Distribution by SEB ImmoPortfolio Target Return Fund in April 2020

SEB ImmoPortfolio Target Return Fund distributes the freely available liquidity to investors in April and October of each year on a regular basis. The Fund has not held any properties for some time. Since the regular evaluation of tax risks required an increase in the reserves for tax risks, no year-end distribution can be paid for the past financial year.

As at 31 December 2019, the Fund holds approximately EUR 70 million in liquidity directly or via companies as reserves for potential and existing liabilities. These consist primarily of reserves for tax risks (63%) and to a lesser extent of remaining risks from property sales (3%) and existing or future operating liabilities (34%). The tax risks are spread across the following countries in which the Fund holds properties: Austria, Finland, France, Germany, the Netherlands, Poland, Singapore, Slovakia, Spain, the United Kingdom, the Netherlands, Poland, Singapore, Spain and the USA. The subsequent tax audits are subject to the tax laws of the respective countries or national regulations and vary greatly in terms of the processing time. According to current estimates, they will be reduced on a case-by-case basis until 2023. We currently expect a reduction in the risks from property sales until the end of 2020. As soon as risks are further reduced and corresponding reserves can be released, further payments will be made to investors.

Since the beginning of the fund liquidation on 5 June 2014, the amount paid out to investors amounts to approximately EUR 576 million. This corresponds to around 74% of the fund assets at 5 June 2014, the date when the management mandate was terminated.

We will continue to keep you informed about the further course of the liquidation of SEB ImmoPortfolio Target Return Fund on our website at www.savillsim-publikumsfonds.de and in the annual liquidation reports. The current liquidation report (in German) as of 31 December 2019 is now available for download on our website.