European office portfolio sells for €1.1b
Another European portfolio sold for €1.1 billion ($1.34 billion).
SEB Asset Management has sold the SEB Europe Prime Portfolio to U.S. REIT NorthStar Realty Finance Corp. and Cale Street Partners. The transaction is expected to close in the first quarter of 2015.
The buildings are part of the funds SEB ImmoInvest, SEB ImmoPortfolio Target Return Fund and SEB Global Property.
SEB Asset Management will continue to provide certain services related to the properties after the sale to ensure that the properties will continue to generate added value.
The portfolio consists of eleven commercial properties in Belgium, France, Germany, Italy, The Netherlands, Sweden and the United Kingdom, and totals more than 2 million square feet. Specifically, there are two offices located in London, two in Paris, two in Hamburg, one in Milan, one in Brussels, one in Rotterdam, Netherlands, one in Amsterdam and one in Gothenburg, Sweden.