SEB sells its German real estate investment management business to Savills (DE)

SEB has signed an agreement to sell its German real estate investment management business, SEB Asset Management AG, including its main subsidiary SEB Investment GmbH, to Savills plc for a consideration of up to €21,5 mln in cash.
SEB Asset Management AG has 148 employees and manages real estate assets of approximately €10 bln globally on behalf of investors, with a particular emphasis on Europe and Asia. Following the transaction, the company will be combined with Cordea Savills, Savills' investment management business.
Fredrik Boheman, Head of SEB Germany and chairman of SEB Asset Management AG comments: "SEB Asset Management AG has in recent years undergone a fundamental re-positioning in response to market developments. Cordea Savills is an experienced property investment manager with a global reach. They will continue the wind down and liquidation of the open-ended real estate mutual funds, amongst them SEB ImmoInvest.''
The transaction has insignificant impact on SEB's profit and capital ratios, subject to any goodwill allocation.
The completion of the sale is conditional upon regulatory approvals and it is currently expected to close around mid-2015.
Source: SEB Asset Management