Acronis Backup 12.5: Management Server update fails with "Create database permission denied"

Symptoms

1. Your Acronis Management Server database is stored in external SQL server (not the built-in SQLite)
2. You launch installation of Acronis Backup 12.5 Build 12730 (or later) to update existing Acronis Management Server. 
3. Update fails
4. Installation log contains the following message:

   1: Error 0x1290021: 42000: [Microsoft][ODBC SQL Server Driver][SQL Server]CREATE DATABASE permission denied in database 'master'