SEB Asset Management sold its share in the 23-storey '79 Anson Road' office building in Singapore to United Engineers Developments Pte. Ltd. In December 2007 SEB Asset Management acquired twelve strata titled storeys of the building with total office space of approximately 10,350 sqm for SEB Asian Property Fund, its Luxembourg-registered special real estate fund. Its share comprised approximately 54% of the Grade A building. The selling price was the equivalent of EUR 136.6 million, 16% above appraisal value.
'Singapore recovered very quickly from the financial crisis. With the sale of 79 Anson Road we profit from the high demand for core properties currently seen on the Singaporean market,' says Choy-Soon Chua, Managing Director, responsible for real estate investment at SEB Asset Management. 'Together with the second partial owner, we decided to sell the property jointly in order to achieve the highest possible selling price.'
Formerly known as 'Phoenix Tower', the 79 Anson Road building is located in Singapore's central business district (CBD), Tanjong Pagar. The property was built in 1992 and its lobby and lift area were given a thorough facelift in 2010. Temporarily vacant space could be fully let to new tenants.
After entering the market in 2006, SEB Asset Management currently manages 13 properties in the Asia-Pacific region worth approximately EUR 1.38 billion from its office in Singapore. 'We will continuously develop and actively manage our Asian property portfolio,' adds Chua.
Alongside the SEB Asian Property Fund, which was launched in August 2007, SEB Asset Management offers three other vehicles focussing on the Asian real estate market: SEB Asia REI is aimed primarily at German institutional investors and pursues a core/core plus strategy, while SEB Asian Property II's core plus/value added approach targets international institutional investors and high net worth individuals. The SEB Asia Pacific REIT Fund allows institutional and private investors to invest in REITs (real estate investment trusts) in the Asia-Pacific region.
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 Jäger, 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 2012, the Group's total assets amounted to SEK 2,453 billion (~EUR 286 bn) while its assets under management totalled SEK 1,328 billion (~EUR 155 bn). The Group has around 16,500 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 1,228 billion (around EUR 143 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. SEB AM has been one of the leading real estate fund managers for many years. Since 2005, it has had an M2 Real Estate Manager rating from Fitch.
