Deenweg 162 C 100 0 0 0 0 0 0 09/2008 2008

Austria

1030 Vienna Rennweg 46–50 C 75 23 2 0 0 0 0 06/1997 1989/2007

1190 Vienna Heiligenstädter Str. 31 C 83 6 6 0 0 0 5 12/2007 2008

Spain

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

Japan

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

Poland

00-446 Warsaw ul. Fabryczna 5, 5a C/H 99 0 0 0 0 0 1 11/2007 2005

USA

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

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

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

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

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

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building right

Type of

property

Office

Retail/

catering

Industrial

(warehouses, halls)

1) The last year in which major conversions, extensions, or modernisations

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)


Area 2) in m 2 Features Property data

Area of

land in m2 Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central/

decentralised)

Central heating

Property category

223 1,505 W W W Office high Central business district (CBD) 1 0 0.0

2,271 6,515 W W W W Office high Non-central office centre 8 136 0.0

4,965 6,153 W W W W Office very high Non-central office centre 3 122 0.0

5,246 23,859 W W W W Office high Non-central office centre 2 220 0.0

8,455 11,717 W W W W Office medium Other city-centre locations 4 225 0.0

4,825 9,256 W W W W W Office medium Other city-centre locations 1 33 0.0

660 2,389 W W W W Office high Central business district (CBD) 1 17 0.0

7,800 12,458 W W W W Office high Commercial estate 1 256 0.0

2,437 4,044 W W W W Office medium Other city-centre locations 1 66 0.0

3,249 3,061 W W W W Office medium Other city-centre locations 1 88 0.0

1,758 3,574 W W W W Office high Non-central office centre 1 84 0.0

6,532 12,372 W W W W Office high Non-central office centre 1 283 0.0

2,517 2,912 W W W W Office high Non-central office centre 1 75 0.0

4,200 8,620 W W W W Office medium Non-central office centre 1 200 0.0

4,300 8,681 W W W Office medium Non-central office centre 1 145 0.0

2,650 6,597 W W W W W Office medium Non-central office centre 2 152 0.0

5,750 12,027 W W W W W Office medium Non-central office centre 1 314 0.0

7,550 8,404 W W W W Office medium Non-central office centre 16 194 0.0

5,643 7,370 W W W W Office high Non-central office centre 1 110 0.0

5,665 17,252 W W W W W W Office medium Other city-centre locations 36 276 35.6

5,656 15,400 W W W W W W Office medium Other city-centre locations 8 270 0.0

n.a. 5) 876 W W W W W W Retail high Solo location (shopping centre) n.a. n.a. 0.0

836 3,050 W W W W Office medium Other city-centre locations 1 20 0.1

1,017 6,150 W W W W W Office medium Non-central office centre 1 37 0.0

4,274 12,633 W W W W W Office high Central business district (CBD) 9 96 0.0

1,930 58,442 W W W W W W Office very high Central business district (CBD) 48 0 22.3

2,826 45,041 W W W W W W Office very high Central business district (CBD) 7 33 5.5

141,687 25,973 W W W W W Office high Non-central office centre 15 936 0.0

22,568 12,254 W W W W W W Office high Non-central office centre 1 478 0.0

3,559 52,160 W W W W W W Office high Central business district (CBD) 35 110 18.0

* In contrast to the predominant types of use by

area, a corresponding classification was made

within the normal production costs category.

() Only completed parts can be disclosed at present. The size

of the property corresponds to the information provided

in the expert opinion.

Property quality

Location category

Number of tenants

Number of

parking spaces

Property vacancy

rate in % of

estimated net rental

Semi-annual Report as of 30 September 2008 37


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

Company/legal form

III. PROPERTIES HELD VIA REAL ESTATE COMPANIES IN EUROZONE COUNTRIES

Germany

38 SEB ImmoInvest

Location of property

SEB Potsdamer Platz Objekt A1 GmbH & Co. KG 10785 Berlin, Germany, C 92 5 3 0 0 0 0 02/2008

Capital: EUR 198,346,263 Potsdamer Platz 1 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt A2 GmbH & Co. KG 10785 Berlin, Germany, C 6 2 0 55 0 37 0 02/2008

Capital: EUR 88,447,054 Potsdamer Str. 3/5 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt A3 GmbH & Co. KG 10785 Berlin, Germany, C 7 6 4 0 70 0 13 02/2008

Capital: EUR 13,044,395 Voxstr. 1 + 3 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt A4 GmbH & Co. KG 10785 Berlin, Germany, C 97 1 2 0 0 0 0 02/2008

