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| SEB adds building in Spain to its portfolio SEB Asset Management, the Frankfurt-based unit of Swedish banking group SEB, has acquired an office building with a long-term lease in Las Rozas de Madrid, Spain, for its SEB ImmoPortfolio Target Return Fund open-ended real estate fund. The seller is Caja de Ahorros y Monte de Piedad de Madrid (Caja Madrid). Spain's oldest savings bank has also rented the building for 30 years. The purchase prise amounts to EUR 108 million. The six-storey building, which comprises total rental space of around 43,700 m² and 537 parking spaces, is part of a business park located 18 km north west of Madrid that was developed in the mid-1990s. A key advantage of the Las Rozas Business Park is its excellent links to public transport and the A6 motorway to La Coruña. Caja Madrid was established in 1702. The fourth-largest Spanish financial services provider is backed by the City and the Autonomous Region of Madrid. The bank has long-term ratings of A from Standard & Poor's, A1 from Moody's and A+ from Fitch. write your comments about the article :: © 2010 Construction News :: home page |