CLNS Closes on Townsend Sale to Aon

The Aon Center, Aon plc’s US headquarters in Chicago.

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.