SEB Global Property Fund - TeleTrader€¦ · SEB Investment GmbH resolved effective 31 December...

SEB Global Property FundSemi-annual Report as of 30 June 2011SEB InvEStmEnt GmBH

2 | SEB Global Property Fund

Table of Contents

Editorial 4

Concept and Investment Strategy 5

Opportunities and Risks of Open-ended RealEstate Funds 6

Risk Management 8

Real Estate Markets – An Overview 10

Results of the Fund in Detail 12

Structure of Fund assets 12

Liquid assets 12

Investment performance 12

Income components 14

Portfolio Structure 15

Outlook 19

Overview: Returns, Valuation and Letting 20

Development of Fund Assets 22

Condensed Statement of Assets 24

Regional Distribution of Fund Properties 27

Statement of Assets, Part I: Property Record 28

Statement of Assets, Part II: Liquidity Portfolio 36

Statement of Assets, Part III: Other Assets, Liabilities and Provisions, Additional Disclosures 37

Statement of Income and Expenditure 39

Bodies 41

Graphics

Geographical distribution of properties 15

types of use of Fund properties 15

Economic age distribution of Fund properties 16

Remaining lease terms 16

Allocation of Fund properties by value class 16

tenant structure by sector 17

Note:

SEB Investment GmbH resolved effective 31 December 2010 to adapt the SEB Global Property Fund’s investment principles and Special Fund Rules (BVB) so as to also allow it in future to acquire equity interests in real estate companies that them-selves hold equity interests in real estate companies. Section 3(1) sentence 2 of the BVB therefore expressly permits the acquisition of indirect equity interests for the Fund. In addition, a new number 4 has been added to section 2 of the BVB accord-ing to which the Company shall aim when selecting the properties for the Fund to achieve a reasonable distribution in terms of size, location and tenants (sectors). Furthermore, the Appendix to section 2 of the revised version of the BVB was amended to the effect that the Company is permitted in future to invest up to the specified percentage of Fund assets in properties in the following states outside the European Economic Area:• Australia,ChinaincludingHongKong,Japan,theUSA:upto66%ofthevalueof

the Fund• Brazil,Canada,India,Indonesia,Malaysia,Mexico,NewZealand,theRussianFederation,Singapore,SouthKorea,Switzerland,Taiwan:upto45%ofthevalueof the Fund

• Argentina,Bolivia,Chile,Colombia,CostaRica,Croatia,DominicanRepublic,Egypt,Israel,Monaco,Morocco,Paraguay,Peru,SaudiArabia,SouthAfrica,Thailand,Tunisia,Turkey,Ukraine,UnitedArabEmirates,Venezuela:upto30%of the value of the Fund.

In accordance with section 10 of the revised version of the BVB, the front-end load foreachunitclassmaybeamaximumof3%andtheredemptionfeeforeachunitclassmaybeamaximumof7%.

Themanagementfeeinsection11no.1oftheBVBnowamountstoupto1%oftheaverage value of the Fund, which is calculated using the values at the end of each month.Theperformance-relatedfeepreviouslyprovidedforinsection11no.3ofthe BVB will no longer apply in future. At the same time, the Company resolved to include a provision in the rules on costs laid down in section 11 no. 4 sentence 1 to the effect that the costs of permissible indirect equity interests may be charged to the Fund to the same extent as the costs of direct equity interests have been to date. Furthermore, section 11 no. 4a) of the BVB permits incidental expenses arising in relation to the acquisition and sale of land and the acquisition, sale, develop-ment and encumbrance of properties (including taxes) to be charged to the Fund. In line with this, section 11(4) c) now stipulates that costs arising in relation to the acquisition and sale of other assets can also be charged to the Fund, while section 11(4) g) also allows costs for the announcement of amendments to the Fund Rules to be charged to the Fund.

Further information on the planned amendments is available on our website at www.sebassetmanagement.de under Announcements.

Semi-annual Report as of 30 June 2011 | 3

Fund assets EUR 303.8 million

Total property assets (market values) EUR 508.3 million

thereof held directly EUR 218.3 million

thereof held via real estate companies EUR 290.0 million

Total Fund properties 21

thereof under construction 1

thereof held via real estate companies 14

Changes during the period under review

Purchases/additions/sales/disposals 0

Letting rate (estimated gross rental) 1) 91.9%

Letting rate (estimated net rental) 91.6%

Net inflow of funds EUR 0.0 million

Distribution on 1 April 2011 EUR 6.2 million

Distribution per unit EUR 22.00

Income tax-free portion held as private assets EUR 4.7740

Portion liable to income tax held as private assets EUR 17.2260

Total property return 2) for the period 1 January 2011 to 30 June 2011 1.9%

Liquidity return 3) for the period 1 January 2011 to 30 June 2011 0.2%

Investment performance 4) for the period 1 January 2011 to 30 June 2011 1.5%

Investment performance 4) since Fund launch 18.2%

Unit value / redemption price 5) EUR 1,070.57

Issuing price EUR 1,134.80

Total expense ratio (TER) 6) 0.56%

SEB Global Property Fund at a glance as of 30 June 2011

1)Theestimatedgrossrentalcorrespondstotheestimatednetrentalplusincidentalexpenses.2) Based on the Fund’s average directly and indirectly held property assets financed by equity3) Based on the Fund’s average liquid assets4) Calculated according to the BVI method5)Theredemptionofunitcertificatescanbesubjecttoaredemptionfeeofupto3%oftheunitvalue.6)TotalcostsasapercentageofaverageFundassetswithinafinancialyear,calculatedasof31December2010.

ThisSemi-annualReportandtheSalesProspectusavailableseparately,alongwiththeAnnualReportasof31December2010,aretobehandedtoinvestorsin SEB Global Property Fund units until the publication of the Annual Report as of 31 December 2011.

GermanSecuritiesCodeNumber:SEB1A9 ISIN:DE000SEB1A96 Fundlaunchdate:19October2006

Falkenried88,Hamburg,Germany


Editorial

BarbaraA.Knoflach, SiegfriedA.Cofalka, Choy-Soon Chua andAxelKraus

Dear investor,

The SEB Global Property Fund generated a performance of 1.5% in the first half of financial year 2011 – a solid result compared with its peer group. The average return for open-ended real estate funds has decreased overall since 2010. The main reasons for this are the market-driven decline in returns on liquid assets and changes in value, which varied considerably from product to product.

Nevertheless, open-ended real estate funds in general and the SEB Global Property Fund in particular are still attractive investments for medium- to long-term investors. The Fund’s low volatility stabilises its investment portfolio and hence

reduces risk. As a result, the SEB Global Property Fund has consistently generated positive returns since its launch in October 2006, recording an average annual performance of 3.6%. Indexed leases and tax advantages compared with other asset classes also mean that it offers a high level of protection against inflation.

The SEB Global Property Fund’s portfolio was unchanged as of the reporting date, comprising 14 equity interests and seven directly held properties in seven countries. The properties’ highly stable values offer a solid basis for the Fund’s future success.


The SEB Global Property Fund is a global open-ended real estate fund with a core investment strategy. The Fund is aimed at investors who wish to invest relatively large sums for the long term in indirect real estate investments with a low risk profile and to exploit the income potential offered by the professional management of international real estate investments. The Fund units are marketed exclusively by UBS Sauerborn.

In accordance with the investment strategy, the Fund’s management is gradually building up a balanced portfolio in terms of region and type of use. The focus of investments is on office, logistics and retail real estate in Europe. The port-folio is rounded off by properties in the USA and Asia.

Active management ensures continual portfolio optimisa-tion. Targeted purchases and sales in established real estate markets are combined with investments in growth markets in order to achieve a balanced mix of potential returns and risk diversification. In addition, selective measures continu-ally safeguard the competitive strength of portfolio properties.

The SEB Global Property Fund’s liquidity weighting is set to a low figure of between 5% and 10% of Fund assets to reduce the dilutive effect on the return from real estate. This makes active liquidity management necessary in order to synchro-nise inflows and outflows of funds and real estate transac-tions. Fund marketing is therefore performed in line with the principle of “cash on demand only”.

A combined top-down/bottom-up investment process is used to select properties. In the top-down approach, the Fund’s management assesses the economic opportunities and risks, as well as those relating to the locations of poten-tial investments and their market prospects. In the case of specific investment decisions, it analyses individual proper-ties in terms of their location and the immediate environ-ment, the building’s quality, the tenants and their credit-worthiness, among other criteria (bottom-up approach).

The decision-making criterion when selecting low-risk prop-erties is the stable ongoing cash flow these generate. In addition, the Fund’s management buys properties with the potential for value appreciation. It incurs letting risks selec-tively and consciously in order to realise appreciation gains. It also selects markets where anti-cyclical investments promise positive appreciation in value.

The average holding period for Fund properties is set at seven to ten years. Consequently, potential exit strategies already play an important role at the stage when properties are bought. For this reason, we have set up a provision of 100% for deferred taxes.

The debt ratio (leverage) is specified strategically at Fund level at up to 50%. Loans are used primarily for tax optimi-sation and to hedge currency risks. At the same time, debt finance is carefully aligned with the cash flows from the indi-vidual properties and the Fund’s financial structure in order to achieve positive long-term leverage effects. Fixed interest rate periods and loan maturities are aligned with the income structure and planned holding period of the properties, expected interest rate developments and the Fund’s per-formance.

The currency risk with property investments in foreign cur-rencies is reduced by taking out loans in foreign currencies and through forward exchange transactions. According to statutory requirements, a maximum of 30% of Fund assets can be subject to currency risks. The Fund’s management ensures that foreign currency items are hedged in accordance with statutory requirements and the risk profile of the product.

Concept and Investment Strategy

Valentinskamp88–90,Hamburg,Germany


As with other capital investments, investments in open-ended real estate funds hold both opportunities and risks for the investor. Real estate investments are long-term and income-oriented capital investments. Investment perform-ance depends on a wide variety of legal, economic, tax-related, real estate-specific and product-dependent factors.

Specific opportunities and risks of open-ended real estate funds as a capital investmentOpen-ended real estate funds invest money that is callable in the short term in medium- to long-term real estate port-folios. The following legal requirements have therefore been introduced in order to protect investors:

This open-ended real estate fund must provide minimum •liquidity of 5% of the Fund assets at all times in the form of short-term liquid assets (such as bank deposits).To cushion high outflows of funds, it is possible to take •out loans amounting to up to 10% of the Fund assets.Loans of up to 50% of the market values of the proper-•ties belonging to the Fund can be taken out to finance property acquisitions and to acquire equity interests. If the cost of debt is higher than the property return, this reduces the Fund return (negative leverage effect); if borrowing costs are lower than the property return, the Fund return will increase (positive leverage effect).The redemption of units can be suspended for a maxi-•mum period of two years.

Opportunities and Risks of Open-ended Real Estate Funds

In addition, the Fund management company has established product-specific approaches tailored to specific target groups for managing the risk of liquidity squeezes:

Sales information tailored to specific target groups•(Pro)active sales and investor management•Strategic liquidity management focusing on the liquidity •ratio and the leverage ratio of Fund assetsDiversification of the real estate portfolio according to •criteria such as size, age, type of use and location to ensure that marketable properties are available in any market situationRecognition of capital gains tax provisions in line with the •strategic holding period for the properties.

In principle, the properties owned by an open-ended real estate fund are the basis for its stability. However, real estate income and values may fluctuate according to the economic situation.

The return generated by the Fund also depends on develop-ments in the cash flows from, and any appreciation in the value of, the properties. The Fund’s return can develop posi-tively or negatively due to market changes.

Moreover, external factors (such as the closure of other mar-ket players’ funds) may have a substantial impact on the Fund’s liquidity situation.




