FRANKFORT-SEB Immoninvest has sold two properties as part of a $911 million divestment plan. The properties include a 145,000-square-foot office building in Hamburg for about $47 million, and a 522,000-square-foot retail mall in Chieti, Italy for an undisclosed price.
Locally based SEB is trying to sell 14 commercial real estate properties in the Netherlands, US, Belgium, Italy and France, in order to gain funds to reopen its open-ended real estate fund. The company expects liquidity to increase to more than 21% by the end of the year due to these sales, the firm said in a statement.
ECE Project Management, through its ECE European First Shopping Center Fund, has purchased the 522,000-square-foot Megalo shopping center in Chieti. The center, opened in 2005, has 110 shops on two levels, as well as 2,800 parking spaces. Anchor tenants include Billa, Media World, Giometti Cinema, Brico, H&M, Scarpe & Scarpe and Zara.
Cushman & Wakefield represented SEB in the Megalo sale, which had the price undisclosed. The sale was the largest retail transaction in Italy this year, according to Stephen Screene, head of capital markets at the Italy Cushman location. “Despite the challenging economy conditions, investors continue to be attracted to the good defensive merits of quality, well-configured retail assets in good regional locations,” Screene said in a statement.
Catella Real Estate AG, through its Sarasin Sustainable Properties – European Cities Fund purchased the office building at Gorch-Fock-Wall 3-7 in Hamburg. The office is 97% leased to three tenants, including an international telecommunications company as an anchor.
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