semi-annual report 30 Sep 2010 - SEB Asset Management

18 | SEB ImmoInvest
A broad distribution of tenants across many different industries
also reduces dependency on specific economic segments.
Long-term leases safeguard the stability and earnings
power of open-ended real estate funds. At the reporting
date, 43.7% of the leases in SEB ImmoInvest had a duration
of more than five years.
From 1 April 2010 to 30 September 2010, the Fund’s management
signed 394 new leases for 110,000 m 2 . In addition,
363 existing leases for 61,000 m 2 were extended, which
represents a total of 5.7% of the Fund’s estimated net rental
for the year as of 30 September 2010.
A total of 5.6% of the leases in the portfolio of directly held
properties in Germany may expire in 2010 and 2011. In
Tenant structure by sector
by rental space
Consumer goods industry and retail
Technology and software
Banks and financial services providers
Management consulting, legal and tax advisory
Automotive and transport
Utilities and telecommunications companies
Hotels and catering
Media and entertainment
Public authorities, associations and educational institutions
Insurance companies
Engineering, raw materials extraction and processing
Construction companies
Chemical and pharmaceutical industry
Other sectors
by total estimated net rental
Consumer goods industry and retail
Banks and financial services providers
Management consulting, legal and tax advisory
Technology and software
Automotive and transport
Hotels and catering
Utilities and telecommunications companies
Public authorities, associations and educational institutions
Engineering, raw materials extraction and processing
Media and entertainment
Insurance companies
Construction companies
Chemical and pharmaceutical industry
Other sectors
3.3% (18)
2.8% (18)
4.4% (25)
4.0% (11)
3.6% (25)
4.2% (57)
4.2% (25)
3.5% (25)
6.0% (74)
5.4% (57)
5.4% (67)
5.4% (67)
5.2% (11)
6.9% (57)
7.0% (41)
6.3% (74)
6.2% (57)
Number of tenants in brackets (incl. properties held via equity interests, but not properties undergoing construction/renovation)
France there is a risk of 1.3% of the leases expiring during
this period, and in the Netherlands of 0.7%. Furthermore,
3.8% of the leases at the Fund’s equity interests will expire
in the period 2010/2011 and there is a further risk of 8.5%
expiring in 2012. The Fund’s management is already in contact
with the tenants concerned to arrange lease extensions
in good time. If this appears unlikely, marketing activities
will be stepped up at the same time.
Active marketing and approaching existing tenants are
already helping to cushion the high lease expiry rates in the
coming years, particularly in Germany, France and the Netherlands
and at the equity interests.
8.3% (41)
10.4% (79)
10.3% (165)
9.6% (74)
10.5% (74)
10.4% (79)
11.4% (317)
11.0% (490)
10.4% (490)
11.5% (165)
12.4% (317)