Cordea Savills buys German real estate asset manager

Real estate investment manager Cordea Savills has acquired International Property Asset Management (IPAM), a German real estate asset management company, for an undisclosed sum.

The acquisition expands Cordea Savills’ existing German business and increases assets under management in Germany to approximately EUR 1 bn.

IPAM was founded in 2006 and provides both transactional services and asset management, with a strong focus on the retail and office sectors, on behalf of 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. The rationale for the acquisition is to create a German-wide investment and asset management platform.

Cordea Savills said the acquisition is part of its strategy to build scale and breadth of services in key markets, which also include France, the UK, Italy and the Nordics.