SEB Asset Management has acquired two buildings in a logistics center in Graz for its SEB ImmoPortfolio Target Return Fund mutual fund. The seller is CCG Immobilien GmbH, a subsidiary of Cargo Center Graz, where the buildings are located, and the purchase price amounted to around €21.8 mln.
The two buildings are the 16,200 m² logistics warehouse used by the Hofer supermarket chain, the Austrian branch of the German discounter Aldi, and the Packing Center, commissioned in August 2007, with over 7,800 m² of open land and 7,200 m² of warehouse space.
Sustainable rental income is ensured by long-term leases on the properties. The lease with Hofer has a fixed term until 2015 with the option of an extension for another five years. The Packing Center is let until 2017. Cargo Center Graz is located on a site comprising around 50 hectares to the south of Graz and is a key distribution centre in the Southeast European economic area, with over 70,000 m² of space for the temporary storage, finishing and packaging of all types of products.
The acquisition of the two logistics properties in Graz is SEB ImmoPortfolio Target Return Fund’s first investment in Austria. The fund’s portfolio now comprises 27 directly and indirectly held properties in nine countries.