PROPERTY consulting group Savills plc is proposing to acquire prominent German investment management group SEB Asset Management AG (SEBAM) for up to 21.5 million euros (S$31.6 million) in cash.
The business will be combined with Cordea Savills, which is Savills' existing investment management operation. Following the transaction, the combined business will be re-branded Savills Investment Management.
Headquartered in Frankfurt, SEBAM is ultimately owned by Skandinaviska Enskilda Banken AB.
SEBAM is based in Frankfurt and Singapore with 148 staff, and has about 10 billion euros of real estate assets under management (AUM) globally, within a variety of fund structures.
As at Dec 31, 2014, about 40 per cent of this AUM, or four billion euros, represented institutional funds, with the balance of about six billion euros being assets of a number of German open-ended funds, which are in the process of formal liquidation in accordance with the regulatory process governed by the German regulatory body BaFin.
The combination of Cordea Savills' existing AUM of over seven billion euros with SEBAM will create a leading European investment management business with an initial combined AUM of about 15 billion euros and an Asia-Pacific platform with about two billion euros AUM.