SEB: Asian Property fund invests in luxury apartments in China
SEB Asset Management AG has acquired a luxury apartment residential property in Shanghai for its special fund SEB Asian Property that invests exclusively in Asia. The fund company reported that the transaction is a 50-50 joint venture with the Grosvenor Group. According to the announcement, the investment comprises the strata titles for all 35 stories of the "Belgravia Place at Huashan" on Xing Fu Road. The building, with a total gross lettable area of 29,684 sqm, is said to be located in the former "French concession," one of the most popular residential areas in the Chinese metropolis, and to have 120 units ranging in size from 220 to 551 sqm.