General opportunities and risks of real estate investmentsReal estate investments are subject to risks that may have an effect on the unit value of the Fund:

In any investment decision, political, economic and legal •risks – including those posed by tax law – should be noted, along with how transparent and well developed the real estate market in question is.In decisions to invest outside the eurozone, the volatility •of the national currency should be taken into considera-tion as well. Exchange rate fluctuations and the costs of currency hedging have an impact on the Fund’s return.Any change in the quality of the location may have a •direct effect on the lettability and current letting situa-tion. If the location increases in attractiveness, lease con-tracts can be signed for higher rents; however, in the worst possible case a decrease could mean lasting vacancy rates.Building quality and condition also have a direct impact •on the capacity of a property to generate income. The condition of the building may require expenditures for maintenance that exceed budgeted maintenance costs. Investment costs required in addition may impact the return over the short term, but may also be necessary to achieve long-term positive development.Risks posed by natural disasters (such as earthquakes •and tornados) and by fire and storm damage are covered worldwide by insurance if this is possible, reasonable from a financial point of view and objectively necessary.Vacancies and expiring leases can mean either earnings •potential or risk. Properties with vacancies can deliber-ately be purchased anticyclically to realise later value increases. Regular observation of the markets invested in, and the implementation of measures based on this know-ledge with a view to reacting in good time to market movements, are crucial parts of the process. At the same time, vacancies result in income shortfalls and increased costs to enhance the attractiveness of the property for rental.

The creditworthiness of tenants is also a significant risk •component. Poor creditworthiness can lead to high out-standings and insolvencies can lead to a total loss of income. One of the aims of portfolio management is to reduce dependencies on individual tenants or sectors.

The risks mentioned above are a selection. For a detailed description of risks, please see the Sales Prospectus.


Risk management is a continuous, integral process that cov-ers all areas of the business, comprising all of the measures applied to systematically deal with risk. One of the key aims of this process is identifying and mitigating any potential risks at an early stage. The early identification of risk helps create room for manoeuvre that can be used to help safe-guard existing potential for success over the long term and create new opportunities. The risk management process established by SEB Investment GmbH consists of risk strat-egy and the identification, analysis and assessment, man-agement and monitoring, and communication and docu-mentation of risks.

In line with the relevant legal provisions, a distinction is made between the following main risk types:

Counterparty riskDefault by a securities issuer, tenant, or counterparty could lead to losses for the Fund. Issuer risk describes the effect of specific developments at an individual issuer that impact the price of a security in addition to general capital market trends. Default by tenants is countered through active portfolio management and regular monitoring. Other measures include credit rating checks and the avoidance to a large extent of cluster risk in the rental segment.

Even when securities and tenants are carefully selected, losses due to the financial collapse of issuers or tenants

Risk Management

cannot be ruled out. Counterparty risk comprises the risk that the other party to an agreement will partially or fully default on its obligation. This applies to all contracts signed for the account of a fund, but particularly in connection with the derivative transactions that are entered into, for example, to hedge currency risk.

Interest rate riskThe liquidity portfolio is exposed to interest rate risk and influences the Fund return. If market interest rates change in relation to the rate applicable when the investment was made, this will affect prices and yields and lead to fluctu-ations. However, these price movements vary depending on the investment duration. Fixed-income securities with shorter maturities offer lower price risks than fixed-income securities with longer maturities. By contrast, fixed-income securities with shorter maturities generally have lower returns than fixed-income securities with longer maturities. Liquidity was held in current account balances at banks during the reporting period.

Currency riskIf the assets belonging to a fund are invested in currencies other than the fund currency, the fund receives the income, repayments and proceeds from such investments in the rele-vant currency. If the value of this currency falls against the fund currency, the value of the fund declines. In principle, foreign currency items are largely hedged as part of a

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low-risk currency strategy. Thus, in addition to taking out loans in the relevant currencies, foreign currency items are hedged using forward exchange transactions.

Real estate riskIn principle, the properties owned form the basis for open-ended real estate funds. However, a large number of factors can cause property values and income from properties to fluctuate. In addition to general economic conditions, such as the economic climate, political circumstances and tax conditions, property-specific factors play a decisive role. Any change in the quality of the location can affect lettabil-ity and the current letting situation. If the attractiveness of a location increases, leases can be signed at higher prices. If its attractiveness declines, however, this can lead to long-term vacancies in the worst case. In addition, the condition of a building may mean maintenance costs need to be incurred, which will reduce returns in the short term, but lay the foundations for positive development in the long term. While vacancies and expiring leases can pose a risk, they can also be a source of earnings potential, particularly if properties are deliberately purchased as an anti-cyclical investment and the expected positive development materi-alises. The Fund’s rental income may decline as a result of vacancies or tenant defaults. Properties in certain locations may become less attractive to tenants, pushing down the rents achievable in the areas concerned. The properties them-selves may be damaged by fire, storms, or other events. Property values may also decline owing to unexpected contamination from past use or construction defects, for ex ample. Equity interests in real estate companies, i.e. indi-rect real estate investments, may pose the risk of changes to company or tax law, particularly abroad.

Market risks specific to real estate, such as vacancies, letting rates, lease expiries and the performance of the real estate portfolio, are regularly monitored. An appropriate department is responsible for monitoring performance and for control of performance components (e.g. returns on real estate, returns on the liquidity portfolio, other income and fees). A reporting system has been set up for the relevant performance indicators.

Operational riskThe investment company is responsible for ensuring the proper management of the Fund. It has made the appropri-ate arrangements for this and implemented risk minimisation

measures for all operational risks identified. The Fund’s operational risks include legal and tax risks, as well as damage caused by natural forces.

Liquidity riskUnlike exchange-traded securities, for example, real estate cannot always be sold quickly. Depending on internal cash flows, the Fund therefore holds liquidity over and above the minimum required by law. In exceptional cases, however, unit certificate redemptions may be suspended if unex-pected outflows of funds cannot be covered by the available liquidity and the required liquidity must first be obtained through the sale of properties or borrowing, for example.

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Macroeconomic environmentDespite the continued upturn, the economy and the real estate markets have recently faced increased headwinds in the form of higher commodity prices, the natural and nuclear disaster in Japan, and the debt crisis in Europe and the USA. In addition, countries with robust economies have tightened economic policy with a view to averting the threat of overheating and speculative bubbles. At around 4%, global GDP growth in 2011 will fall short of the 5% recorded in the previous year. In many emerging markets and developing countries, growth will remain above aver-age. In the industrialised nations, it will be more moderate, especially as the pace of growth in highly indebted countries will continue to be hit hard.

Capital market environmentThe capital markets have been caught between the oppos-ing pulls of the upturn and rising inflation on the one hand and the debt crisis on the other. Prior to the sell-off in August, most stock markets had risen slightly, while capital market interest rates had largely fallen. On the credit markets, access to credit via the capital markets and the banking sec-tor generally continued to improve during the period under review.

Recovery in the investment marketsAlthough investment activity on the real estate markets eased in all regions of the world during the period under review, it remained above the prior-year level. The drop in initial yields mostly continued, albeit at a slower pace. Security remained at the forefront of investment decisions, with investors focus-ing strongly on prime properties in core markets. A shortage of such products put additional pressure on yields in these market segments. As a result of the market turmoil in August 2011, activity on the transaction markets is likely to be tem-porarily subdued. Investment activity should recover, how-ever, due to real estate’s absolute and relative attractiveness compared with more volatile asset classes. The favourable interest rate environment and the recovery in financing terms will also have a positive impact.

Rental markets – an overviewTrends on the rental markets primarily reflect macroeconomic developments in the areas concerned. Robust economies led to a sustained recovery in rental activity and vice versa. Rental trends also remain mixed. Rent increases were focused on early cycle leaders or markets experiencing supply short-ages, while in Europe and the USA completions are botom-ing out. In many cases, the size of the rental concessions and/or incentives granted when new leases are signed is de clining. The economic outlook indicates that the turn around in rents will continue. If economic prospects are reassessed in light of the debt crisis, however, the turnaround in some coun-tries may occur later than previously expected.

GermanyThe sharp recovery in the German economy has also spread to the labour market. The resulting demand for office space should drive the visible upturn in prime rents. Initial yields on the investment market have declined slightly. In some markets, a further slight decline is likely due to the high level of interest among foreign investors in particular.

FranceFrance is also seeing a recovery in the labour market. Against this backdrop, prime rents in the office segment continued to rise. Paris – which has been a key focus for security-conscious investors – is expected to quieten down in part after a period in which rents increased considera-bly. The decline in initial yields that has been recorded to date is likely to continue, but at a slower pace.

NetherlandsAs the “gateway to Europe”, the Netherlands are an attrac-tive investment location. Despite moderate economic activ-ity and high vacancy rates, prime locations such as Amster-dam are seeing increases in rents. Following the recent decline, yields should stabilise at the current level.

United KingdomAlthough the United Kingdom remains a focus for investors, interest is centred on London, as the capital is anticipated to offer significant potential for rent increases. Investment activity has cooled, due in part to the shortage of core prop-erties thanks to stalled construction activity. In some cases, prime yields in this segment have already fallen back to 2007 levels, although they are likely to stabilise at this low level.

SpainThe economy in Spain continues to be adversely affected by the need to cut both public and private sector debt. High vacancy levels mean that office rents remain under pres-sure, whereas those in the logistics sector have recently sta-bilised. Investment activity has remained at a low level and initial yields in core markets have trended sideways.

Northern EuropeLike Germany, the export- and commodity-sensitive coun-tries of Northern Europe are experiencing relatively strong economic growth. As a result, demand in the prime office and logistics market segment is also picking up and the posi-tive rental trend can be expected to continue. The declining trend in initial yields in the prime segment should continue due to increased investor interest.

Central Europe In Central Europe, investors are focused mainly on Poland, which with economic growth of around 4% clearly exceeds

Real Estate Markets – An Overview


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the European average. By contrast, Hungary‘s economy is being held back by the high level of debt. Demand on the rental mar-kets in Central Europe has picked up and rents are stabilis-ing. Rents can be expected to increase in both Poland and the Czech Republic. On the investment markets, prime yields have mostly declined and are likely to continue edging down slightly. The prime markets in particular will continue to offer selected attractive investment opportunities.

USAThe USA is currently experiencing a dip in the economy, which remains dependent on political support. The situation on the labour market is improving, albeit at a slow pace. Risks to the economy stem from the inevitable need to con-solidate public sector finances. Nevertheless, investment market activity in the USA has picked up noticeably, helped by both the recovery in the markets for commercial mort-gage backed securities (CMBSs) and an increasing willing-ness to put distressed properties up for sale. Investment activity is focused on a small number of core markets led by New York and Washington, D.C. At the same time, these markets have seen a tangible drop in initial yields, which should continue. An upturn on the rental markets has so far

been confined to a handful of markets such as New York and San Francisco. However, the retail and office segments are being boosted by a very low level of building activity. Expectations regarding the extent of a rental recovery may be scaled back as a result of the sluggish economic recovery.

Asia-PacificInvestment market activity in Asia has cooled recently due, firstly, to the decline in development projects in China – a consequence of the country’s economic policy – and, sec-ondly, to the natural and nuclear disaster in Japan. Price trends on most markets have started to reverse. However, there is little room for a further decline in initial yields. Despite the anticipated economic slowdown, Asia will con-tinue to see the strongest economic growth in the world. Therefore, the risk of further restrictive economic policy measures to prevent the economy or real estate markets from overheating should recede. Demand for space on Asian rental markets remains brisk and the rise in rents should continue. The high level of development activity on the South Korean and Malaysian markets and in China‘s Tier II cities is acting as a brake on rent rises.


Reporting date 31 Dec. 2008

EUR thousand


EUR thousand


EUR thousand

Reporting date 30 June 2011

EUR thousand

Properties 220,830 222,495 218,300 218,300

Equity interests in real estate companies 124,857 125,287 127,822 123,550

Liquidity portfolio 19,288 34,958 28,781 32,140

Other assets 34,534 20,945 23,127 22,368

Less: liabilities and provisions – 92,149 – 91,976 – 92,439 – 92,577

Fund assets 307,360 311,709 305,591 303,781Number of units in circulation 283,236 283,755 283,755 283,755

Unit value (EUR) 1,085.17 1,098.51 1,076.95 1,070.57

Distribution per unit (EUR) 1) 10.70 34.60 22.00 –Date of distribution 1 April 2009 1 April 2010 1 April 2011 –

Unit value as of 30 June 2011 EUR 1,070.57

Plus distribution on 1 April 2011 EUR 22.00

Minus unit value on 1 January 2011 EUR – 1,076.95

Investment performance EUR 15.62

Return in %

Return in % p. a.

Current year 1.5 –

1 year 0.4 0.4

3 years 7.4 2.4

Since launch 18.2 3.6

Structure of Fund assetsThe SEB Global Property Fund’s assets declined by EUR 1.8 million in the period from 1 January to 30 June 2011 and amounted to EUR 303.8 million as of the reporting date. The number of units in circulation remained unchanged, at 283,755.

