LaSalle Investment To Buy Aviva Unit, Fund

LONDON–In a bid to strengthen its global footprint, LaSalle Investment Management is acquiring Aviva Investors’ indirect real estate multi-manager business (REMM) and an interest in Encore+, a pan-European commercial property fund. At the same time, Aviva Investors has combined its real estate, infrastructure and private debt businesses to create multi billion dollar real assets business.

Aviva’s REMM business has $7 billion of assets under management. When the deal, which is still subject to client and regulatory approvals, closes sometime by the end of this year, LaSalle will be one of the top five largest global non-listed indirect real estate investment managers with combined assets under management of $10 billion. The acquisition will allow LaSalle to better offer third party fund investments, joint-ventures and co-investments, said Jeff Jacobson, Global CEO of LaSalle Investment Management.