Capital: EUR 64,479,451 Potsdamer Str. 7 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt A5 GmbH & CO. KG 10785 Berlin, Germany, C 0 0 0 100 0 0 0 02/2008

Capital: EUR 129,807,218 Marlene-Dietrich-Platz 2 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt B1 GmbH & Co. KG 10785 Berlin, Germany, C 85 13 1 0 0 0 1 02/2008

Capital: EUR 127,155,983 Potsdamer Platz 11 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt B2 GmbH & Co. KG 10785 Berlin, Germany, C 77 17 6 0 0 0 0 02/2008

Capital: EUR 34,784,921 Alte Potsdamer Str. 5 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt B3 GmbH & Co. KG 10785 Berlin, Germany, C 15 32 4 0 47 0 2 02/2008

Capital: EUR 38,814,918 Alte Potsdamer Str. 7, 9, 11 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt B4 GmbH & Co. KG 10785 Berlin, Germany, C 67 28 5 0 0 0 0 02/2008

Capital: EUR 101,173,282 Linkstr. 2 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt B5 GmbH & Co. KG 10785 Berlin, Germany, C 0 42 3 0 55 0 0 02/2008

Capital: EUR 92,264,973 Alte Potsdamer Str. 7, 13 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt B6 GmbH & Co. KG 10785 Berlin, Germany, C 74 25 1 0 0 0 0 02/2008

Capital: EUR 109,233,176 Linkstr. 4 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building right

Registered office of

real estate company

Type of

property

1) The last year in which major conversions, extensions, or modernisations

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

Office

Retail/

catering

Industrial

(warehouses, halls)

Hotel

Residential

Leisure

Other

4) Volume ownership

5) Single retail unit

Acquisition date


Year built/

renovated 1)

Area 2) in m 2 Features Property data

Area of land

in m2 Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central/

decentralised)

1999 3,147 33,836 W W W W W W W Office very high Central business 14 20 19.2

Central heating

Property category

Property quality

Location category

district (CBD)

1998 4,391 23,543 W W W W W W W Hotel/ very high Central business 4 92 0.0

Leisure district (CBD)

1998 1,253 1,161 2,727 W W W W W W W Resi- high Central business 43 7 1.3

dential district (CBD)

1998 2,514 12,030 W W W W W W W Office high Central business 5 75 0.0

district (CBD)

1998 5,182 22,747 W W W W W W W Hotel high Central business 2 174 0.0

district (CBD)

1999 2,528 19,858 W W W W W W W Office high Central business 22 12 16.2

district (CBD)

1912/1999 1,637 4,065 W W W W W W W Office high Central business 12 15 0.1

district (CBD)

1998 2,291 5,010 4,355 W W W W W W W Retail/ high Central business 79 106 0.1

Resi- district (CBD)

1998 3,719 19,892 W W W W W W W Retail/ very high Central business 17 168 18.9

dential

Office district (CBD)

1999 5,019 8,176 10,132 W W W W W W W Retail/ high Central business 130 206 0.1

Resi- district (CBD)

1998 4,018 17,969 W W W W W W W Retail/ very high Central business 22 161 0.0

* In contrast to the predominant types of use by

area, a corresponding classification was made

within the normal production costs category.

dential

() Only completed parts can be disclosed at present. The size

of the property corresponds to the information provided

in the expert opinion.

Office district (CBD)

Number of tenants

Number of

parking spaces

Property vacancy

rate in % of

estimated net rental

Semi-annual Report as of 30 September 2008 39


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

Company/legal form

Germany

40 SEB ImmoInvest

Location of property

SEB Potsdamer Platz Objekt B7 GmbH & Co. KG 10785 Berlin, Germany, C 0 57 5 0 0 38 0 02/2008

Capital: EUR 66,706,529 Marlene-Dietrich-Platz 4 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt B8 GmbH & Co. KG 10785 Berlin, Germany, C 0 41 3 0 56 0 0 02/2008

Capital: EUR 65,009,698 Linkstr. 6 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt B9 GmbH & Co. KG 10785 Berlin, Germany, C 25 41 20 0 14 0 0 02/2008

Capital: EUR 30,542,845 Linkstr. 8 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt C1 GmbH & Co. KG 10785 Berlin, Germany, C 93 2 5 0 0 0 0 02/2008

Capital: EUR 213,694,128 Marlene-Dietrich-Platz 5 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt UG C2/C3 GmbH & Co. KG 10785 Berlin, Germany, C n.a. n.a. n.a. n.a. n.a. n.a. n.a. 02/2008

Capital: EUR 2,969,403 Linkstr. 10/12 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt D1 GmbH & Co. KG 10785 Berlin, Germany, C 0 17 1 0 0 82 0 02/2008

