Savills is this week to put up for sale a £500m stake in its £2.5bn European asset management division.

Cordea Savills has portfolios in Italy, Germany, the Republic of Ireland, France, the Nordic countries and Britain, and Savills is thought to br looking at taking both equity and debt to expand it.

The stake is likely to attract the interest of pension fund investors and quoted property firms that want to build a presence in continental Europe and could include Morley Fund Management, Henderson, Prudential and HBOS.

The Times