Cordea Savills is making a bid of up to €21.5m in cash for the SEB Asset Management. Based in Frankfurt and employing 148 people there and in its Singapore office, the company manages roughly €10bn in real estate assets through a variety of fund structures. Approximately 40 percent of this represents institutional funds, while the remainder are the assets of several German Open ended funds now being liquidated in accordance with the regulatory process government by BaFin. As part of the deal, Cordea Savills and SEB Group will enter into a co-operation agreement to provide real estate services to clients of SEB Group.
Justin O’Connor, Chief Executive Officer of Cordea Savills, commented: “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.”
