CHICAGO—Aon plc, whose US offices are based here, said Monday it had completed its $475-million acquisition of the Townsend Group, the real estate investment management business formerly owned by Colony NorthStar Inc. (CLNS). The deal for Townsend was originally announced this past September.

“The closing of the Townsend sale is a great outcome for Colony NorthStar and its shareholders as well as for the acquirer, Aon, and Townsend employees,” says CLNS' president and CEO, Richard B. Saltzman. “Townsend's market leading business is situated now in a synergistic home while we continue our path towards simplification and reinvesting proceeds from non-core liquidity events into our strategic priorities.” Townsend had approximately $184.5 billion in assets under advisory and $14.8 billion in assets under management globally as of this past June 30; it now represents more than half of Aon's $240-billion real estate advisory tally.

For London-based Aon, the acquisition of the 35-year-old Townsend business represents a further enhancement of investment solutions “in areas that are of increasing importance to our clients,” says Cary Grace, CEO of global retirement & investment solutions at Aon. “Working together, our combined teams will continue to expand our capabilities and expertise in alternative investments to create sophisticated and transparent offerings that provide our clients with objective advice and solutions.”