Samsung Life to Commit Up to $2 Billion to Savills Investment Strategies
May 27 2021 - 4:03AM
Dow Jones News
By Joe Hoppe
Savills PLC said Thursday that its subsidiary Savills Investment
Management has formed a strategic investment alliance with Samsung
Life Insurance Co. for an initial four year period.
The international real-estate advisor said that Samsung Life, a
Korean-based life insurer, will acquire a 25% stake in Savills IM
Holdings Ltd. for 63.8 million pounds ($90.1 million) in cash and
commit $1 billion towards Savills IM's investment strategies over
the initial four-year term.
The transaction, expected to complete in the fourth quarter of
2021 and conditional on various approvals, will allow Samsung to
increase its interest by up to 10% over the term dependent on the
amount invested, peaking at $2 billion of capital.
As part of a shareholders agreement, Savills IM will maintain
complete autonomy.
"Samsung Life is a long-standing client of Savills both in Korea
and internationally and this transaction will allow the strengths
of both Savills Group and Samsung Life to drive further growth in
the Savills Investment Management platform," Chief Executive Mark
Ridley said.
Shares at 0736 GMT were up 17.0 pence, or 1.4%, at 1,200
pence.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
May 27, 2021 03:57 ET (07:57 GMT)
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