International real estate investment manager Cordea Savills is set to acquire Frankfurt-based SEB Asset Management (SEBAM) for up to EUR21.5m (£15.6m) in cash.
In addition, the two entities will also ink a co-operation deal to offer real estate services to clients of SEB Group.
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Cordea Savills will be rebranded as Savills Investment Management following the closure of the deal, which is subject to customary closing conditions and regulatory approval.
However, Cordea Savills will continue to retain full operational independence.
SEBAM’s existing CEO Barbara Knoflach will exit the company in the course of the deal.
Almost 40% of SEBAM’s assets under management, amounting to EUR4bn, are institutional funds. The rest worth ca.EUR6bn are assets of various German Open Ended funds which are in the process of formal liquidation in compliance with the regulatory process governed by German regulator BaFin.
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By GlobalDataThe ownership change will support this process with the resources and expertise of Cordea Savills’ local offices and the broader Savills Group real estate capabilities.
Cordea Savills CEO Justin O’Connor said, "The proposed acquisition of SEB Asset Management complements our strong organic growth and provides an opportunity to create a leading investment manager in Europe and Asia. SEB Asset Management will add to our critical mass and enhance our ability to offer investment opportunities to clients globally."
SEBAM, owned by Swedish banking group SEB, has a workforce of nearly 148 based in Frankfurt and Singapore. The firm manages ca. EUR10bn in real estate assets globally within a variety of fund structures.