Capital: EUR 39,981,501 Marlene-Dietrich-Platz 1 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt D2 GmbH & Co. KG 10785 Berlin, Germany, C 0 1 0 0 0 99 0 02/2008

Capital: EUR 38,708,829 Marlene-Dietrich-Platz 1 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

SEB Potsdamer Platz Objekt EP GmbH & Co. KG 10785 Berlin, Germany, C n.a. n.a. n.a. n.a. n.a. n.a. n.a. 02/2008

Capital: EUR 5,620,738 Schöneberger Ufer 5 10785 Berlin,

Shareholder loans: EUR 0.00 Linkstr. 2

Equity interest held: 99.99000%

Immobilien & Mobilien Potsdamer Platz 12529 Schönefeld, Germany, n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 02/2008

Verwaltungs GmbH 6) Lilienthalstr. 6 12529 Schönefeld,

Capital: EUR 13,800,178 Lilienthalstr. 6

Shareholder loans: EUR 0.00

Equity interest held: 100.00000%

Belgium

Ringcenter S.A. 1040 Brussels, Belgium, C 99 0 1 0 0 0 0 03/2005

Capital: EUR 32,046,368 70–74 Rue de la Loi 1050 Brussels,

Shareholder loans: EUR 30,000,000 522 Avenue Louise

Equity interest held: 100.00000%

Chrysalis Invest S.A. 1000 Brussels, Belgium, C/H 99 0 1 0 0 0 0 12/2001

Capital: EUR 4,315,345 34 Rue de la Loi 1050 Brussels,

Shareholder loans: EUR 8,000,000 522 Avenue Louise

Equity interest held: 99.99969%

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable

building right

Registered office of

real estate company

Type of

property

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

or modernisations 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

Office

Retail/

catering

Industrial

(warehouses, halls)

Hotel

Residential

Leisure

Other

4) Volume ownership

5) Single retail unit

Acquisition date


Year built/

renovated 1)

Area 2) in m 2 Features Property data

Area of land

in m2 Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central/

decentralised)

1999 3,953 14,675 W W W W W W W Retail/ very high Central business 25 121 7.0

Central heating

Property category

Property quality

Location category

Leisure district (CBD)

1999 4,019 5,767 7,328 W W W W W W W Retail/ very high Central business 83 126 0.7

Resi- district (CBD)

1997 2,072 4,562 740 W W W W W W W Retail/ high Central business 31 30 0.0

dential

Resi- district (CBD)

1997 7,596 41,536 W W W W W W W Office very high Central business 5 121 0.0

dential

district (CBD)

1998 739 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Parking n.a. Central business 1 243 0.0

district (CBD)

1998 2,132 8,443 W W W W W W Leisure very high Central business 2 0 0.0

district (CBD)

1998 4,422 18,808 W W W W W W W Leisure very high Central business 2 0 0.0

district (CBD)

1998 13,253 n.a. W W Parking n.a. Central business 1 1.435 0.0

district (CBD)

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

2004 3,948 19,624 W W W W W W Office high Central business 1 108 0.0

district (CBD)

2001 875 6,853 W W W W W Office high Central business 1 62 24.0

6) This Company is not a real estate company, but the owner of

the operating and office equipment and the operating facilities

required to manage the properties contained in the Potsdamer

Platz KGs.

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

a corresponding classification was made within the

normal production costs category.

district (CBD)

Number of tenants

Number of

parking spaces

Property vacancy

rate in % of

estimated net rental

() Only completed parts can be disclosed

at present. The size of the property

corresponds to the information provided

in the expert opinion.

Semi-annual Report as of 30 September 2008 41


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

Company/legal form

Finland

42 SEB ImmoInvest

Location of property

KOY Plaza Vivace 01510 Vantaa, Finland, C 84 6 7 0 0 0 3 03/2008

Capital: EUR 19,596,.632 Äyritie 8c 01510 Vantaa,

Shareholder loans: EUR 0,00 Äyritie 8b

Equity interest held: 100.00000%

Plaza 2 Park 01510 Vantaa, Finland, C n.a. n.a. n.a. n.a. n.a. n.a. n.a. 03/2008

Capital: EUR 47,428 Äyritie 8b 01510 Vantaa,

Shareholder loans: EUR 0.00 Äyritie 8b

Equity interest held: 29.81000%

KOY Opus 1 00810 Helsinki, Finland, C 97 0 3 0 0 0 0 06/2008

Capital: EUR 23,192,393 Hitsaajankatu 24 01510 Vantaa,

Shareholder loans: EUR 0.00 Äyritie 8b

Equity interest held: 100.00000%

France

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

Capital: EUR 9,353,726 65 Rue de Camille Desmoulins 75008 Paris,

Shareholder loans: EUR 12,645,000 112 Avenue Kléber

Equity interest held: 100.00000%

SEB ImmoInvest Prélude S.A.S 92100 Boulogne, 27/27ter France, C 94 6 0 0 0 0 0 07/2005