Liquid assetsThe SEB Global Property Fund’s gross liquidity ratio on the reporting date was 10.6%. The liquid assets were held as demand deposits. The average liquidity ratio in the last six months amounted to 12.6% of Fund assets.

Results of the Fund in Detail

Note: Calculated according to the BVI method (without front-end load, distributions reinvested immediately). Historical performance data are no indication of future performance.

Investment performance The Fund generated a performance of 1.5% over the reporting period, or EUR 15.62 per unit. Its cumulative performance since its launch on 19 October 2006 amounts to 18.2%.

Further information on the liquidity portfolio, loans and provisions for deferred taxes on capital gains (risk provi-sions) can be found in the disclosures on the statement of assets on page 25 onwards.

Return according to the BVI method

Development of the SEB Global Property Fund

1) Payable after the end of the financial year


Currency Loan volume(direct)in EUR

in % ofproperty

assets

Fixedinterest

rate term

Loan volume(equity interests)

in EUR

1)

in % ofproperty

assets

Fixedinterest

rate term

Loan volume(total)in EUR

in % ofproperty

assets

EUR loans(properties in Germany) 26,000,000 5.1 1.0 – – – 26,000,000 5.1

EUR loans(properties abroad) 53,300,000 10.5 1.3 53,240,285 10.5 0.5 years 106,540,285 21.0

USD loans – – – 113,615,169 22.4 5.5 years 113,615,169 22.4

Total 79,300,000 15.6 1.2 166,855,454 32.9 3.9 years 246,155,454 48.5

Fixed interest rate term

EUR loansLoan volume

in EUR

USD loansLoan volume

in EUR

Total loansLoan volume

in EUR

under 1 year 87,340,285 – 87,340,285

1 – 2 years 26,000,000 13,211,066 39,211,066

2 – 5 years 19,200,000 – 19,200,000

5 – 10 years – 100,404,103 100,404,103

Total 132,540,285 113,615,169 246,155,454

Currency

Open currency items as of

reporting date

in % of Fund volume(incl. loans)

per currency zone

in % of Fund volume per

currency zone

PLN (Poland) PLN 319,299 EUR 80,121 2.1 2.1

USD (USA) USD – 2,608 EUR – 1,801 0.0 0.0

Total EUR 78,320 0.1 0.1 2)

1) Based on equity interest held2)Atthereportingdateof30June2011,hedgesofFundassetsheldinforeigncurrencyamountedto99.9%ofFundassets.

Overview of loans as of 30 June 2011

Breakdown of loan volumes per currency by fixed interest rate period as of 30 June 2011

Overview of exchange rate risks as of 30 June 2011

Wisselwerking58,Diemen,Netherlands


Spain Rest of world(A, D, PL)

Total direct investments

Equity interests(HU, NL, PL, USA)

Total

I. Properties

Gross income 1) 3.0 4.1 3.8 4.1 4.0

Management costs 1) – 0.4 – 2.0 – 1.5 – 1.2 – 1.3

Net income 1) 2.6 2.1 2.3 2.9 2.7

Changes in value 1) 0.0 0.0 0.0 – 0.3 – 0.2

Foreign income taxes 1) 0.1 – 0.1 0.0 – 0.2 – 0.1

Foreign deferred taxes 1) – 0.1 0.0 – 0.1 – 0.2 – 0.2

Income before borrowing costs 1) 2.6 2.0 2.2 2.2 2.2

Income after borrowing costs 2) 2.5 2.0 2.1 1.6 1.9

Exchange rate differences 2) 3) 0.0 0.0 0.0 0.1 0.0

Total income in Fund currency 2) 4) 2.5 2.0 2.1 1.7 1.9

II. Liquidity 5) 6) 0.2

III. Total Fund income before Fund costs 7) 1.7

Total Fund income after Fund costs (BVI method) 1.5

1) Based on the Fund’s average property assets in the period under review2) Based on the Fund’s average property assets financed by equity in the period

under review3) Exchange rate differences include both changes in exchange rates and currency

hedging costs for the period under review.4)ThetotalincomeinFundcurrencywasgeneratedwithanaverageshareofFundassetsinvestedinpropertyandfinancedbyequityfortheperiodof87.39%.

5) Based on the Fund’s average liquid assets in the period under review6)TheaverageshareofFundassetsinvestedintheliquidityportfoliofortheperiodwas12.61%.

7) Based on the average Fund assets in the period under review

Income components of Fund return in % from 1 January 2011 to 30 June 2011

Income componentsFund income comprises the return on the properties and on the liquidity portfolio. The return figures for the period under review are as follows:

The portfolio properties generated a gross return of 4.0%. After deducting 1.3% in management costs, the net return was 2.7%.

At – 0.2% of average property assets, the return on changes in value was negative. This was mainly due to write-downs of the equity interests (– 0.3%), especially in the Nether-lands.

The use of debt as part of the strategic financing ratio had a negative effect on the return on income from property in the first half of financial year 2011.

In the case of the equity interests, the negative changes in value and the tax expense reduced income before borrow-ing costs to 2.2%. As the interest expenses are higher than this, a negative leverage effect was produced, resulting in income after borrowing costs of 1.6%.

Exchange rate differences did not affect Fund income. The hedging ratio as of the reporting date was 99.9%.

The total income in Fund currency was 1.9%. Due to mar-ket factors, investments in the liquidity portfolio generated an average return of 0.2%, resulting in income before Fund costs of 1.7%.


Retail/ catering

Office

Industrial (warehouses, halls)

Car park

Leisure

Other

0 5 10 15 20 25 30 35 40

Portfolio Structure

The Fund management company did not acquire or sell any properties in the first half of financial year 2011. Equally, no new properties were added to the Fund and no disposals were recorded for portfolio properties.

As of 30 June 2011, the portfolio comprised 14 equity inter-ests and seven directly held properties, one of which is under construction. The portfolio is diversified across seven countries.

Based on their market values, 19.5% of property assets were invested in Germany and 80.5% were invested abroad as of the reporting date. At 33.3%, the greatest share of assets was in the USA.

45.4% of property assets were invested in properties with an economic age of no more than ten years. In terms of types of use (based on the estimated net rental for the year), the portfolio was dominated by retail/catering (36.4%), fol-lowed by offices (35.9%).

LettingThe Fund’s management signed 21 new leases for 650 m2 in the period from 1 January to 30 June 2011. In addition, 30 existing leases for 12,100 m2 were extended, correspond-ing in total to 6.6% of the Fund’s estimated net rental for the year.

Geographical distribution of properties Types of use of Fund properties


Basis:marketvalues(incl.propertiesheldviaequityinterestsandpropertiesundergoing construction/renovation)

Basis: By estimated net rental for the year By rental space (incl. properties held via equity interests, but not properties undergoing

construction/renovation)

36.4%

36.3%

35.9%

20.1%

17.6%

39.5%

3.7%

1.8%

1.3%

4.6%

2.8%

0.0%

(1 property) 3.2% Austria

33.3% (10 properties) USA

(2 properties) 15.8%Poland

19.5% (2 properties) Germany

(1 property) 3.8%Hungary

(2 properties) 11.7% Netherlands

(3 properties) 12.7% Spain


Top properties

Hamburg, Valentinskamp 88 – 90

Diemen, Wisselwerking 58

Hamburg, Falkenried 88

Warsaw, Grójecka 5

Gdansk, Ulica Arkonska 6

Top tenants

Tele2 Nederland B.V., Diemen, Wisselwerking 58

TPW Todt & Partner KG, Hamburg, Valentinskamp 88 – 90

BPH S.A. Bank, Gdansk, Ulica Arkonska 6

Grupo Groski Distribución S.A., Ciempozuelos, Calle Palmeras s/n

Santander Bank, branch of Santander Consumer Bank AG, Hamburg, Valentinskamp 88 – 90

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

from 2021

indefinite

Remaining lease terms

Economic age distribution of Fund properties Allocation of Fund properties by value class

Despite these successes, the letting rate decreased over the reporting period, largely due to the sluggish recovery in the Spanish logistics segment. This is reflected in a 13.7 percentage point decline in letting rates in Spain at the national level to 75.1%. Letting negotiations are currently underway for the Cabanillas del Campo property despite the demanding environment. 35.7% of the Alovera logis-tics property has been vacant since June 2011, when a ten-ant moved out. However, both properties are expected to be let in the short to medium term.

The letting rate for the SEB Global Property Fund at the reporting date was 91.6% of the estimated net rental (– 3.4 percentage points as against the 31 December 2010 reporting date), or 91.9% of the estimated gross rental (– 3.2 percentage points). The average letting rate during the period under review was 93.9% of the estimated net rental (– 2.1 percentage points), or 94.0% of the estimated gross rental (– 1.9 percentage points).

At present, 47.6% of the leases have a term of more than five years. The terms and staggered durations of the leases are an important risk management instrument at the port-folio level.

At the same time, expiring leases offer the potential to increase rents on the back of positive market develop-ments.

For further information on the portfolio structure, please refer to the section entitled “Overview: Returns, Valuation and Letting” on pages 20 and 21.

Basis:marketvalues(incl.propertiesheldviaequityinterests,butnotpropertiesundergoing construction/renovation)

Basis:marketvalues(incl.propertiesheldviaequityinterests,butnotpropertiesundergoing construction/renovation)

Basis: estimated net rental for the year (incl. properties held via equity interests, but not properties undergoing construction/renovation)

7.1%

3.6%

9.0%

28.5%

4.2%

11.2%

4.8%

12.7%

5.4%

9.1%

1.4%

3.0%

(3 properties) 20.2% up to 5 years

22.5% (5 properties)more than 20 years

11.1% (3 properties)15 to 20 years

(5 properties) 25.2% 5 to 10 years

21.0% (4 properties) 10 to 15 years

11.1% (1 property) EUR 50 < 100 million

40.1% (5 properties) EUR 25 < 50 million

(2 properties) 3.8%up to EUR 10 million

(12 properties) 45.0%EUR 10 < 25 million


Tenant structure by sector

by rental space

Consumer goods industry and retail

Automotive and transport

Banks and financial services providers

Engineering, raw materials extraction and processing

Management consulting, legal and tax advisory

Technology and software

Hotels and catering

Construction companies

Public authorities, associations and educational institutions

Utilities and telecommunications companies

Media and entertainment

Insurance companies

Other sectors

by total estimated net rental

Consumer goods industry and retail

Banks and financial services providers

Automotive and transport

Management consulting, legal and tax advisory

Technology and software

Engineering, raw materials extraction and processing

Hotels and catering

Construction companies

Utilities and telecommunications companies

Public authorities, associations and educational institutions

Media and entertainment

Insurance companies

Other sectors

0 5 10 15 20 25 30 35 40Numberoftenantsinbrackets(incl.propertiesheldviaequityinterests,butnotpropertiesundergoingconstruction/renovation)

Valentinskamp88–90,Hamburg,Germany

40.0% (118)

20.2% (6)

10.2% (27)

9.5% (1)

4.8% (15)

3.2% (9)

1.4% (17)

1.4% (3)

0.2% (2)

0.1% (10)

0.0% (6)

0.0% (1)

9.0% (181)

31.5% (118)

20.2% (27)

10.8% (6)

8.6% (15)

7.9% (9)

3.6% (1)

2.4% (17)

1.1% (3)

0.3% (10)

0.2% (2)

0.2% (6)

0.0% (1)

13.2% (181)


Properties under construction – in portfolioCity Street Use Planned

area in m²Planned transferof risks and rewards of ownership/completion

Construction status

Letting rate

Austria

Wels Gunskirchener Strasse 17 – 19 Industrial 32,060 (site)

Start of construction plus letting 0% 0%

Property Vacancy rate at property

level in %

Vacancy rate at Fund

level in %

Cabanillas del Campo, Avenida Castilla la Mancha 7 51.0 1.2The recovery in the Spanish logistics segment is proving more sluggish than expected. Nevertheless, negotiations are currently being held with an internationally expanding logistics company to let the second half of the facility.

Alovera, Avenida Rio Henares 40 36.9 1.7The recovery in the Spanish logistics segment is proving more sluggish than expected. As a result, the letting process for the part of the facility that has been vacant since June 2011 is being accelerated. However, the space is only expected to be let in the medium term.

