DGAP-News: SEB Asset Management: SEB ImmoInvest Investors have decided
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SEB Asset Management: SEB ImmoInvest Investors have decided
07.05.2012 / 16:00
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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
isinvested 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(at)sebam.de
Twitter: twitter.com/seb_am
SEB Asset Management
Karolin Sulzer, Press Officer
Phone: +49 69 27299-1503
E-Mail: presse(at)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
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