SEB Asset Management sold a building leased to DIY retailer OBI in Munich to Scottish asset manager Standard Life Investments for €19.8m. Located on Am Gleisdreieck street, the store has approximately 10,700 sqm of space and is leased to OBI until 2029.
The property is located in the west of Munich and was acquired in 2010 by the open-ended real estate fund SEB ImmoPortfolio Target Return Fund. SEB Asset Management acquired the property after its completion for €19.2m with home improvement chain Praktiker as the tenant. After Praktiker became insolvent, the owners succeeded in signing an immediate follow-on lease with OBI.
