Cordea Savills is planning to acquire SEB Asset Management, currently owned by the Swedish banking group SEB.

International property investment manager Cordea Savills has proposed to buy Germany-headquartered SEB Asset Management for up to €21.5 million ($31.6 million) in cash.

The deal will see Cordea Savills, part of London-listed real estate advisory group Savills, combine with the Frankfurt-headquartered firm to create a European and Asian real estate investment manager.

SEB Asset Management currently holds around €10 billion of real estate assets under management. The new blended business, to be known as Savills Investment Management, will create an Asia-Pacific investment platform, managing around €2 billion in assets.

“Asia-Pacific is a strategic market for Cordea Savills both as a continued source of capital and destination for deployment. Investors within the region continue to increase their allocations to alternative investments with property being the main beneficiary,” said Cordea Savills' head of Southeast Asia and Australia, Michael Flynn.

“The proposed integration of SEB Asset Management’s proven regional investment capabilities to our existing Asian investment platform will enable us to continue our exciting growth trajectory and deliver attractive products to investors.”

Flynn added that Cordea Savills has its sights set on long-term investment opportunities in key regions, including Singapore, certain Australian markets and Tokyo. SEB Asset Management is part of SEB, the Swedish banking group.