We wish to inform you that, after careful consideration, the Board of Directors of the Management Company have decided to put SEB Real Estate Portfolio (the “Fund”) into liquidation with effect as of 4 June 2014 (the “Effective Date”).
We continuously aim to develop our Fund offering in order to provide savings products with the pos-sibility of long term returns. Because the Fund’s volumes have and continue to decline we have decided to liquidate the Fund.
In accordance with Article 15 “Duration and Liquidation of the Fund or of any class of units” of the management regulations of the Fund, and chapter “Duration and liquidation of the Fund” of the Fund’s prospectus, the decision is taken to put the Fund into liquidation as from the Effective Date.
The following will occur:
- Suspension of the issue of units, subscription and conversion of units in the Fund as of 4 June 2014 after 15:30 (CET)
- Suspension of the redemption of units in the Fund as of 4 July 2014 after 15:30 (CET)
Differing from the earlier intention to hold the Fund’s investment in units of the illiquid real estate Fund KanAM Grundinvest until the liquidation of the underlying fund is completed, the holding in KanAM Grundinvest will be revalued as of 4 June 2014 using its price on the stock exchange.
In order to ensure that the liquidation procedure is carried out in an effective manner, the Manage-ment Company will use its best efforts to dispose of all positions of the Fund, without unnecessary delay and in the best interest of the unit holders.
The Management Company would also like to assure you that the expenses to be borne by the Fund in connection with its liquidation will be kept to a minimum. These liquidation costs will be accrued in the Fund as from 4 June 2014, in adherence with the principle of equal treatment of unitholders.
Redemption requests placed after 4 June 2014 as well as liquidation proceeds will bear liquidation costs, in proportion to the number of units held.
SEB Asset Management S.A., represented by its managing director Ralf Ferner, will act as liquidator of the Fund, subject to CSSF approval.
Unitholders will be paid the net proceeds of the liquidation, in proportion to the number of units held, in adherence with the principle of equal treatment of unitholders. The Management Company expects the liquidation proceeds to be paid by 11 July 2014.
The liquidation proceeds not surrendered may be kept in safe custody with the custodian bank during a period not exceeding nine months as from the date of the Management Company’s decision. After this delay, these proceeds shall be kept in safe custody at the Caisse de Consignation in Luxembourg.
The Management Company