Capital: EUR 4,192,221 Avenue du General Leclerc/ 75008 Paris,

Shareholder loans: EUR 6,000,000 2–4 Rue Herault 112 Avenue Kléber

Equity interest held: 100.00000%

Italy

Megalò S.R.L. 66013 Chieti Scalo, Italy, C 0 67 20 0 0 13 0 12/2005

Capital: EUR 5,305,717 Centro Commerciale Megalò 20123 Milan,

Shareholder loans: EUR 60,000,000 Via Gabrio Casati 1

Equity interest held: 100.00000%

Netherlands

Diemen IV GmbH 1112 XS Diemen Germany, C 92 8 0 0 0 0 0 11/2006

Capital: 22,380,750 Wisselwerking 58 60327 Frankfurt,

Shareholder loans: EUR 0.00 Rotfeder-Ring 7

Equity interest held: 49.00000%

Nijmegen IV GmbH 6534 AD Nijmegen, Germany, C/H 82 14 2 0 0 0 2 12/2006

Capital: EUR 54,541,000 Dukenburgseweg 5 60327 Frankfurt,

Shareholder loans: EUR 0.00 Rotfeder-Ring 7

Equity interest held: 100.00000%

Slowakia

Sasanka s.r.o. 81107 Bratislava, Slowakia, C 100 0 0 0 0 0 0 09/2008

Capital: EUR 8,908,375 Radlinského 7/Ecke Fazulová 81103 Bratislava

Shareholder loans: EUR 0.00 Suché Mýto 1

Equity interest held: 100.00000%

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building

right

Registered office of

real estate company

Type of

property

1) The last year in which major conversions, extensions, or modernisations

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

Office

Retail/

catering

Industrial

(warehouses, halls)

Hotel

Residential

Leisure

Other

4) Volume ownership

5) Single retail unit

Acquisition date


Year built/

renovated 1)

Area 2) in m 2 Features Property data

Area of land

in m2 Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central/

decentralised)

2008 4,497 5,697 W W W W W Office medium Non-central 10 0 0.0

Central heating

Property category

Property quality

Location category

office centre

2008 n.a. n.a. W Parking n.a. Non-central n.a. 190 0.0

office centre

2008 3,401 6,824 W W W W W Office high Non-central 5 165 0.4

office centre

2002 5,186 21,890 W W W W Office high Non-central 5 408 0.0

office centre

2006 2,719 8,182 W W W W W W Office very high Other 1 194 0.0

city-centre locations

2005 134,000 48,620 W W W W W W Retail high Solo location 95 2,800 1.8

(shopping centre)

2002 10,031 9,538 W W W W Office medium Non-central 3 272 0.0

office centre

2006 18,120 25,462 W W W W W W Office high Non-central 9 587 0.0

office centre

2007 3,697 22,185 W W W W W Office high Central business 1 305 0.0

* In contrast to the predominant types of use by

area, a corresponding classification was made

within the normal production costs category.

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

district (CBD)

