SEB Asset Management has sold two office properties in Milan and Brussels from the SEB ImmoInvest portfolio for a total of EUR 125 mln. The investment volumes is higher than the market valuations of the assets.

The property in Via Dante 15, Milan generated a return of 10.9% over the entire holding period since its acquisition in December 1999. The sale price is about 88% higher than the investment costs and 5.7% higher than the current market value. The parties agreed not to disclose the name of the new owner or the sale price.

Belgian REIT Befimmo bought the commercial property in Rue de la Loi 70-74, Brussels. The sale price achieved is about 15.5% higher than the investment costs since the property’s acquisition in March 2005 and exceeds the most recently appraised market value by around 9%.