semi-annual report 30 Sep 2010 - SEB Asset Management

4 | SEB ImmoInvest
Dear investor,
SEB ImmoInvest achieved a one-year performance of 2.6%
as of 30 September 2010, once again clearly exceeding the
average result for the universe of all open-ended real estate
funds. At an average of 4.0% p.a., the return for the past
three years demonstrates that the Fund is reliably generating
positive income even in a demanding market environment.
To date, the current financial year has been dominated by
the key points of the reform of open-ended real estate funds
proposed by the German Federal Ministry of Finance, which
became known in March 2010. These culminated at the
beginning of May 2010 in the discussion paper on the Gesetz
zur Stärkung des Anlegerschutzes und Verbesserung der
Funktionsfähigkeit des Kapitalmarkts (Act to Increase Investor
Protection and Improve the Functioning of the Capital
Markets). Following the submission of the discussion paper,
uncertainty among investors, which had been noticeable
since March, led to massive redemptions of units throughout
the industry. As a result, SEB ImmoInvest and other openended
real estate funds were forced to suspend unit redemption
to protect their investors.
The Fund’s management extended the initial limited period
of three months for the suspension of unit redemption,
which took effect on 5 May 2010, by up to a further nine
months in August.
Editorial
Barbara A. Knoflach,
Siegfried A. Cofalka,
Choy-Soon Chua
and Axel Kraus
This measure has no effects on the value of the portfolio, whose
150 predominantly modern properties are broadly diversified
across 18 countries and which consists of 106 directly held
properties and 44 buildings held via equity interests.
Two development projects in France were added to the Fund
in the first half of financial year 2010/2011. The Parisian property
was purchased in March 2010. The purchase contract
for the second property, which is located just outside Paris,
was signed in the period under review. One property in
China, for which a contract of sale was signed in the last
financial year, was disposed of.
SEB ImmoInvest’s long-term investment strategy and its continuous
and active optimisation of its portfolio will continue
to navigate the Fund successfully through the current turbulent
times. The portfolio’s high quality and professional
management suggest that it will generate sustainable,
excellent results in the future, too.