Investment manager Cordea Savills has bought German real estate asset management company International Property Asset Management for an undisclosed sum.
A statement from Cordea Savills said the purchase “complements and expands” Cordea Savills’ existing German business and increases assets under management in Germany to around €1bn.
IPAM was founded in 2006 and provides both transactional services and asset management, with a strong focus on the retail and office sectors, for both institutional and family office clients.
The three principals, Thomas Lutz, Dr Axel Froese and Bruce Jenyon, will continue to work with their existing clients as well as forming part of the Cordea Savills management team in Germany.
Cordea Savills added that the rationale for the acquisition was to create a German-wide investment and asset management platform, and furthers its aim of expanding in key markets, which also include France, the UK, Italy and the Nordics.
As a result of the acquisition, Cordea Savills now has offices in Munich, Düsseldorf, Stuttgart and Hamburg and a team of 35 people.
Justin O’Connor, Cordea Savills chief executive, said: “This acquisition transforms Cordea Savills’ proposition for clients investing in Germany. It delivers a substantial increase in assets under management, an expanded regional office network, increased resources and expertise, and a broader service offering.
“We intend to continue to scale up our presence over the coming years to meet higher capital inflows.”
Dr Axel Froese, IPAM managing director, said: “It is an excellent corporate fit and means we have an attractive offering for both existing and new clients.”
bridget.oconnell@estatesgazette.com
