Aviva sells indirect business to LaSalle and creates real assets business

Aviva

LaSalle Investment Management has agreed to acquire Aviva Investors’ £5.3bn AUM real estate multi-manager (REMM) business and buy out Aviva’s rights as fund manager of the £1.3bn Encore+ fund, in a deal tipped by Property Week earlier this month.

As part of the deal, Aviva’s real estate chief executive Ed Casal will move to LaSalle to head up the REMM business at LaSalle, which will be one of the top five largest global non-listed indirect real estate investment managers with combined assets under management of $10bn (£7.54bn). Casal will be based in New York and joins LaSalle’s global management committee.

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