Development projects in the first half of the financial year from 1 January 2011 – 30 June 2011

Letting situation of individual propertiesThe following part of the report on the letting situation provides a detailed overview of properties with a vacancy rate of over 33% of the estimated (gross) rental for the property as of the reporting date, 30 June 2011.



Outlook

Investments in real estate are attracting increasing atten-tion from investors due to the euro crisis. The low volatility of investments in open-ended real estate funds are a par-ticular advantage in times of stock market turbulence. As a core product for investors with a low risk profile, the SEB Global Property Fund has consistently generated positive returns, making it a stabilising component of investment portfolios. Its indexed leases also offer a high level of pro-tection against inflation.

The SEB Global Property Fund’s consistent performance is firmly rooted in its broadly diversified and actively man-aged portfolio, which promises continued success in the future. To ensure risk diversification, the office, retail and industrial space held by the Fund in six European countries and the USA is let to a large number of occupants from a wide variety of sectors. At 91.6%, the SEB Global Property Fund has a high overall letting rate that generates steady cash flows.

The turnaround being seen on more and more rental mar-kets is increasing opportunities to profit from rising mar-kets when signing new leases or lease renewals. The prop-erties, which are continuously optimised, are regarded as highly attractive options in terms of quality and location.

The mood on the investment markets is also more and more upbeat despite the recent slowdown in the recovery. Attractive borrowing rates combined with the corrections

to initial yields and gradually improving access to credit are creating a positive environment for both property pur-chases and sales. All transactions affecting the SEB Global Property Fund are based exclusively on strategic decisions.

The high quality of the SEB Global Property Fund’s port-folio, its long-term investment strategy and its active port-folio management will ensure that the Fund’s success story continues. Thank you for the confidence you have shown in us.

SEB Investment GmbH

Knoflach Cofalka

Chua Kraus Frankfurt am Main, August 2011


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Key return figures (in % of average Fund assets) 1)

I. Properties

Gross income 2) 3.0 4.1 3.8 4.1 4.0

Management costs 2) – 0.4 – 2.0 – 1.5 – 1.2 – 1.3

Net income 2) 2.6 2.1 2.3 2.9 2.7

Changes in value 2) 0.0 0.0 0.0 – 0.3 – 0.2

Foreign income taxes 2) 0.1 – 0.1 0.0 – 0.2 – 0.1

Foreign deferred taxes 2) – 0.1 0.0 – 0.1 – 0.2 – 0.2

Income before borrowing costs 2) 2.6 2.0 2.2 2.2 2.2

Income after borrowing costs 3) 2.5 2.0 2.1 1.6 1.9

Exchange rate differences 3) 4) 0.0 0.0 0.0 0.1 0.0

Total income in Fund currency 3) 5) 2.5 2.0 2.1 1.7 1.9

II. Liquidity 6) 7) 0.2

III. Total Fund income before Fund costs 8) 1.7

Total Fund income after Fund costs (BVI method) 1.5

Net asset information (weighted average figures in EUR) 1)

Directly held properties 63,954,375 151,820,169 215,774,544 0 215,774,544

Properties held via equity interests 0 0 0 300,049,784 300,049,784

Total properties 63,954,375 151,820,169 215,774,544 300,049,784 515,824,328

of which equity-financed property assets 29,854,375 106,620,169 136,474,544 130,207,873 266,682,417

Loan volume 34,100,000 45,200,000 79,300,000 169,841,911 249,141,911

Liquidity 1,111,392 28,532,283 29,643,675 8,839,218 38,482,893

Fund volume 30,965,767 135,152,452 166,118,219 139,047,091 305,165,310

Information on changes in value (at the reporting date in EUR thousand)

Portfolio market values (expert opinions) 64,600 153,700 218,300 290,037 508,337

Portfolio rental valuations (expert opinions) 9) 4,730 10,005 14,735 19,958 34,693

Positive changes in value acc. to expert opinions 10) 0 0 0 2,603 2,603

Other positive changes in value 11) 0 0 0 455 455

Negative changes in value acc. to expert opinions 10) 0 0 0 – 3,485 – 3,485

Other negative changes in value 11) 0 – 20 – 20 – 450 – 470

Total changes in value acc. to expert opinions 10) 0 0 0 – 882 – 882

Total other changes in value 11) 0 – 20 – 20 5 – 15

Addition (capital gains tax) and discount in accordance with section 27(2) no. 2 sentence 7 of the InvRBV – 41 – 68 – 109 – 591 – 700

Total changes in value 12) – 41 – 88 – 129 – 1,468 – 1,597

Overview: Returns, Valuation and Letting

1) Theweightedaveragefiguresinthefirsthalfofthefinancialyeararecalculatedusingsevenmonth-endvalues(31December2010to30June2011).

2) Based on the Fund’s average property assets in the period under review3) Based on the Fund’s average property assets financed by equity in the period

under review4) Exchange rate differences include both changes in exchange rates and currency

hedging costs for the period under review.5) ThetotalincomeinFundcurrencywasgeneratedwithanaverageshareofFundassetsinvestedinpropertyandfinancedbyequityfortheperiodof87.39%.

6) Based on the Fund’s average liquid assets in the period under review7) TheaverageshareofFundassetsinvestedintheliquidityportfoliofortheperiodwas12.61%.

8) Based on the average Fund assets in the period under review9) Rental valuations (expert opinions) are defined as the gross profit from rental

determined by experts. Gross profit in this case equates to the sustainable net basic rent estimated by the experts.

10) Totalchangesinmarketvaluesestablishedbyexperts.11) Otherchangesinvaluecomprisechangesincarryingamountssuchaspurchase

costs and purchase price settlements subsequently included in the carrying amounts.

12) Thedifferencebetweentheoverallchangeinvalueandtheamountsrecognisedin the development of Fund assets is attributable to the net income from equity interests.


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Letting information (in % of estimated net rental for the year) 1)

Office 9.9 7.0 0.5 18.5 35.9

Retail/catering 2.0 0.0 0.0 34.4 36.4

Industrial (warehouses, halls) 0.5 0.0 13.2 3.9 17.6

Leisure 1.3 0.0 0.0 0.5 1.8

Car park 1.5 0.3 0.0 1.9 3.7

Other 3.3 0.2 0.0 1.1 4.6

% of total annual rental income 18.5 7.5 13.7 60.3 100.0

Vacancy rate (in % of estimated net rental for the year) 1)

Office 0.9 0.0 0.2 0.6 1.7

Retail/catering 0.4 0.0 0.0 1.5 1.9

Industrial (warehouses, halls) 0.1 0.0 3.2 0.5 3.8

Leisure 0.0 0.0 0.0 0.1 0.1

Car park 0.2 0.0 0.0 0.1 0.3

Other 0.5 0.0 0.0 0.1 0.6

Portion of total vacancies 2.1 0.0 3.4 2.9 8.4

Letting rate (at the reporting date) in % of the estimated net rental for the year and country 1) 88.4 100.0 75.1 95.4 91.6Letting rate (at the reporting date) in % of the estimated gross rental for the year and country 2) 87.6 100.0 76.7 95.4 91.9

Remaining lease terms (in % of estimated net rental for the year) 1)

indefinite 1.4 0.0 0.0 0.0 1.4

2011 0.0 0.2 1.4 2.0 3.6

2012 1.6 0.0 1.5 5.9 9.0

2013 4.6 7.1 4.7 12.1 28.5

2014 0.0 0.0 3.6 3.5 7.1

2015 1.3 0.0 0.0 2.9 4.2

2016 0.0 0.0 0.0 11.2 11.2

2017 0.5 0.0 0.0 2.5 3.0

2018 0.0 0.9 0.0 3.9 4.8

2019 2.9 0.0 0.0 9.8 12.7

2020 5.2 0.0 0.0 0.2 5.4

2021 + 0.3 0.0 0.0 8.8 9.1

Proportion of estimated net rental for the year 17.8 8.2 11.2 62.8 100.0

1) Based on the ratio of the estimated net rental for the year from directly or indi-rectly held properties to the total estimated net rental for the Fund. In the case of the equity investments, the estimated rental is included in proportion to the equity interest held.

2)Theestimatedgrossrentalcomprisesnetrental(“basicrent”)alongwithservicecharges to be paid by the tenant, e.g. heating, power, cleaning and insurance, which are represented by the advance service charge payments.


EUR EUR EUR

I. Fund assets at start of the first half of the financial year on 1 January 2011 305,590,720.51

1. Distribution for the previous year – 6,242,610.00

of which distribution in acc. with Annual Report – 6,242,610.00

2. Net inflow of funds 0.00

a) Inflow of funds from sale of units 0.00

b) Outflow of funds from redemption of units 0.00

3. Equalisation paid 0.00

4. Ordinary net income 4,735,336.58

of which equalisation paid 0.00

5. Realised gains

on forward exchange transactions 4,560,879.74

of which in foreign currency 0.00

Miscellaneous 641,645.17

of which in foreign currency 0.00 5,202,524.91

6. Realised losses

on forward exchange transactions 0.00


Miscellaneous – 639,681.95

of which in foreign currency 0.00 – 639,681.95

7. Net changes in value of unrealised gains/losses

on properties – 129,117.11


on equity interests in real estate companies – 213,283.81

of which in foreign currency 1,235,164.10

on forward exchange transactions 763,337.28


Changes in exchange rates – 5,286,273.90 – 4,865,337.54

II. Fund assets at end of the first half of the financial year on 30 June 2011 303,780,952.51

Development of Fund Assets from 1 January 2011 to 30 June 2011


The development of Fund assets shows which transactions entered into during the period under review are responsible for the new assets disclosed in the Fund’s statement of assets. It thus presents a breakdown of the difference between the assets at the beginning and the end of the first half of the financial year.

The distribution for the previous year is the distribution amount reported in the Annual Report for the previous year (see the total distribution item under the Application of Fund Income in the Annual Report).

The inflow of funds from sale of units and the outflow of funds from redemption of units are calculated as the respective redemption price multiplied by the number of units sold or redeemed.

The redemption price includes the accumulated income per unit. The equalisation paid is deducted from or added to the inflow and outflow of funds, which consequently only indicate the change in assets. Ultimately, the result of the equalisation paid is that the distributable amount per unit is not influenced by changes in the units in issue.

The ordinary net income can be seen from the statement of income and expenditure.

Realised gains and losses can be seen from the statement of income and expenditure.

The net change in value of unrealised gains/losses on properties and on equity interests in real estate compa-nies is the result of remeasurement gains and losses and changes in carrying amounts during the first half of the financial year. Changes in market value due to initial valua-tions by the Expert Committee or subsequent reappraisals are recognised, as are all other changes in the carrying amounts of the properties/equity interests. These can be the result, for example, of the recognition or reversal of pro-visions, subsequent purchase price adjustments or cost refunds, the acquisition of additional minor spaces, etc.

The net change in value of unrealised gains/losses on for-ward exchange transactions is the result of changes in the market values of the transactions in the first half of the financial year.

This item also includes changes in value resulting from exchange rate fluctuations.

