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| SEB fund invests in Southern France The real estate investment company SEB Immobilien-Investment GmbH has entered into a purchase agreement with French developer Bouygues Immobilier for five buildings yet to be constructed in Aix en Provence, near Marseille. Approximately 11,500 m² of office space and 575 parking spaces will be completed in the Parc de la Duranne development district by the end of 2009. SEB Asset Management's real estate company will invest approximately EUR 23.3 million (net) in the complex. The buildings will be added to the portfolio of the open-ended real estate fund SEB ImmoPortfolio Target Return Fund upon completion. Construction and preliminary letting activities are planned to commence in early 2008. The seller has issued 12-month rental guarantees for each of the buildings upon transfer to the Fund. write your comments about the article :: © 2007 Construction News :: home page |