Savills IM sells property in Italy

Savills Fund Management GmbH, which is responsible for the operational implementation of the further liquidation of SEB ImmoInvest, has sold one property in Italy. Due to the sale effects, the unit price of SEB ImmoInvest will decline from EUR 7.37 to EUR 7.09 on the publication date of 3 January 2019, resulting in a EUR 0.28 price drop.

The Via Laurentina 449 / Via del Serafico 49-61 office complex in Rome was sold in the course of a structured bidding process. The property was transferred to the new owner on 28 December 2018. The sale was below the most recent appraisal value. The property consists of five office buildings and two outbuildings with a total rental area of around 46,900 sqm. The lease with the main tenant expired in 2018. Re-letting is difficult due to, amongst others, the continued uncertainty about the future economic and political developments in Italy. The sale at the present time within the bidding process therefore offered the best economic option.

This means that SEB ImmoInvest has now thirteen properties in its portfolio, for which continuous active asset management is undertaken to create the best possible conditions for the sale. Further sales are at an advanced stage of negotiation. The next distribution is planned for mid-2019.