semi-annual report 30 Sep 2008 - SEB Asset Management

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.