Disclosures on the development of Fund assets


EUR EUR EUR EUR % ofFund

assets

Germany EUR

Other EU countries EUR

USA EUR

I. Properties (see Statement of Assets Part I, page 28 ff.)

1. Commercial properties 201,800,000.00 66.43 98,900,000.00 102,900,000.00 0.00


2. Properties under construction 16,500,000.00 5.43 0.00 16,500,000.00 0.00


Total properties 218,300,000.00 71.86 98,900,000.00 119,400,000.00 0.00

Total in foreign currency 0.00

II. Equity interests in real estate companies(see Statement of Assets Part I, page 30 ff.)

1. Majority interests 123,550,401.08 0.00 63,349,852.90 60,200,548.18


Total equity interests in real estate companies 123,550,401.08 40.67 0.00 63,349,852.90 60,200,548.18

III. Liquidity portfolio (see Statement of Assets Part II, page 36)

1. Bank deposits 32,139,887.16 28,012,545.67 4,127,341.49 0.00


Total liquidity portfolio 32,139,887.16 10.58 28,012,545.67 4,127,341.49 0.00

IV. Other assets (see Statement of Assets Part III, page 37 ff.)

1. Receivables from real estate management 6,522,437.43 5,189,031.99 1,333,405.44 0.00


2. Receivables from real estate companies 11,670,000.00 0.00 11,670,000.00 0.00


3. Interest claims 23,388.87 0.00 23,388.87 0.00


4. Miscellaneous 4,152,149.84 2,889,621.03 1,262,528.81 0.00

of which in foreign currency 132,393.62

Total other assets 22,367,976.14 7.37 8,078,653.02 14,289,323.12 0.00

Total in foreign currency 1,796,991.58

Total 396,358,264.38 130.48 134,991,198.69 201,166,517.51 60,200,548.18


V. Liabilities from (see Statement of Assets Part III, page 37 ff.)

1. Loans 79,300,000.00 26,000,000.00 53,300,000.00 0.00

of which collateralised 45,200,000.00


2. Land purchases and construction projects 1,130,944.07 6,098.48 1,124,845.59 0.00


3. Real estate management 6,458,128.86 4,078,181.37 2,379,947.49 0.00


4. Miscellaneous 864,093.99 258,047.25 579,503.17 26,543.57


Total liabilities 87,753,166.92 28.89 30,342,327.10 57,384,296.25 26,543.57


VI. Provisions 4,824,144.95 1.59 2,352,305.99 744,495.47 1,727,343.49


Total 92,577,311.87 30.48 32,694,633.09 58,128,791.72 1,753,887.06


Total Fund assets 303,780,952.51 100.00 102,296,565.60 143,037,725.79 58,446,661.12


Unit value (EUR) 1,070.57

Units in circulation 283,755

Condensed Statement of Assets as of 30 June 2011


EUR EUR EUR EUR % ofFund

assets

Germany EUR

Other EU countries EUR

USA EUR

I. Properties (see Statement of Assets Part I, page 28 ff.)

1. Commercial properties 201,800,000.00 66.43 98,900,000.00 102,900,000.00 0.00


2. Properties under construction 16,500,000.00 5.43 0.00 16,500,000.00 0.00


Total properties 218,300,000.00 71.86 98,900,000.00 119,400,000.00 0.00

Total in foreign currency 0.00

II. Equity interests in real estate companies(see Statement of Assets Part I, page 30 ff.)

1. Majority interests 123,550,401.08 0.00 63,349,852.90 60,200,548.18


Total equity interests in real estate companies 123,550,401.08 40.67 0.00 63,349,852.90 60,200,548.18

III. Liquidity portfolio (see Statement of Assets Part II, page 36)

1. Bank deposits 32,139,887.16 28,012,545.67 4,127,341.49 0.00


Total liquidity portfolio 32,139,887.16 10.58 28,012,545.67 4,127,341.49 0.00

IV. Other assets (see Statement of Assets Part III, page 37 ff.)

1. Receivables from real estate management 6,522,437.43 5,189,031.99 1,333,405.44 0.00


2. Receivables from real estate companies 11,670,000.00 0.00 11,670,000.00 0.00


3. Interest claims 23,388.87 0.00 23,388.87 0.00


4. Miscellaneous 4,152,149.84 2,889,621.03 1,262,528.81 0.00


Total other assets 22,367,976.14 7.37 8,078,653.02 14,289,323.12 0.00


Total 396,358,264.38 130.48 134,991,198.69 201,166,517.51 60,200,548.18


V. Liabilities from (see Statement of Assets Part III, page 37 ff.)

1. Loans 79,300,000.00 26,000,000.00 53,300,000.00 0.00



2. Land purchases and construction projects 1,130,944.07 6,098.48 1,124,845.59 0.00


3. Real estate management 6,458,128.86 4,078,181.37 2,379,947.49 0.00


4. Miscellaneous 864,093.99 258,047.25 579,503.17 26,543.57


Total liabilities 87,753,166.92 28.89 30,342,327.10 57,384,296.25 26,543.57


VI. Provisions 4,824,144.95 1.59 2,352,305.99 744,495.47 1,727,343.49


Total 92,577,311.87 30.48 32,694,633.09 58,128,791.72 1,753,887.06


Total Fund assets 303,780,952.51 100.00 102,296,565.60 143,037,725.79 58,446,661.12


Unit value (EUR) 1,070.57


Fund assets decreased by EUR 1.8 million to EUR 303.8 mil-lion in the first half of the financial year from 1 January to 30 June 2011.

I. PropertiesThere were no changes to the property assets in the first half of the financial year. The commercial properties and the property under development were included in the Fund assets at the market values calculated by the experts.

II. Equity interests in real estate companies Equity interests comprise 14 companies with 14 proper-ties with an aggregate market value of EUR 290.0 million. After adjustment for the companies’ other assets and lia-bilities (EUR 12.1 million), as well as debt finance (EUR 166.8 million) and a shareholder loan (EUR 11.7 million), the value of the equity interests is EUR 123.6 million.

Liabilities from debt finance comprise EUR 113.6 million of loans in US dollars and loans in euros totalling EUR 53.2 mil-lion. The duration of the companies’ debt finance is 3.9 years.

III. Liquidity portfolioThe bank deposits reported under the liquidity portfolio item serve to meet ongoing payment obligations arising in connection with the management of the properties, as well as purchase price payments for an acquired real estate company. EUR 15.2 million has been set aside to fulfil the statutory requirements on minimum liquidity. Bank deposits are held in foreign currency in Germany.

IV. Other assetsReceivables from real estate management comprise rent receivables totalling EUR 1.4 million and expenditures relating to service charges allocable to tenants in the amount of EUR 5.1 million. These are matched by appropriate pre-payments by tenants of allocable costs in the amount of EUR 4.4 million, which are included in the liabilities from real estate management item.

The receivables from real estate companies item contains a shareholder loan of EUR 11.7 million.

Interest claims result from the shareholder loan to the real estate company in Hungary.

Disclosures on the statement of assets


The other assets disclosed under the miscellaneous item primarily represent receivables from rental security depos-its furnished in Spain in the amount of EUR 0.6 million, prepayments to property managers in the amount of EUR 0.3 million, sales tax receivables from the fiscal authorities in Germany and abroad in the amount of EUR 0.1 million and receivables from counterparties to forward exchange transactions amounting to EUR 2.8 million.

Where properties are acquired in foreign currencies, part of the exchange rate risk is hedged by taking out loans in the relevant local currency. The internal portion of the finan-cing is hedged against changes in exchange rates using for-ward exchange transactions. An overview of open currency items is given in the Statement of Assets, Part III.

Fourteen forward exchange transactions with a volume of USD 131.7 million and 17 forward exchange transactions with a volume of PLN 22.9 million were entered into in the period under review to hedge exchange rate risks. Receiv-ables from counterparties to forward exchange transac-tions denominated in US dollars amount to EUR 2.8 million and liabilities from forward exchange transactions denomi-nated in Polish zloty total EUR 31.0 thousand. The liabilities are disclosed under miscellaneous in the liabilities item.

V. LiabilitiesLiabilities from loans refer to loans taken out to acquire properties. Please see the tables on page 13 for a break-down of the loan portfolio by currency and the duration in each case, as well as the breakdown of the loan volume by fixed interest rate period.

Liabilities from land purchases and construction projects are the result of outstanding payment obligations relating to the acquisition of a real estate company in the amount of EUR 1.1 million.

Liabilities from real estate management primarily con-sist of EUR 4.4 million for prepaid allocable costs, EUR 1.1 mil-lion in cash security bonds and EUR 0.9 million for advance rental payments.

The miscellaneous liabilities item mainly includes EUR 0.4 million in sales tax liabilities to domestic and foreign fiscal authorities, EUR 0.2 million in liabilities to creditors and EUR 0.1 million in liabilities from management and custodian bank fees.

VI. ProvisionsProvisions relate mainly to maintenance measures (EUR 1.4 million), construction costs (EUR 1.2 million) and taxes (EUR 1.5 million). Tax provisions relate to deferred taxes for potential foreign capital gains.

Capital gains taxTaxes on foreign capital gains are only incurred if a prop-erty is disposed of and actually generates a book profit. The timing and amount of such taxes is uncertain, as both market conditions and the basis for tax assessment can change constantly. Deferred tax liabilities were recognised in full (100%) and classified as provisions. The difference between the current market values and the carrying amounts for tax purposes of the properties was taken as the basis for assessment in calculating the size of the pro-vision for deferred taxes on foreign capital gains, using country-specific tax rates; generally applicable sales costs were taken into consideration during this process. The pro-vision was charged to Fund capital, as it is not classified as a distributable reserve.

The calculation also included the Polish and US real estate companies. These are treated as direct acquisitions for tax purposes, with the result that any gain on the disposal of shares in the companies is subject to capital gains tax. Capi-tal gains tax was calculated in the same manner as the method described above. The market value of the property was merely replaced by the going concern value.


USA

M A R Y L A N D

P E N N S Y L V A N I A

DELAWARE

Capital with investment

Capital

Town / city with investment

Town / city

Berlin

Copenhagen

Prague

Vienna

Berne

Brussels

Frankfurt

Munich

AmsterdamDiemen

Arnhem

Wels

Hamburg

London

San Francisco

Chicago Cherry HillNew York

HarrisonburgRoanoke

North East

Timonium

BaltimoreCatonsville

Columbia

Washington, D.C.

Warsaw

Ljubljana

Madrid AloveraCabanillas del Campo

Ciempozuelos

BudapestBiatorbágy

Gdansk

Paris

Regional Distribution of Fund Properties

Europe: 11 properties, of which 2 properties in Germany

USA: 10 properties


Location of property Type of use (as a % of estimated net rental) Area in m2 Property data Letting Property performance Results of expert valuation

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ect/

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Type

of p

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Ret

ail/

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Indu

stria

l (w

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)

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Res

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ure

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Oth

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Acq

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date

Year

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Com

mer

cial

Res

iden

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Num

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Feat

ures

Prop

erty

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Loca

tion

cate

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Num

ber o

f ten

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o

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ch fe

es a

nd ta

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in E

UR

Gro

ss p

rofit

in E

UR

Rem

aini

ng u

sefu

l life

in

yea

rs

I. Directly held properties in eurozone countries

Germany

20251 Hamburg

Falkenried 88 C – 42 0 2 0 0 15 7 34 11/2006 1965/2004 8,045 16,290 353 D, A, G, P, H, C 3 B 137 5.5 7.9 15.7 44,500,000 – – – – – – – – 2,928,254 61

20354 Hamburg

Valentinskamp 88 – 90 C – 64 21 3 0 0 0 9 3 12/2006 1983 4,199 15,797 195 D, A, P, H 3 A 50 5.9 0.0 9.4 54,400,000 – – – – – – – 47.8 3,188,605 49

Austria

4600 Wels C (u.

Gunskirchener Str. 17 – 19 con.) – n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12 / 2007 n.a. 32,060 n.a. n.a. n.a. H, C n.a. G n.a. n.a. n.a. n.a. 16,500,000 – – – – – – – – n.a. 37

Spain

19208 Alovera

Avenida Rio Henares 40 C – 3 0 97 0 0 0 0 0 07/2008 2001 64,069 38,968 180 A, S, H 3 G 1 – – 36.9 24,900,000 – – – – – – – 51.4 1,850,383 41

19171 Cabanillas del Campo

Avenida Castilla la Mancha 7 C – 5 0 95 0 0 0 0 0 07/2008 2003 28,711 18,856 169 A, S, H 3 G 1 – – 51.0 11,800,000 – – – – – – – 53.4 894,773 43

28350 Ciempozuelos

Calle Palmeras s / n C – 4 0 96 0 0 0 0 0 09/2008 2005 54,756 34,548 348 A, S, H 3 G 2 – – 0.9 27,900,000 – – – – – – – 53.8 1,985,126 46

II. Directly held properties in countries with other currencies

Poland

80-125 Gdansk

Ulica Arkonska 6 C – 93 0 0 0 0 0 4 3 10/2008 2008 5,313 11,330 155 D, A, P, H 2 C 12 2.5 2.6 0.0 38,300,000 – – – – – – – 50.1 2,529,392 68

Total properties 218,300,000

Statement of Assets, Part I: Property Record as of 30 June 2011

Type of property:C = Commercial propertyH = Heritable building right

Project/portfolio development measures:Po = Portfolio development measurePr =Projectdevelopmentmeasure

Features:D = District heatingA = Air conditioning / auxiliary coolingG = Goods lift

P = Passenger liftS =SprinklersystemH = Hot water (central/decentralised)C = Central heating



