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Savills IM completes €21.5m SEB takeover

The London-based firm has completed the acquisition of SEB Asset Management transforming itself into one of the world’s biggest real estate investment management businesses with €15bn of assets under management.  

Savills Investment Management (Savills IM), the London-based real estate investment management business of property services firm Savills, has completed the acquisition of the Europe and Asia-focused real estate investment manager SEB Asset Management for up to €21.5 million in cash.

The acquisition was first announced in March this year, pending completion by the third quarter of the year.

Following the transaction, Savills IM will be one the world’s largest real estate investment management businesses with assets under management of €15 billion in Europe and €2 billion in Asia.

The Frankfurt-headquartered SEB Asset Management has bolstered Savills Investment Management’s team by its 148 employees in Europe and in its Asia office in Singapore. The combined platform now has approximately 280 employees in 16 offices across the world, managing assets in 21 countries.

“We are delighted that the acquisition has proceeded as planned. SEB Asset Management will add to our critical mass and enhance our ability to offer investment opportunities to clients. Our aim is to continue building on our organic growth and strengthen our position as one of the leading investment management propositions in Europe and Asia,” said Justin O’ Connor, chief executive officer of Savills Investment Management.

SEB Asset Management is the real estate investment subsidiary of the Scandinavian bank SEB Group. As part of the deal, the two firms have also entered into a co-operation agreement to provide real estate services to clients of SEB Group. Also, SEB Asset Management’s German open-ended funds, currently in the process of liquidation, will now be supported by Savills Investment Management’s local offices as well as the broader Savills Group.

Savills’ acquisition of SEB was the result of a sales process run by the financial advisory firm Lazard and SEB’s own SEB Corporate Finance division.