Photo of Terry Ahern Terry Ahern will continue leading the business under Aon’s ownership.

LOS ANGELES—Colony NorthStar Inc. (CLNS) said late Friday afternoon it had agreed to sell real estate investment management business the Townsend Group to insurance broker Aon plc for $475 million. Founded in 1983 by CEO Terry Ahern and the late Kevin Lynch, Townsend had about $175.7 billion of assets under advisory and approximately $14.5 billion of assets under management globally as of Dec. 31, 2016.

NorthStar Asset Management, one of the predecessor firms that combined to form CLNS, took an 85% stake in Townsend in November 2015 for $380 million. Following the close of the merger that created CLNS this past January, it became apparent that majority ownership of an asset manager didn’t fit with CLNS’ business model as a REIT and the company began exploring strategic alternatives for Townsend, PERE reported this past April.

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