Proj

ect/

port

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de

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Site

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Ave

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Rem

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the

next

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mon

ths

in %

Vaca

ncy

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in %

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ated

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ss re

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Mar

ket v

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ice

(a

t the

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ts

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e fin

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Expe

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rs

Deb

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% o

f mar

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se p

rice

Type

of p

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Off

ice

Ret

ail/

cate

ring

Indu

stria

l (w

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ouse

s, h

alls

)

Hot

els

Res

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tial

Leis

ure

Park

ing

spac

es

Oth

er

Acq

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tion

date

Year

bui

lt/re

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ted

Com

mer

cial

Res

iden

tial

Num

ber o

f par

king

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aces

Feat

ures

Prop

erty

qua

lity

Loca

tion

cate

gory

Num

ber o

f ten

ants

o

f whi

ch fe

es a

nd ta

xes

in E

UR

Gro

ss p

rofit

in E

UR

Rem

aini

ng u

sefu

l life

in

yea

rs

I. Directly held properties in eurozone countries

Germany

20251 Hamburg

Falkenried 88 C – 42 0 2 0 0 15 7 34 11/2006 1965/2004 8,045 16,290 353 D, A, G, P, H, C 3 B 137 5.5 7.9 15.7 44,500,000 – – – – – – – – 2,928,254 61

20354 Hamburg

Valentinskamp 88 – 90 C – 64 21 3 0 0 0 9 3 12/2006 1983 4,199 15,797 195 D, A, P, H 3 A 50 5.9 0.0 9.4 54,400,000 – – – – – – – 47.8 3,188,605 49

Austria

4600 Wels C (u.

Gunskirchener Str. 17 – 19 con.) – n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 12 / 2007 n.a. 32,060 n.a. n.a. n.a. H, C n.a. G n.a. n.a. n.a. n.a. 16,500,000 – – – – – – – – n.a. 37

Spain

19208 Alovera

Avenida Rio Henares 40 C – 3 0 97 0 0 0 0 0 07/2008 2001 64,069 38,968 180 A, S, H 3 G 1 – – 36.9 24,900,000 – – – – – – – 51.4 1,850,383 41

19171 Cabanillas del Campo

Avenida Castilla la Mancha 7 C – 5 0 95 0 0 0 0 0 07/2008 2003 28,711 18,856 169 A, S, H 3 G 1 – – 51.0 11,800,000 – – – – – – – 53.4 894,773 43

28350 Ciempozuelos

Calle Palmeras s / n C – 4 0 96 0 0 0 0 0 09/2008 2005 54,756 34,548 348 A, S, H 3 G 2 – – 0.9 27,900,000 – – – – – – – 53.8 1,985,126 46

II. Directly held properties in countries with other currencies

Poland

80-125 Gdansk

Ulica Arkonska 6 C – 93 0 0 0 0 0 4 3 10/2008 2008 5,313 11,330 155 D, A, P, H 2 C 12 2.5 2.6 0.0 38,300,000 – – – – – – – 50.1 2,529,392 68

Total properties 218,300,000

Location category:A = Central business district (CBD)B=OthercitycentrelocationsC = Local office centreD = Commercial estate

E = City centre (1a)F = Solo location (shopping centre)G = Established logistics locationH=Otherlocations

Property quality:1 = Very high2 = High3=Medium



Proj

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port

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Rem

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s ex

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g in

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next

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in %

Vaca

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rate

in %

of e

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ated

gr

oss

rent

al

Value of the equity interest (at the reporting date) in EUR Market value/purchase price (at the reporting date) in EUR To

tal t

rans

actio

n co

sts

in E

UR

o

f whi

ch o

ther

cos

ts

in E

UR

Tota

l tra

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tion

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% o

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ase

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e

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ion

cost

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ed in

th

e fin

anci

al y

ear i

n EU

R

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ion

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s st

ill to

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tised

in E

UR

Expe

cted

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mor

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ion

perio

d in

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rs

Deb

t rat

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% o

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se p

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Com

pany

Type

of p

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rty

Off

ice

Ret

ail/

cate

ring

Indu

stria

l (w

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ouse

s, h

alls

)

Hot

el

Res

iden

tial

Leis

ure

Park

ing

spac

es

Oth

er

Acq

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tion

date

Year

bui

lt/re

nova

ted

Com

mer

cial

Res

iden

tial

Num

ber o

f par

king

spa

ces

Feat

ures

Prop

erty

qua

lity

Loca

tion

cate

gory

Num

ber o

f ten

ants

o

f whi

ch fe

es a

nd ta

xes

in E

UR

Gro

ss p

rofit

in E

UR

Rem

aini

ng u

sefu

l life

in

yea

rs

III. Properties held via real estate companies in eurozone countries

Netherlands

Diemen IV GmbH, Germany, 60327 Frankfurt, Rotfeder-Ring 7 22,367,165

Company’s capital: EUR 21,212,617.35

Shareholder loans: EUR 0.00

Equity interest held: 51.00000%

1, 1112 XS Diemen

Wisselwerking 58 C – 78 7 0 0 0 0 15 0 11 / 2006 2002 10,440 9,928 283 A, P, H, C 3 C 3 – – 0.0 44,727,000 – – – – – – – 52.1 2,388,774 63

Kroonveste IV GmbH, Germany, 60327 Frankfurt, Rotfeder-Ring 7 8,150,511




1, 6831 EX Arnhem,

Kroonpark 6 C – 98 0 1 0 0 0 1 0 11 / 2006 2005 2,715 5,077 88 A, P, H, C 3 C 3 – – 13.3 14,700,000 – – – – – – – 59.5 955,300 64

IV. Properties held via real estate companies in countries with other currencies

Poland

Salzburg Center Development S,A,, Poland, 00-078 Warsaw, Plac Pilsudskiedo 1 24,049,850

Company’s capital: EUR 992,523.21



1, 02-019 Warsaw

Grójecka 5 C / H – 89 3 0 0 0 0 7 1 04 / 2008 2006 2,508 10,607 100 D, A, P, S, H 2 B 22 2.6 1.6 1.4 41,850,000 – – – – – – – 50.6 2,445,005 66

Hungary

Tulipan Park A Ingatlanfejlesztö Kft., Hungary, 1024 Budapest, Buday László u. 12 8,782,327


Shareholder loans: EUR 11,670,000.00


1, 2051 Biatorbágy

Huber utca 5 C – 15 0 85 0 0 0 0 0 11 / 2008 2008 89,998 29,305 210 D, G, S, H, C 3 G 8 1.4 16.6 9.7 19,300,000 – – – – – – – – 1,565,915 46

USA

Hillview CH, LLC, USA, 08002 Cherry Hill, 2135 Route 38 East 9,681,602




1, Hillview Shopping Center

08002 Cherry Hill, 2135 Route 38 East C – 0 100 0 0 0 0 0 0 06 / 2007 2003 165,257 16,519 1,061 A, G, P, S, C 2 F 7 5.8 0.0 0.0 23,509,826 – – – – – – – 61.9 1,567,491 36

Security Center, LLC, USA, 21244 Baltimore, 7005 Security Boulevard 5,060,003




1, Security Square Shopping Center

21244 Baltimore, 7005 Security Boulevard C – 0 100 0 0 0 0 0 0 06 / 2007 2000 24,440 6,103 360 A, S, C 3 F 8 7.8 7.5 0.0 14,356,025 – – – – – – – 66.0 982,477 39







Proj

ect/

port

folio

de

velo

pmen

t mea

sure

s

Site

are

a in

m2

Ave

rage

rem

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ase

term

s

in y

ears

Rem

aini

ng le

ase

term

s ex

pirin

g in

the

next

12

mon

ths

in %

Vaca

ncy

rate

in %

of e

stim

ated

gr

oss

rent

alValue of the equity interest (at the reporting date) in EUR Market value/purchase price (at the reporting date) in EUR To

tal t

rans

actio

n co

sts

in E

UR

o

f whi

ch o

ther

cos

ts

in E

UR

Tota

l tra

nsac

tion

cost

s in

% o

f m

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ue/p

urch

ase

pric

e

Tran

sact

ion

cost

s am

ortis

ed in

th

e fin

anci

al y

ear i

n EU

R

Tran

sact

ion

cost

s st

ill to

be

amor

tised

in E

UR

Expe

cted

rem

aini

ng a

mor

tisat

ion

perio

d in

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rs

Deb

t rat

io in

% o

f mar

ket v

alue

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se p

rice

Com

pany

Type

of p

rope

rty

Off

ice

Ret

ail/

cate

ring

Indu

stria

l (w

areh

ouse

s, h

alls

)

Hot

el

Res

iden

tial

Leis

ure

Park

ing

spac

es

Oth

er

Acq

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tion

date

Year

bui

lt/re

nova

ted

Com

mer

cial

Res

iden

tial

Num

ber o

f par

king

spa

ces

Feat

ures

Prop

erty

qua

lity

Loca

tion

cate

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Num

ber o

f ten

ants

o

f whi

ch fe

es a

nd ta

xes

in E

UR

Gro

ss p

rofit

in E

UR

Rem

aini

ng u

sefu

l life

in

yea

rs

III. Properties held via real estate companies in eurozone countries

Netherlands

Diemen IV GmbH, Germany, 60327 Frankfurt, Rotfeder-Ring 7 22,367,165




1, 1112 XS Diemen

Wisselwerking 58 C – 78 7 0 0 0 0 15 0 11 / 2006 2002 10,440 9,928 283 A, P, H, C 3 C 3 – – 0.0 44,727,000 – – – – – – – 52.1 2,388,774 63

Kroonveste IV GmbH, Germany, 60327 Frankfurt, Rotfeder-Ring 7 8,150,511




1, 6831 EX Arnhem,

Kroonpark 6 C – 98 0 1 0 0 0 1 0 11 / 2006 2005 2,715 5,077 88 A, P, H, C 3 C 3 – – 13.3 14,700,000 – – – – – – – 59.5 955,300 64

IV. Properties held via real estate companies in countries with other currencies

Poland

Salzburg Center Development S,A,, Poland, 00-078 Warsaw, Plac Pilsudskiedo 1 24,049,850

Company’s capital: EUR 992,523.21



1, 02-019 Warsaw

Grójecka 5 C / H – 89 3 0 0 0 0 7 1 04 / 2008 2006 2,508 10,607 100 D, A, P, S, H 2 B 22 2.6 1.6 1.4 41,850,000 – – – – – – – 50.6 2,445,005 66

Hungary

Tulipan Park A Ingatlanfejlesztö Kft., Hungary, 1024 Budapest, Buday László u. 12 8,782,327


Shareholder loans: EUR 11,670,000.00


1, 2051 Biatorbágy

Huber utca 5 C – 15 0 85 0 0 0 0 0 11 / 2008 2008 89,998 29,305 210 D, G, S, H, C 3 G 8 1.4 16.6 9.7 19,300,000 – – – – – – – – 1,565,915 46

USA

Hillview CH, LLC, USA, 08002 Cherry Hill, 2135 Route 38 East 9,681,602




1, Hillview Shopping Center

08002 Cherry Hill, 2135 Route 38 East C – 0 100 0 0 0 0 0 0 06 / 2007 2003 165,257 16,519 1,061 A, G, P, S, C 2 F 7 5.8 0.0 0.0 23,509,826 – – – – – – – 61.9 1,567,491 36

Security Center, LLC, USA, 21244 Baltimore, 7005 Security Boulevard 5,060,003




1, Security Square Shopping Center

21244 Baltimore, 7005 Security Boulevard C – 0 100 0 0 0 0 0 0 06 / 2007 2000 24,440 6,103 360 A, S, C 3 F 8 7.8 7.5 0.0 14,356,025 – – – – – – – 66.0 982,477 39






Proj

ect/

port

folio

de

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s

Site

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Ave

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Rem

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next

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in %

Vaca

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oss

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tal t

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in E

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ts

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ill to

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Expe

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Com

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)

Hot

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Res

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Park

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spac

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Oth

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date

Year

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Com

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Res

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Num

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Loca

tion

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Num

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Gro

ss p

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UR

Rem

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yea

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USA

Timonium Crossing, LLC, USA, 21093 Timonium, 2080 York Route 2,824,011




1, Timonium Crossing Shopping Center

21093 Timonium, 2080 York Route C – 11 48 0 0 0 14 0 27 06 / 2007 1986 / 1997 12,176 4,722 218 A, P, S, C 3 F 14 2.2 8.3 12.1 11,156,011 – – – – – – – 76.6 944,087 24

