Founded 25 years ago and headquartered in Frankfurt, SEBAM is ultimately owned by SEB , the Swedish Banking Group. SEBAM comprises approximately 148 staff based in Frankfurt and Singapore and manages ca. EUR 10 billion of real estate assets under management (“AUM”) globally within a variety of fund structures.
Approximately 40% of SEBAM’s AUM, EUR 4 billion, represents institutional funds with the remainder, ca.EUR 6 billion, being assets of a number of German Open Ended funds (“GOEF”) which are in the process of formal liquidation in accordance with the regulatory process governed by BaFin (the German Regulatory body). With the change in ownership, this process will be supported by the resources and expertise of Cordea Savills’ local offices as well as the broader Savills Group real estate capabilities in the best interests of investors.
Alongside the transaction, Cordea Savills and SEB Group will enter into a co-operation agreement to provide real estate services to clients of SEB Group.
Following the transaction, Cordea Savills will be rebranded as Savills Investment Management. The re-brand underlines Cordea Savills’ strategic importance to the Savills Group and will also enable it to benefit from the global brand of Savills. Cordea Savills will continue to retain full operational independence.
The acquisition is subject to customary closing conditions including regulatory approval from BaFin and the expiry of the German and Polish merger control authorities’ review periods. Barbara Knoflach, the current CEO of SEBAM, will leave the company in the course of the transaction.
Justin O'Connor, Chief Executive Officer at 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.”
"I am convinced that Cordea Savills, as an experienced property investment manager with a global reach, is a good home for our German-based real estate investment business, and that they will prudently continue the wind down and liquidation of the German open ended real estate mutual funds’’ says Fredrik Boheman, Head of SEB Germany and chairman of SEB Asset Management AG.
Citigate Dewe Rogerson
Patrick Evans / Stephen Sheppard / James Madsen / Alice Stewart
Tel: +44 (0)20 7282 2966