Korea's Samsung Life takes stake in Savills IM

Korean flag and buildings 2Korean life insurer Samsung Life has acquired a 25% minority stake in Savills Investment Management in a deal designed to aid product development in the real estate investment market. Samsung Life has paid £63.75 million in cash for the stake and has also committed to invest $1 billion in the initial four years of the arrangement. The insurer has also retained the right to increase its stake by 10% during this period. According to a statement, the partnership will look to grow existing products in real estate, equity and debt as well launching new strategies in asset classes such as European logistics and real estate. Samsung Life CEO Youngnuk Jeon stated that the alliance will “significantly contribute to further diversifying our portfolio and developing our asset management business more globally”. ©2022 funds global asia

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