SEB Raises $385 Million From Sale of Three Berlin PropertiesAndrew Blackman
SEB Asset Management AG raised about 300 million euros ($385 million) selling a hotel in the Potsdamer Platz complex and two other buildings in Berlin for its ImmoInvest fund, which is due to be dissolved in 2017.
Al Faisal Holding Co., a privately held company based in Doha, Qatar, bought the Grand Hyatt hotel on Potsdamer Platz and the Maritim hotel in the Tiergarten district, Frankfurt-based SEB said in a statement after the market closed yesterday. A real estate fund provider in Berlin, which SEB didn’t name, acquired an office building in the Mitte district, according to the statement.
ImmoInvest will be wound up after investors asked for redemptions that exceeded its liquidity. ImmoInvest is the largest of seven German mutual funds that have been forced to liquidate after failing to meet invest redemption requests.
The fund has paid out more than 20 percent of its assets to investors and plans to distribute more money later this year, SEB said yesterday. The company announced the sale of the Grand Hyatt in February, without disclosing the price.