Number of tenants

Number of

parking spaces

Property vacancy

rate in % of

estimated net rental

Semi-annual Report as of 30 September 2008 43


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

Company/legal form

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

China

44 SEB ImmoInvest

Location of property

Shanghai Xin Mao 200020 Shanghai, China, C/H 99 1 0 0 0 0 0 11/2006

Property Development Co., Ltd. 233 Taicang Road 200020 Shanghai,

Capital: EUR 15,839,357 233 Taicang Road

Shareholder loans: EUR 0.00

Equity interest held: 100.00000%

Japan

SEB Tama Center GmbH 2060033 Tama, Germany, C 84 2 0 0 0 14 0 11/2007

Capital: EUR 48,442,449 47 Ochiai 1-Chome 60327 Frankfurt,

Shareholder loans: EUR 0.00 Rotfeder-Ring 7

Equity interest held: 100.00000%

Sweden

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

Lindholmen Science Park AB Lindholmspiren 9 41120 Gothenburg,

Capital: EUR 1,116,600 c/o Aberdeen Property

Shareholder loans: EUR 14,262,510 Investors Nordic AB,

Equity interest held: 100.00000% Hivitfeldtsgatan 15

Singapore

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

Capital: EUR 61,849,765 77 Robinson Road 049145 Singapore

Shareholder loans: EUR 110,883,451 80 Raffles Place

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

Czech Republic

Akvamarin Beta s.r.o. 15000 Prague, Czech Republic, C 79 8 13 0 0 0 0 03/2008

Capital: EUR 4,484,062 Radlicka 14 15000 Prague,

Shareholder loans: EUR 0.00 Radlicka 14

Equity interest held: 100.00000%

Hungary

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

Capital: EUR 5,773,775 Wesselenyi Utca 16 1024 Budapest,

Shareholder loans: EUR 10,600,000 Buday László út

Equity interest held: 99.98575% 12.I.emelet

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

Capital: EUR 3,286,813 Nagymezö Utca 46–48 1024 Budapest,

Shareholder loans: EUR 4,747,063 Buday László út

Equity interest held: 99.97191% 12.I.emelet

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building

right

Registered office of

real estate company

Type of

property

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

modernisations 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

Office

Retail/

catering

Industrial

(warehouses, halls)

Hotel

Residential

Leisure

Other

4) Volume ownership

5) Single retail unit

Acquisition date


Year built/

renovated 1)

Area 2) in m 2 Features Property data

Area of land

in m2 Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central/

decentralised)

2005 4,998 33,954 W W W W W Office high Central business 40 141 1.5

Central heating

Property category

Property quality

Location category

district (CBD)

2002/2007 6,621 24,366 W W W W W W Office high Non-central 7 127 3.6

office centre

2003 2,511 11,348 W W W W W Office high Non-central 7 20 0.9

office centre

1997 3,013 27,822 W W W W Office high Central business 32 180 0.3

district (CBD)

2005 6,834 22,994 W W W W W Office high Non-central 27 255 8.4

office centre

1910/1999 5,642 16,113 W W W W Office high Central business 27 258 10.4

district (CBD)

1998 1,151 6,744 W W W W Office high Central business 6 107 0.1

* In contrast to the predominant types of use by

area, a corresponding classification was made

within the normal production costs category.

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

district (CBD)

Number of tenants

Number of

parking spaces

Property vacancy

rate in % of

estimated net rental

Semi-annual Report as of 30 September 2008 45


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

Company/legal form

USA

Chesterbrook Partners LP 19087 Wayne, USA,

46 SEB ImmoInvest

Location of property

Capital: EUR 37,978,523 I. 600–701 Lee Road, 19046 Jenkintown, C 99 0 1 0 0 0 0 03/2006

Shareholder loans: EUR 0.00

Equity interest held: 89.40000% II. 725–965 Chesterbrook Blvd., 165 Township Line Road C 100 0 0 0 0 0 0 03/2006

Registered office of

real estate company

III. 1300–1400 Morris Drive C 99 1 0 0 0 0 0 03/2006

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

Capital: EUR 8,085,728 1255–1285 Drummers Lane 19046 Jenkintown,

Shareholder loans: EUR 0.00 165 Township Line Road

Equity interest held: 89.40000 %

Chesterbrook 11 Land Owner LP 19087 Wayne, USA, C n.a. n.a. n.a. n.a. n.a. n.a. n.a. 03/2006

Capital: EUR 1.172.828 Chesterbrook Parcel 11 19046 Jenkintown, (under con-

Shareholder loans: EUR 0.00 165 Township Line Road struction)

Equity interest held: 89.40000%

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

Capital: EUR 4,410,143 851 Duportail Road 19046 Jenkintown,

Shareholder loans: EUR 0.00 165 Township Line Road

Equity interest held: 89.40000%

Type of property:

C = Commercial property

U = Undeveloped property

P = Partial ownership

H = Heritable building

right

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,

metal lining, fibre cement siding bedding and pointing and paint

roofing, bitumen/plastic film seal surface-mounted fittings

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

Concrete roof tiles, medium Adequate number of toilet facilities,

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

thermal insulation standard flush-mounted fittings

sandwich elements,

bined bedding and pointing and paint,

12 – 25 cm infill

medium thermal insulation standard

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

faced brickwork, clinker, wall, high thermal standard

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

up to 30 cm infill

protection glazing

elements, web concrete planks, high

thermal insulation standard

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

metal lining, fibre cement siding bedding and pointing and paint

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

medium Lightweight concrete walls with

thermal insulation, concrete

sandwich elements,

12 – 25 cm infill

Type of

property

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

modernisations 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

Thermal insulation plaster/composite

system, exposed brickwork with combined

bedding and pointing and paint,

medium thermal insulation standard

Wood, plastic,

insulation glazing

Office

Retail/

catering

Concrete roof tiles, medium

thermal insulation standard

Industrial

(warehouses, halls)

