Bloomberg News

SEB Finds New Tenant for Berlin’s Potsdamer Platz Complex

July 27, 2012

SEB Asset Management AG (S3EA), which plans to sell Berlin’s Potsdamer Platz as it liquidates the ImmoInvest portfolio, found a new tenant for one of the complex’s buildings to replace Daimler AG. (DAI)

Hubert Burda Media Holding GmbH & Co., the German publisher of Focus and Bunte magazines, will use Potsdamer Strasse 7 as its Berlin offices, Frankfurt-based SEB Asset Management said in a statement today. Daimler is the largest tenant in SEB Asset Management’s most expensive property.

SEB ImmoInvest, a 6 billion-euro ($7.4 billion) property mutual fund, will be wound up within five years after investors asked for redemptions that exceeded its liquidity, according to a May statement. ImmoInvest is the largest of seven German mutual funds that have been forced to liquidate after failing to meet invest redemption requests.

SEB Asset Management is a unit of Skandinaviska Enskilda Banken AB (SEBA), a Stockholm-based company.

To contact the reporter on this story: Dalia Fahmy in Berlin at dfahmy1@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net


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