Savills Fund Management GmbH, a subsidiary of the Savills Investment Management Group, has sold two student residences in Tallahassee, USA. An US real estate company was the successful candidate in the structured bidding process. Both properties were held indirectly via a real estate company, on which the SEB ImmoPortfolio Target Return Fund holds a 90 percent stake, and were transferred to the new owner on 22 September 2017. The residences were built in 1988 respectively 1996 and refurbished between 2003 and 2004. They comprise 357 units and 1,084 beds on a total rental area of 38,800 sqm. Colliers International and DLA Piper acted as advisors within the sale.
Furthermore Savills Fund Management has sold the Torre Quadra B&B Hotels in Milan for SEB ImmoInvest. The transfer of risks and rewards of ownership to the buyer B&B Hotels Italia S.p.A took place on 31 July 2017. The 3-star hotel is located in Sesto San Giovanni, approximately 8 km from Milan’s city centre. It comprises of 188 rooms, two breakfast rooms, a shop, an office and staff rooms as well as 54 parking spaces. The usable area amounts to 5,727 sqm. Originally purchased as an office building in 1998, the property was converted in 2014 to a hotel, which opened the same year. Savills Fund Management GmbH was advised by CBRE Hotels and DLA Piper Italy.
Savills Fund Management is engaged to implement the further liquidation of SEB ImmoPortfolio Target Return Fund and SEB ImmoInvest.