Hotel

Residential

Leisure

Other

4) Volume ownership

5) Single retail unit

Acquisition date

Adequate toilet facilities, several showers,

some surface-mounted fittings


Year built/

renovated 1)

Area 2) in m 2 Features Property data

Area of land

in m2 Commercial

Residential

District heating

Air conditioning/

auxiliary cooling

Goods lift

Passenger lift

Sprinkler system

Hot water (central/

decentralised)

1982/1988 96,544 27,444 W W W W Office high Non-central 31 1,089 1.1

Central heating

Property category

Property quality

Location category

office centre

1986/1992 169,692 38,028 W W W W Office high Non-central 9 1,153 1.0

office centre

1981/1987 81,185 19,995 W W W W Office high Non-central 10 1,187 7.2

office centre

1979/1985 69,326 21,219 W W W Office high Non-central 34 821 21.4

office centre

n.a. 18,089 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Non-central n.a. n.a. n.a.

office centre

1980 18,632 3,433 W W W W Office medium Non-central 2 161 0.0

* In contrast to the predominant types of use by

area, a corresponding classification was made

within the normal production costs category.

Interior wall covering

of wetrooms

office centre

Floor coverings Interior doors Heating Electrical fittings Installations and

other fittings

Panel framed doors,

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

linoleum, PVC, wetrooms: PVC painted leaves and frames

boilers for hot water

faced-mounted sockets per room

Oil-based paintwork Wooden floorboards, needle felt,

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

wetrooms: tiles

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

wetrooms: large tiles, special coated

tiles

Natural stone,

elaborately laid

Natural stone, elaborately laid,

wetrooms: natural stone

Plastic/wooden leaves,

steel frames

Leaves with high-quality wood

veneer, glass doors, wooden frames

Solid construction, intruder protection,

suitable for use by the disabled,

automatic doors

Central heating with radiators

(gravity hot water system)

Central heating/pumped heating system with

flat radiators, central water heating

Under floor heating, air conditioning

and other HVAC systems

1 – 2 lighting outlets and

2 – 3 sockets per room, IT facilities,

surfaced-mounted

Several lighting outlets and

sockets per room, sill trunking

with IT cabling

Elaborate fittings,

security facilities

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

wetrooms: PVC

boilers for hot water

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

wetrooms: tiles

connected to central boiler system,

district heating

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

wetrooms: large tiles

n. a. Central heating/pumped heating system with

flat radiators, central water heating

Elaborate fittings,

security facilities

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

water outlets, cooking

facilities, sink

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

block paving without bedding

() Only completed parts can be disclosed at present.

The size of the property corresponds to the information

provided in the expert opinion.

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

water outlets, kitchenette

n. a.

n. a.

n. a.

n. a.

Number of tenants

Number of

parking spaces

Property vacancy

rate in % of

estimated net rental

Semi-annual Report as of 30 September 2008 47


Money Market Instruments, Investment Units and

Hedging Instruments as of 30 September 2008

I. Money market instruments Purchases

48 SEB ImmoInvest

(nom.) EUR thou.

from 1 Apr. 2008

to 30 Sept. 2008

Sales/disposals

(nom.) EUR thou.

from 1 Apr. 2008

to 30 Sept. 2008

Portfolio

(nom.)

EUR thou.

Market value

EUR thou. *

Debt securities issued by central banks and credit institutions 177,800 0 177,800 171,847

of which foreign issuers 177,800 0 177,800 171,847

Total money market instruments 177,800 0 177,800 171,847

II. Investment units Purchases

thou. units

from 1 Apr. 2008

to 30 Sept. 2008

Sales/disposals

thou. units

from 1 Apr. 2008

to 30 Sept. 2008

Portfolio

thou. units

Market value

EUR thou. *

Units of SEB Immo Cash special fund 0 9,182 19,319 932,914

Units of SEB Total Return Quant Fund mutual fund 22 0 22 22,050

Total investment units 22 9,182 19,341 954,964

III. Securities repurchase transactions Market value

Open items

Repayment obligations for securities sold under

repurchase agreements

EUR thou. *

153,257

Total securities repurchase transactions 153,257

IV. Hedging transactions Purchases

EUR thou. equiv.

from 1 Apr. 2008

to 30 Sept. 2008

a)

Purchases and sales of financial instruments

entered into during the period under review

and no longer appearing in the statement of

assets

Sales

EUR thou. equiv.

from 1 Apr. 2008

to 30 Sept. 2008

Total volume

EUR thou. equiv.

from 1 Apr. 2008

to 30 Sept. 2008

Sales volume

nom. currencies

from 1 Apr. 2008

to 30 Sept. 2008

RMB 82,545 0 82,545 0

JPY 49,687 0 49,687 0

SEK 20,037 0 20,037 0

SGD 137,357 0 137,357 0

USD 174,745 5,006 179,751 7,800,000

Total 464,371 5,006 469,377

Market value

sales

EUR thou.

