SEB Asset Management has acquired a newly-built retail centre with hotel in the centre of Münster from Dortmund-based developer Harpen Immobilien Gesellschaft. The overall investment costs amount to about EUR 68 mln.

SEB made the acquisition on behalf of its open-ended real estate fund: SEB ImmoPortfolio Target Return Fund.

Completed in 2009, the Stubengasse property consists of two four-storey buildings which combine a mix of hotel and retail (rental surface approximately 16,800 m2) as well as an underground car park (with 318 parking spaces). It is fully let to Karstadt sports, Esprit, edc, Tom Tailor, Deutsche Bank, Café & Bar Celona, E-Plus and Deutsche Telekom as well as the Ramada Treff hotel group. The underground car park is operated by Westfälische Bauindustrie, a municipal subsidiary company. The average term of the rental agreements is approximately 12 years.

Frankfurt-based SEB Asset Management is the specialist real estate and securities investment house in Germany of the SEB Group, one of northern Europe's leading financial services providers. Its investment strategy features active management in small, specialist investment teams. SEB Asset Management is part of SEB group's Wealth Management division and has 1,100 employees and approximately SEK 1,220 bn (EUR 119 bn) of assets under management.