SEB Asset Management has announced it will open its SEB ImmoInvest open-ended fund for trading for one day on 7 May 2012 to allow unit holders to decide about the future of the EUR 6.6 bn vehicle.
SEB Asset Management has announced it will open its SEB ImmoInvest open-ended fund for trading for one day on 7 May 2012 to allow unit holders to decide about the future of the EUR 6.6 bn vehicle.
If all unit redemption requests can be met, the fund’s terms and conditions will be amended in alignment with the new investment law, the open-ended fund manager said. Otherwise the fund will be liquidated.
SEB AM CEO Barbara Knoflach said the company was asking its investors 'not to treat this measure as something we are imposing on them or as a restriction of their ability to dispose of their units, but rather as an opportunity that points the way to the future of this asset class and underlines the long-term nature of investments in real estate.'
At a press conference in Frankfurt, Knoflach said she was optimistic the fund would not have to liquidate. ImmoInvest has 'considerably' more than 30% of its assets in cash or equivalents, after selling properties, she added.
