Los Angeles-based Colony NorthStar, the fifth-largest global real estate management firm in the country, has sold The Townsend Group to insurance broker Aon Plc for $475M.
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Aon has been focused on modifying its portfolio this year and in May sold its benefits administration and HR outsourcing to Blackstone Group for $4.8B. This transaction will expand Aon’s alternative private market assets. The company currently has more than $100B of assets under management, Investment Journal reports.
Townsend, a real estate investment management firm, was initially purchased by NorthStar Asset Management in 2015 prior to its merger with Colony Capital. NorthStar had acquired an 85% majority interest in Townsend at the time for $380M, IJ reports.
Following the transaction and other expenses, Colony NorthStar will retain an estimated $379M in net proceeds. The transaction is expected to close within the next six months.
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