Savills Investment Management GmbH
SEB Asset Management: SEB ImmoInvest Investors have decided
SEB Asset Management / Key word(s): Miscellaneous Press Release Frankfurt, 7 May 2012 SEB ImmoInvest Investors have decided Many of the Investors asked for a Continuation of the Fund – Not all Investors could be convinced SEB ImmoInvest will be dissolved: First redemptions planned for June 2012 – Followed by semi-annual redemptions Equal treatment of all Investors through transparent process Investors decided together with the fund management about the future of SEB ImmoInvest. Many of the investors asked for a re-opening and continuation of the fund. The announced amendment of the fund rules in line with the German Investment Act as amended by the Act for the Improvement of Investors Protection and Market Functionality, which would have taken effect with the re-opening, was regarded as a sustainable development for open-ended real estate funds. Unfortunately, not all investors could be convinced to stay in the fund. As a result, all redemption requests collected until 7 May 2012 exceeded considerably the liquidity in the fund. In order to treat all investors equally, the fund management will not execute any redemption request and will, in consultation with the Federal Financial Supervisory Agency BaFin, dissolve the fund by 30 April 2017. 'I deeply regret the result and, in the name of the whole team of SEB Asset Management AG, I am thankful for all the encouragement, support and commitment we have received ', says Barbara Knoflach, CEO of SEB Asset Management AG. The result shows that, despite all efforts, the liquidity required could not be met without jeopardizing the quality and structure of the SEB ImmoInvest portfolio in case of a re-opening of the fund. A balance of interest between investors who wished to stay invested and those who asked to leave the fund could not be achieved. Two groups of sellers could be identified: those investors whose investment strategy ended during the last two years and who were in need of their money and those, who felt alienated by this type of investment. The never-ending chain of bad news in the financial industry as well as the troubled waters open-ended real estate funds got themselves into over the last two years, have demoralized investors to the extent that they were no longer willing to grapple with arguments and ideas for the development of this type of investment. Under these circumstances, the fund management is going to pursue a speedy payout of investor's money by a strategically thought-out sale of the real estate portfolio. To grant all investors quick access to their investments, redemptions approx. amounting to 20% of the fund assets are planned for June 2012 followed by semi-annual redemptions, whose amount depends on the real estate sales to be realized. Barbara Knoflach underlines: 'We will do everything in our power to continue SEB ImmoInvest's 23 year success story while it is being dissolved. The stable returns of the past years will be our motivation. You can be assured that the team of SEB Asset Management will try its very best to achieve the best possible outcome for its investors. ' SEB ImmoInvest with a fund volume of about 6 billion Euros was launched in May 1989 and is a classic among open-ended real estate funds. Currently, it is invested in 132 real estates in 18 countries and 64 cities. Since inception until today, the fund showed a performance of 219.7%, or above 5.2% p.a. on average (BVI-method). According to a long-term comparison over 20 years by BVI, SEB ImmoInvest achieved the best performance of all open-ended real estate funds. Press contact SEB Asset Management Brigitte Schroll, Head of Communications Phone: +49 69 27299-1502 E-Mail: presse@sebam.de Twitter: twitter.com/seb_am
SEB Asset Management Karolin Sulzer, Press Officer Phone: +49 69 27299-1503 E-Mail: presse@sebam.de Twitter: twitter.com/seb_am SEB Group SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of other financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in 20 countries worldwide. On 31 December 2011, the Group's total assets amounted to SEK 2,363 billion (~EUR 265 bn) while its assets under management totalled SEK 1,261 billion (~EUR 142 bn). The Group has about 17,000 employees. Read more about SEB at www.sebgroup.com. SEB Asset Management Germany SEB Asset Management (SEB AM), Frankfurt, is the SEB Group's specialist investment house in Germany for actively managed securities and real estate investment funds. As part of the Group's Wealth Management division, which comprises over 1.000 employees and has SEK 1,175 billion (around EUR 132 bn) in assets under management, SEB AM offers global expertise in traditional and innovative asset classes and various investment styles. Its investment strategy features active management in small, specialist investment teams. By combining global and local knowledge, SEB offers institutional and retail clients investment solutions with a broad range of risk/return profiles. In Germany, the fund management company has a clearly structured offering comprising mutual and special funds complemented by client-specific investment solutions and asset management mandates. As part of SEB's international network, SEB AM has positioned itself as a specialist for global real estate management and risk-adjusted investment concepts for European bonds, multi-assets strategies and European value shares. End of financial news 07.05.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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