Nordic financial services group SEB has completed the sale of Frankfurt-based SEB Asset Management, including its main subsidiary SEB Investment to Savills, a real estate advisory firm, for EUR21.5m (£15.6m) in cash.

The consideration of the deal, which was initially announced in March 2015, was paid in two installments.

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The acquisition of SEB Asset Management will create a leading European investment management business, which will benefit from a strong platform in Asia Pacific.

SEB said that the deal includes assets under management worth around EUR10bn.

Additionally, Savills Investment Management has signed an agreement with Skandinaviska Enskilda Banken (SEB AB) to provide real estate investment services to clients of the institutional and wealth management divisions of SEB.

The sale is approximately neutral for SEB’s profit and capital ratios before a goodwill allocation of SEK187m, SEB said in a statement.

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