The property holdings comprise one sale and leaseback portfolio of 47 properties, in which SEB intends to lease premises over a long period of time, and one commercial portfolio of 16 properties, which are primarily let to other tenants or in which SEB intends to lease only for a limited period of time. The commercial portfolio consists primarily of larger properties with significant development potential in attractive locations.
"This sale is in line with SEB's more focused business strategy, which includes not owning properties. The timing is also good due to increased demands for office space", says Bo Magnusson, Executive Vice President, and Head of Retail Banking.
"This transaction does not change SEB's long term commitment in the Baltic region, where we have three of our most important markets", says Bo Magnusson.
Homburg Invest Inc, is a listed real estate company on the Toronto Stock Exchange and Amsterdam's Euronext. The company owns, develops and builds properties in strategic locations in North America and Europe. The Homburg Group has been active in the Baltic region for some years, and has a long proven track record of property and asset management (www.homburginvest.com
The transaction will be finalized during the third quarter 2007 and the total capital gain for SEB Group is likely to exceed SEK 0.7bn.
The transaction is subject to approval from local authorities.
The SEB Group is a North European financial group for 400,000 corporate customers and institutions,
and 5 million private customers. SEB has local presence in the Nordic and Baltic countries, Germany, Poland, the Ukraine and Russia and has a global presence through its international network in another 10 countries.
On 31 December 2006, the Group's total assets amounted to SEK 1,934bn while its assets under management totalled SEK 1,262bn. The Group has about 20,000 employees. Read more about SEB at www.sebgroup.com
For further information, please contact:
Anders Arozin, Head of Baltic Integration & Development, +46 70 772 32 06
Ulf Grunnesjö, Head of Investor Relations, +46 8 763 85 01, +46 70 763 85 01
Elisabet Linge Bergman, Press Officer, +46 8 763 88 04, +46 70 604 40 96