Market value

reporting date*

EUR thou.

Preliminary

result

EUR thou.

Sales

nominal

in currencies

b) Open items

RMB 146,754 146,845 – 91 1,449,600,000

JPY 85,106 88,786 – 3,680 13,880,000,000

SEK 29,026 28,056 970 295,000,000

SGD 233,505 240,374 – 6,869 483,526,000

USD 246,007 256,895 – 10,888 390,300,000

Total 740,398 760,956 – 20,558

c) Closed out transactions not yet due

Market value

sales

EUR thou.

Market value

reporting date*

EUR thou.

Preliminary

result

EUR thou.

Sales

nominal

in currencies

JPY 4,760 4,760 0 755,000,000

SEK 20,604 21,357 – 753 195,000,000

USD 14,878 14,878 0 21,800,000

Total 40,242 40,995 – 753

* The money market instruments, investment units and forward exchange transactions were measured at their market price, unit value/redemption price, or

forward rate on 30 September 2008.

SEB Immo Cash

Key figures Investment structure

in % of the

Fund volume Credit rating structure

Return (1 Apr. 200830 Sept. 2008) – 2.1% Bank deposits 8.9 AAA 41.8

Return p.a. (1 Oct.2007 – 30 Sept. 2008 – 1.84% p.a. Securities 91.1 AA 19.4

Duration 0.15 years A 32.5

BBB 5.9

B 0.3

in % of the

Fund volume


Statement of Income and Expenditure

for the period from 1 April 2008 to 30 September 2008 EUR EUR EUR

I. Income

1. Income from properties 125,233,742.36

of which in foreign currency 19,124,360.67

2. Income from equity interests in real estate companies 7,601,523.58

of which in foreign currency 3,753,253.06

3. Income from liquidity portfolio

3.1. Income from bank deposits 4,718,574.09

of which in foreign currency 32,463.34

4. Other income 27,414,248.24

of which in foreign currency 10,154,736.04

Total income 164,968,088.27

II. Expenditure

1. Management costs

1.1 Operating costs 24,921,891.33

of which in foreign currency 8,026,462.88

1.2 Maintenance costs 6,646,203.66

of which in foreign currency 3,360,691.59

1.3 Property management costs 2,481,347.17

of which in foreign currency 772,047.25

1.4 Other costs 17,338.42

of which in foreign currency 0.00

2. Ground rent, life annuities and temporary annuities 50,744.74

of which in foreign currency 50,744.74

3. Interest expenses 20,040,896.84

of which in foreign currency 6,578,770.98

4. Taxes incurred abroad 6,885,645.96

of which in foreign currency 1,303,190.03

5. Fund management costs

5.1 Remuneration of Fund management 17,458,300.38

5.2 Custodian bank fee 675,709.67

5.3 Remuneration of experts 295,075.53

5.4 Other expenditure in accordance with section 13

of the BVB (Special Fund Rules)

2,202,701.63

Total expenditure 81,675,855.33

III. Equalisation paid – 2,473,165.90

Ordinary net income 80,819,067.04

SEB Total Return Quant Fund

Key figures Investment structure

in % of the

Fund volume Credit rating structure

Return (1 August 200830 September 2008) – 0.19% Fixed-income bonds 72.6 AAA 53.7

Duration 7.8 years Liquidity 27.4 AA+ 11.7

AA– 11.6

A 11.4

Other 11.6

in % of the

Fund volume

Semi-annual Report as of 30 September 2008 49


Disclosures on the statement of income and expenditure

Income

Income from properties comprises the rental income from

the Fund’s German and foreign properties. Of the total

figure, EUR 106.1 million is attributable to domestic and

foreign properties in the eurozone and EUR 19.1 million

to foreign properties located outside this area.

Income from equity interests in real estate companies

consists of the distributions received by the Fund from real

estate companies in France, Hungary and the USA in the

period under review.

The income from liquidity portfolio item comprises

interest income from time and demand deposits.

The other income item primarily comprises the reversal

of provisions (EUR 15.9 million) and interest income

from shareholder loans to the real estate companies

(EUR 7.4 million).

Expenditure

Management costs comprise operating costs (EUR 24.9

million), maintenance costs (EUR 6.6 million), property

management costs which cannot be charged to the tenants

(EUR 2.5 million) and other costs (EUR 0.02 million). Other

costs comprise write-downs and valuation allowances on

rent receivables.