Ingleside, LLC, USA, 21228 Catonsville, 5600 Baltimore National Pike 4,811,573




1, Ingleside Shopping Center

21228 Catonsville, 5600 Baltimore National Pike C – 0 100 0 0 0 0 0 0 06 / 2007 1950 / 1990 36,308 8,901 483 A, S, C 3 F 13 4.9 1.7 13.2 15,688,875 – – – – – – – 71.7 1,192,240 29

North East Station, LLC, USA, 21901 North East, 2544 Pulaski Highway 4,388,989




1, North East Station

21901 North East, 2544 Pulaski Highway C – 0 95 0 0 0 5 0 0 06 / 2007 1998 60,284 6,332 403 A, S, C 3 F 12 4.6 3.0 1.8 9,001,140 – – – – – – – 53.3 559,304 38

Skyline Krop, LLC, USA, 22801 Harrisonburg, 2035 East Market Street 5,947,508




1, Skyline Village Plaza

22801 Harrisonburg, 2035 East Market Street C – 0 100 0 0 0 0 0 0 06 / 2007 1992 65,402 14,809 559 A, S 3 F 9 13.8 1.6 4.6 21,895,140 – – – – – – – 75.9 1,634,011 38

KCVC, LLC, USA, 21046 Columbia, 8640 Guilford Road 9,278,920




1, King’s Contrivance Shopping Center

21046 Columbia, 8640 Guilford Road C – 11 84 0 0 0 1 0 4 06 / 2007 1986 / 1995 41,891 9,406 482 A, P, S 2 F 37 8.0 2.8 6.9 22,118,261 – – – – – – – 60.3 1,549,677 34

FP Sub, LLC, USA, 21236 Baltimore, 7927 Belair Road 2,689,562




1, Fullerton Plaza

21236 Baltimore, 7927 Belair Road C – 0 95 0 0 0 0 0 5 06 / 2007 1979 63,194 12,069 718 A, S 3 F 14 3.5 24.6 0.0 9,729,216 – – – – – – – 75.1 852,859 19







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Timonium Crossing, LLC, USA, 21093 Timonium, 2080 York Route 2,824,011




1, Timonium Crossing Shopping Center

21093 Timonium, 2080 York Route C – 11 48 0 0 0 14 0 27 06 / 2007 1986 / 1997 12,176 4,722 218 A, P, S, C 3 F 14 2.2 8.3 12.1 11,156,011 – – – – – – – 76.6 944,087 24

Ingleside, LLC, USA, 21228 Catonsville, 5600 Baltimore National Pike 4,811,573




1, Ingleside Shopping Center

21228 Catonsville, 5600 Baltimore National Pike C – 0 100 0 0 0 0 0 0 06 / 2007 1950 / 1990 36,308 8,901 483 A, S, C 3 F 13 4.9 1.7 13.2 15,688,875 – – – – – – – 71.7 1,192,240 29

North East Station, LLC, USA, 21901 North East, 2544 Pulaski Highway 4,388,989




1, North East Station

21901 North East, 2544 Pulaski Highway C – 0 95 0 0 0 5 0 0 06 / 2007 1998 60,284 6,332 403 A, S, C 3 F 12 4.6 3.0 1.8 9,001,140 – – – – – – – 53.3 559,304 38

Skyline Krop, LLC, USA, 22801 Harrisonburg, 2035 East Market Street 5,947,508




1, Skyline Village Plaza

22801 Harrisonburg, 2035 East Market Street C – 0 100 0 0 0 0 0 0 06 / 2007 1992 65,402 14,809 559 A, S 3 F 9 13.8 1.6 4.6 21,895,140 – – – – – – – 75.9 1,634,011 38

KCVC, LLC, USA, 21046 Columbia, 8640 Guilford Road 9,278,920




1, King’s Contrivance Shopping Center

21046 Columbia, 8640 Guilford Road C – 11 84 0 0 0 1 0 4 06 / 2007 1986 / 1995 41,891 9,406 482 A, P, S 2 F 37 8.0 2.8 6.9 22,118,261 – – – – – – – 60.3 1,549,677 34

FP Sub, LLC, USA, 21236 Baltimore, 7927 Belair Road 2,689,562




1, Fullerton Plaza

21236 Baltimore, 7927 Belair Road C – 0 95 0 0 0 0 0 5 06 / 2007 1979 63,194 12,069 718 A, S 3 F 14 3.5 24.6 0.0 9,729,216 – – – – – – – 75.1 852,859 19






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Towne Square, LLC, USA, 24021 Roanoke, 1356 Towne Square Boulevard 5,615,252




1, Towne Square Shopping Center

24021 Roanoke, 1356 Towne Square Boulevard C – 0 100 0 0 0 0 0 0 06 / 2007 1987 120,362 23,545 1,539 A, S, C 2 F 35 3.1 15.9 8.9 19,575,864 – – – – – – – 74.2 1,703,618 25

River Hill Village Center, LLC, USA, 21046 Columbia, 6030 Day Break Circle 9,903,128




1, River Hill Village Center

21046 Columbia, 6030 Day Break Circle C – 0 100 0 0 0 0 0 0 09 / 2007 1997 52,258 8,363 369 A, S, H 3 F 19 6.2 1.2 0.0 22,429,455 – – – – – – – 58.9 1,579,820 37

Total equity interests in real estate companies 123,550,401





Property quality – standard of appointments according to normal production costs 2000

Type of use

Part of building

Skeleton construction/ timbering/frame

Solid construction Windows Roofs Sanitary installations Interior wall finishing of wetrooms

Floor coverings Interior doors Heating Electrical fittings Installations and other fittings

Office simple Simple walls, wooden/sheet metal/fibre cement siding

Brickwork with plaster or combined bedding and pointing and paint

Wood, single glazing Corrugated fibre cement/sheet metal roofing, bitumen/plastic film seal

Small number of basic toilet facilities, surface-mounted fittings

Oil-based paintwork Wooden floorboards, needle felt, linoleum, PVC, wetrooms: PVC

Panel framed doors, painted leaves and frames

Individual stoves, electric storage heating, boilers for hot water

One lighting outlet and 1 – 2 surface- mounted sockets per room

n.a.

medium Lightweight concrete walls with thermal insulation, concrete sandwich elements, 12 – 25 cm infill

Thermal insulation plaster/composite system, exposed brickwork with combined bedding and pointing and paint, medium thermal insulation standard

Wood, plastic, insulation glazing Concrete roof tiles, medium thermal insulation standard

Adequate number of toilet facilities, flush-mounted fittings

Part-tiled walls (1.50 m) Carpet, PVC, tiles, linoleum, wetrooms: tiles

Plastic/wooden leaves, steel frames Central heating with radiators (gravity hot water system)

1 – 2 lighting outlets and 2 – 3 sockets per room, IT facilities, surface-mounted fittings

n.a.

high High-density concrete plates, faced brickwork, clinker, up to 30 cm infill

Faced brickwork, metal siding, curtain facade, high thermal standard

Aluminium, shutters, solar shading system, thermal protection glazing

Clay roof tiles, slate/metal covering, high thermal insulation standard

Good quality toilet fittings Floor-to-ceiling tiles Large tiles, parquet, cast stone, wetrooms: large tiles, special coated tiles

Leaves with high-quality wood veneer, glass doors, wooden frames

Central heating/pumped heating system with flat radiators, central water heating

Several lighting outlets and sockets per room, sill trunking with IT cabling

n.a.

very high Glass siding, over 30 cm infill Natural stone Floor-to-ceiling glazing, large sliding panels, electric shutters, sound-proof glazing

Large number of skylights, elaborate roof exten-sions and roof heightening, glass roof cut-outs

Generous toilet facilities with sanitary facilities, high standard

Natural stone, elaborately laid

Natural stone, elaborately laid, wetrooms: natural stone

Solid construction, intruder protection, wheelchair-enabled, automatic doors

Underfloor heating, air conditioning and other HVAC systems

Elaborate fittings, security facilities n.a.

Retail simple Simple walls, wooden/sheet metal/fibre cement siding


Wood, steel, single glazing Corrugated fibre cement/sheet metal roofing, bitumen/plastic film seal


Oil-based paintwork Wooden floorboards, linoleum, PVC, wetrooms: PVC

n.a. Individual stoves, electric storage heating, boilers for hot water

Basic surface-mounted fittings n.a.





Part-tiled walls (1.50 m) Coated screed, mastic asphalt, wetrooms: tiles

n.a. Warm air heating units, warm air heating units connected to central boiler system, district heating

Adequate flush-mounted fittings n.a.




Clay roof tiles, slate/metal covering, prefabricated glass concrete elements, web concrete planks, high thermal insulation standard

Generous toilet facilities with good-quality fittings

Floor-to-ceiling tiles Tiles, wood block flooring, cast stone, wetrooms: large tiles

n.a. Central heating/pumped heating system with flat radiators, central water heating


Logistics simple Simple walls, wooden/sheet metal/fibre cement siding



Basic toilet facilities, small number of showers, surface-mounted fittings

Oil-based paintwork Rough concrete, paint n.a. Warm air heating with a direct-fired system n.a. Surface-mounted power and water outlets, cooking facilities, sink




Adequate toilet facilities, several showers, some surface-mounted fittings

Part-tiled walls (1.50 m) Screed, mastic asphalt, block paving without bedding

n.a. Central heating n.a. Surface-mounted power and water outlets, kitchenette



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Towne Square, LLC, USA, 24021 Roanoke, 1356 Towne Square Boulevard 5,615,252




1, Towne Square Shopping Center

24021 Roanoke, 1356 Towne Square Boulevard C – 0 100 0 0 0 0 0 0 06 / 2007 1987 120,362 23,545 1,539 A, S, C 2 F 35 3.1 15.9 8.9 19,575,864 – – – – – – – 74.2 1,703,618 25

River Hill Village Center, LLC, USA, 21046 Columbia, 6030 Day Break Circle 9,903,128




1, River Hill Village Center

21046 Columbia, 6030 Day Break Circle C – 0 100 0 0 0 0 0 0 09 / 2007 1997 52,258 8,363 369 A, S, H 3 F 19 6.2 1.2 0.0 22,429,455 – – – – – – – 58.9 1,579,820 37

Total equity interests in real estate companies 123,550,401




Property quality – standard of appointments according to normal production costs 2000

Type of use

Part of building

Skeleton construction/ timbering/frame

Solid construction Windows Roofs Sanitary installations Interior wall finishing of wetrooms

Floor coverings Interior doors Heating Electrical fittings Installations and other fittings

Office simple Simple walls, wooden/sheet metal/fibre cement siding




Oil-based paintwork Wooden floorboards, needle felt, linoleum, PVC, wetrooms: PVC

Panel framed doors, painted leaves and frames

Individual stoves, electric storage heating, boilers for hot water

One lighting outlet and 1 – 2 surface- mounted sockets per room

n.a.





Part-tiled walls (1.50 m) Carpet, PVC, tiles, linoleum, wetrooms: tiles

Plastic/wooden leaves, steel frames Central heating with radiators (gravity hot water system)

1 – 2 lighting outlets and 2 – 3 sockets per room, IT facilities, surface-mounted fittings

n.a.




Clay roof tiles, slate/metal covering, high thermal insulation standard

Good quality toilet fittings Floor-to-ceiling tiles Large tiles, parquet, cast stone, wetrooms: large tiles, special coated tiles

Leaves with high-quality wood veneer, glass doors, wooden frames

Central heating/pumped heating system with flat radiators, central water heating

Several lighting outlets and sockets per room, sill trunking with IT cabling

n.a.

very high Glass siding, over 30 cm infill Natural stone Floor-to-ceiling glazing, large sliding panels, electric shutters, sound-proof glazing

Large number of skylights, elaborate roof exten-sions and roof heightening, glass roof cut-outs

Generous toilet facilities with sanitary facilities, high standard

Natural stone, elaborately laid

Natural stone, elaborately laid, wetrooms: natural stone

Solid construction, intruder protection, wheelchair-enabled, automatic doors

Underfloor heating, air conditioning and other HVAC systems


Retail simple Simple walls, wooden/sheet metal/fibre cement siding


Wood, steel, single glazing Corrugated fibre cement/sheet metal roofing, bitumen/plastic film seal


Oil-based paintwork Wooden floorboards, linoleum, PVC, wetrooms: PVC

n.a. Individual stoves, electric storage heating, boilers for hot water

Basic surface-mounted fittings n.a.





