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SEB Finds New Tenant for Berlin’s Potsdamer Platz Complex

SEB Asset Management AG (S3EA), which plans to sell Berlin’s Potsdamer Platz as it liquidates the ImmoInvest portfolio, found a new tenant for one of the complex’s buildings to replace Daimler AG. (DAI)

Hubert Burda Media Holding GmbH & Co., the German publisher of Focus and Bunte magazines, will use Potsdamer Strasse 7 as its Berlin offices, Frankfurt-based SEB Asset Management said in a statement today. Daimler is the largest tenant in SEB Asset Management’s most expensive property.

SEB ImmoInvest, a 6 billion-euro ($7.4 billion) property mutual fund, will be wound up within five years after investors asked for redemptions that exceeded its liquidity, according to a May statement. ImmoInvest is the largest of seven German mutual funds that have been forced to liquidate after failing to meet invest redemption requests.

SEB Asset Management is a unit of Skandinaviska Enskilda Banken AB (SEBA), a Stockholm-based company.

To contact the reporter on this story: Dalia Fahmy in Berlin at dfahmy1@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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