The ground rent disclosed relates to the property in Warsaw,

Poland.

Interest expenses largely result from the external financing

of property acquisitions abroad. Interest expenses payable

on loans taken out in foreign currencies amount to

EUR 6.6 million and relate to the USA and Japan.

The Fund incurred expenses and recognised provisions

amounting to EUR 6.9 million for the payment of foreign

income taxes. This tax expense relates primarily to France

(EUR 2.2 million), the Netherlands (EUR 1.7 million), Italy

50 SEB ImmoInvest

(EUR 1.5 million), the USA (EUR 0.8 million) and Japan

(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 remuneration

of the Fund management, the custodian bank fee,

the remuneration of experts and other expenditure in

accordance with section 13 of the BVB (Special Fund Rules).

The remuneration of Fund management item amounts

to EUR 17.5 million, or 0.50% p.a. of average Fund assets.

In accordance with the Fund Rules, remuneration of up to

1% of 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 each 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 of the

BVB mainly comprises the costs of the Fund reports, the

redemption of the distribution coupons, the audit of the

Fund, consultancy, translation and external accounting costs,

financing costs as well as bank fees and expenses and costs

associated with abortive acquisitions of properties. In

addition, the company received construction and purchase

fees of EUR 2.2 million in accordance with section 13(2) of

the BVB; however, these are not reported in the statement


of income and expenditure, but as acquisition costs for the

properties and real estate companies.

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 units

are redeemed. EUR – 1.2 million of this amount relates to

equalisation for domestic income, and EUR – 1.3 million to

equalisation for foreign income.

Ordinary net income

Ordinary net income on the reporting date amounted to

EUR 80.8 million.

Semi-annual Report as of 30 September 2008 51


Bodies

Investment Company

SEB Investment GmbH

(trading until 23 June 2008 as SEB Immobilien-

Investment GmbH)

Rotfeder-Ring 7, 60327 Frankfurt am Main

P.O. Box, 60283 Frankfurt am Main

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

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

Subscribed and

paid-up capital EUR 5.113 million

Liable capital EUR 11.176 million

(as of 30 September 2008)

Frankfurt am Main Commercial Register, HRB 29859

Established: 30 September 1988

Management

Barbara A. Knoflach

Matthias Bart

Choy-Soon Chua

Siegfried A. Cofalka (since 1 January 2008)

Thomas Körfgen (since 1 January 2008)

Axel Kraus

Supervisory Board

Fredrik Boheman

Head of SEB Wealth Management,

– Chairman –

Peter Buschbeck

Chairman of the Board of Directors of SEB AG,

Frankfurt am Main

– Deputy Chairman –

Peter Kobiela

Auditors

PricewaterhouseCoopers Aktiengesellschaft

Wirtschaftsprüfungsgesellschaft,

Frankfurt am Main

Shareholders

SEB AG, Frankfurt am Main (6%)

SEB Asset Management AG, Frankfurt am Main (94%)

52 SEB ImmoInvest

Custodian Bank

SEB AG, Ulmenstrasse 30, 60325 Frankfurt am Main

Subscribed and

paid-up capital EUR 0.775 billion

Liable capital EUR 2.250 billion

(as of 30 September 2008)

Expert Committee

Klaus Peter Keunecke, Dr.-Ing.

Publicly certified and sworn expert for the valuation of

rents and developed and undeveloped properties, Berlin

– Chairman –

Hans-Joachim Ackermann, Architect / Dipl.-Ing.

Publicly certified and sworn expert for construction

costing and property valuation, Dortmund

– Deputy Chairman –

Albrecht Novak, Dipl.-Ing. / Freelance architect

Publicly certified and sworn expert for general

construction and the valuation of developed and

undeveloped properties, Stuttgart

Ulrich Renner, Dipl.-Kfm.

Publicly certified and sworn expert for the valuation

of developed and undeveloped properties, Wuppertal

Günter Schäffler, Dr.-Ing.

Publicly certified and sworn expert for the planning

and control of construction costs, the valuation of

developed and undeveloped properties, rents for

properties and buildings, Stuttgart

Prof. Michael Sohni, Dr.-Ing.

Publicly certified and sworn expert for the valuation

of developed and undeveloped properties, Darmstadt

Klaus Thelen, Dipl.-Ing.

Publicly certified and sworn expert for the valuation

of developed and undeveloped properties, Gladbeck


Investment Company:

SEB Investment GmbH

Rotfeder-Ring 7

60327 Frankfurt am Main, Germany

P.O. Box

60283 Frankfurt am Main, Germany

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

60327 Frankfurt am Main, Germany

U54 SEB ImmoInvest

IMMOHJBEV 0908

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