Part-tiled walls (1.50 m) Coated screed, mastic asphalt, wetrooms: tiles

n.a. Warm air heating units, warm air heating units connected to central boiler system, district heating

Adequate flush-mounted fittings n.a.




Clay roof tiles, slate/metal covering, prefabricated glass concrete elements, web concrete planks, high thermal insulation standard

Generous toilet facilities with good-quality fittings

Floor-to-ceiling tiles Tiles, wood block flooring, cast stone, wetrooms: large tiles

n.a. Central heating/pumped heating system with flat radiators, central water heating


Logistics simple Simple walls, wooden/sheet metal/fibre cement siding



Basic toilet facilities, small number of showers, surface-mounted fittings

Oil-based paintwork Rough concrete, paint n.a. Warm air heating with a direct-fired system n.a. Surface-mounted power and water outlets, cooking facilities, sink




Adequate toilet facilities, several showers, some surface-mounted fittings

Part-tiled walls (1.50 m) Screed, mastic asphalt, block paving without bedding

n.a. Central heating n.a. Surface-mounted power and water outlets, kitchenette


Market value EUR

% of Fund assets

IV. Bank deposits

Germany 28,012,545.67

Austria 113,239.33

Spain 1,114,941.50

Poland 2,899,160.66

Total liquidity portfolio 32,139,887.16 10.58

Statement of Assets, Part II: Liquidity Portfolio

The property record on the preceding pages contains infor-mation on properties requiring further explanation.

For reasons of data protection and protection from competi-tion, data on actual and forecast rental income is not pub-lished for properties that are occupied exclusively by fewer than five tenants, or for which one tenant accounts for 75% of rental income. The data relates to the properties held directly and indirectly by the Fund. In the case of properties held via investment companies, rents and market values are indicated in proportion to the respective equity interest held. The individual values cannot be extrapolated to the Fund assets as a whole.

Please read the following information in order to interpret the data:

The year built/renovated relates to the last year in which major conversions, extensions, or renovations took place.

The area corresponds to the leased area at the reporting date.

The average remaining lease terms in years do not include any indefinite leases.

The market value is determined by the price that would be obtained within a short time in the normal course of business

in accordance with the legal situation and actual characteris-tics, the other attributes and the location of the property, dis-regarding unusual or personal factors. The valuation proce-dure is based on the income approach (Ertragswertverfahren), in which a property’s value is calculated on the basis of the sustainable rental income that it will generate. The market value is determined at least once a year by a committee of external, publicly certified and sworn experts.

The purchase price and transaction costs are only reported for properties that were purchased/added to the Fund after the changeover to the new Investmentgesetz (InvG – German Investment Act) on 15 May 2010.

The long-term gross profit corresponds to the rental valua-tions determined by the external experts that are used as a basis to calculate the income obtainable. This net basic rent that can be generated from a property in the long term if it is fully let therefore represents the long-term income achievable from a property – regardless of short-term fluctuations in demand. Premiums or discounts that reflect the property’s current market situation (such as vacancies or leases signed at above-market conditions) are deducted from or added to the market value separately. For this reason, the rental valu-ation based on the expert opinion may differ from the actual estimated position. Rather, it provides a current estimate of a property’s long-term earnings power.

Disclosures on the property record


EUR EUR EUR EUR % of Fund assets

I. Other assets

1. Receivables from real estate management 6,522,437.43


of which rent receivable 1,413,781.91

of which advance payments for operating costs 5,108,655.52

2. Receivables from real estate companies 11,670,000.00


3. Interest claims 23,388.87


4. Miscellaneous 4,152,149.84


of which receivables from hedging transactions 2,834,937.68

Currency

Market value sale EUR

Market value reporting date

EUR

Preliminary result

EUR

USD 69,663,494.32 – 66,828,556.64 2,834,937.68

Total other assets 22,367,976.14 7.37


II. Liabilities from

1. Loans 79,300,000.00



2. Land purchases and construction projects 1,130,944.07


3. Real estate management 6,458,128.86


4. Miscellaneous 864,093.99


of which from hedging transactions 31,048.95

Currency

Market value sale EUR

Market value reporting date

EUR

Preliminary result

EUR

PLN 3,742,703.06 – 3,773,752.01 31,048.95

Total liabilities 87,753,166.92 28.89


III. Provisions 4,824,144.95 1.59


Total Fund assets 303,780,952.51 100.00


Units (EUR) 1,070.57


Exchange rates* as of 30 June 2011

US dollar (USD) 1.44765 = EUR 1

Polish zloty (PLN) 3.98521 = EUR 1

Statement of Assets, Part III: Other Assets, Liabilities and Provisions, Additional Disclosures

* Assets denominated in foreign currencies are translated into euros at the exchange rate for the respective currency as determined during Reuters AG’s midday fixing at 1.30 p.m.


Disclosures on financial instruments

PurchasesMarket value EUR

from 1 Jan. 2011to 30 June 2011

SalesMarket value EUR

from 1 Jan. 2011to 30 June 2011

Purchases and sales of financial instruments that were entered into during the reporting period; all transactions were entered into with affiliated companies.

PLN 2,151,073.54 3,538,259.60

USD 44,944,984.73 47,592,013.48

Total 47,096,058.27 51,130,273.08

Forward exchange transactions were measured at the forward rate on 30 June 2011.

Bank deposits and time deposits are valued at their nominal amount plus interest accrued.

Liabilities are recognised at their repayment amount.

Disclosures on the measurement policies


For the period from 1 January 2011 to 30 June 2011 EUR EUR EUR

I. Income

1. Income from properties 7,472,254.25


2. Income from equity interests in real estate companies 2,377,806.55


3. Interest on liquidity portfolio 56,655.04

4. Other income 1,112,604.27


Total income 11,019,320.11

II. Expenditure

1. Management costs

1.1 Operating costs 2,518,023.70


1.2 Maintenance costs 571,379.60


1.3 Property management costs 91,477.36


2. Foreign taxes 247,977.68


3. Interest on loans 1,833,988.00


4. Remuneration of Fund management 681,082.15

5. Custodian Bank fee 30,362.40

6. Audit and publication costs 59,012.69

7. Other expenditure 250,679.95

of which remuneration of experts 91,371.16

Total expenditure 6,283,983.53

Equalisation paid 0.00

III. Ordinary net income 4,735,336.58

IV. Disposals

1. Realised gains

plus unrealised changes in values from previous years

1.1 on forward exchange transactions in the period under review 2,508,607.13

Changes in value from previous years 2,052,272.61 4,560,879.74


1.2 Miscellaneous 641,645.17


2. Realised losses

plus unrealised changes in values from previous years

2.1 Miscellaneous – 639,681.95


Net gain on disposals 4,562,842.96V. Net profit for the first half of the financial year 9,298,179.54

Statement of Income and Expenditure


EUR 0.1 million was spent on or added to the provisions for audit and publication costs for the annual and semi-annual reports.

Other expenditure in accordance with section 11(4) of the BVB predominantly comprises consultancy costs, external accounting costs, bank fees and charges, and the costs for the experts.

The members of the Expert Committee receive remunera-tion for the statutory annual valuations. The costs of the initial valuation opinions are reported as transaction costs and are therefore not recognised in the statement of income and expenditure.

The equalisation paid item is the balance of expenditure and income paid by the unit buyer as part of the issuing price in order to compensate for accrued income, or recompensed by the Fund as part of the redemption price when units are redeemed.

Ordinary net income as of the reporting date amounted to EUR 4.7 million.

Realised gains on forward exchange transactions repre-sent the difference between the lower purchase prices and the prices at sale or maturity. Unrealised changes in the value of the forward exchange transactions consist of changes up to the end of the previous year in the market values of the financial instruments that matured during the financial year. Deducting the unrealised gains from the previous year results in the realised gains for the period under review.

The miscellaneous realised gains/losses items are the result of foreign exchange transactions.

Net profit for the first half of the financial year amounted to EUR 9.3 million as of the reporting date and consisted of the aggregate of ordinary net income and the net gain on disposals.

Income

Income from properties comprises the rental income from the Fund’s German and foreign properties. A total of EUR 6.3 million of the income from properties is attributable to prop-erties in the eurozone (including Germany), and EUR 1.2 mil-lion to properties outside the eurozone.

Income from equity interests in real estate companies consists of the distributions received by the Fund from real estate companies in Germany and the USA in the period under review.

The interest on the liquidity portfolio in Germany com-prises interest income from demand deposits.

The other income item comprises income from the reversal of provisions (EUR 0.7 million) and interest income from shareholder loans (EUR 0.3 million).

Expenditure

Management costs comprise operating costs (EUR 2.5 mil-lion), maintenance costs (EUR 0.6 million) and property management costs that cannot be charged to the tenants (EUR 0.1 million).

The Fund incurred expenses and recognised provisions amounting to EUR 0.2 million for the payment of foreign taxes. This tax expense relates to the USA (EUR 0.2 million) and Poland (EUR 0.1 million) and is reduced by a tax refund in Spain (EUR – 0.1 million).

As provisions for taxes on deferred capital gains are not based on concrete intentions to make disposals, they are taken directly from Fund assets.

Interest on loans resulted from debt finance for property acquisitions.

The remuneration of Fund management item amounted to EUR 0.7 million, or 0.45% p.a. of average Fund assets.

In accordance with section 11(3) of the Special Fund Rules (BVB), the Custodian Bank receives a Custodian Bank fee of 0.005% of Fund assets at the end of each quarter.

Disclosures on the statement of income and expenditure


Bodies

Investment CompanySEB Investment GmbHRotfeder-Ring 7, 60327 Frankfurt am MainP.O. Box 111652, 60051 Frankfurt am MainPhone: +49 (0) 69 27 299-1000Fax: +49 (0) 69 27 299-090Subscribed and paid-up capital EUR 5.113 millionLiable capital EUR 11.281 million(as of 30 June 2011)Frankfurt am Main Commercial Register, HRB 29859Established: 30 September 1988

ManagementBarbara A. KnoflachMatthias BartChoy-Soon ChuaSiegfried A. CofalkaAlexander KleinThomas KörfgenAxel Kraus

Supervisory BoardFredrik BohemanChairman of the Board of Management of SEB AG, Frankfurt am Main, Germany– Chairman –

Anders JohnssonHead of SEB Wealth Management, Stockholm, Sweden– Deputy Chairman –

Peter KobielaFrankfurt am Main, Germany

AuditorsPricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Frankfurt am Main

ShareholdersSEB AG, Frankfurt am Main (6%)SEB Asset Management AG, Frankfurt am Main (94%)

Expert Committee AUlrich Renner, Dipl.-Kfm.Publicly certified and sworn expert for the valuation of developed and undeveloped properties, Wuppertal

Prof. Michael Sohni, Dr.-Ing.Publicly certified and sworn expert for the valuation of developed and undeveloped properties, Darmstadt

Klaus Thelen, Dipl.-Ing.Publicly certified and sworn expert for the valuation of developed and undeveloped properties, Gladbeck

Expert Committee BKlaus Peter Keunecke, Dr.-Ing.Publicly certified and sworn expert for the valuation of rents and developed and undeveloped properties, Berlin

Günter Schäffler, Dr.-Ing.Publicly certified and sworn expert for the planning and control of construction costs, the valuation of developed and undeveloped properties, and rents for properties and buildings, Stuttgart

Bernd Fischer-Werth, Dipl.-Ing., Dipl.-Wirtsch.-Ing.Publicly certified and sworn expert for the valuation of developed and undeveloped properties, Wiesbaden

PEFC/04-31-1120

Investment Company:SEB Investment GmbHRotfeder-Ring 760327 Frankfurt am Main, GermanyP.O. Box 11165260051 Frankfurt am Main, GermanyInternet: www.sebassetmanagement.dePhone: +49 (0) 69 27 299-1000Fax: +49 (0) 69 27 299-090 G

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SEB Global Property Fund - TeleTrader€¦ · SEB Investment GmbH resolved effective 31 December...

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Transcript of SEB Global Property Fund - TeleTrader€¦ · SEB Investment GmbH resolved effective 31 December...