Colony NorthStar Inc., a global real estate and investment management firm in downtown Los Angeles, has closed its previously announced sale of Townsend Group to Aon plc, a global professional services firm providing risk, retirement and health solutions and based in London, England.
Colony NorthStar was the majority owner in Townsend, a provider of global investment management and advisory services for real estate and real assets, the company said in a statement Tuesday.
On Sept. 1, Colony NorthStar announced the agreement to sell Townsend to Aon for $475 million. The company said in a statement at that time that net proceeds to Colony NorthStar affiliates for its ownership interest would be about $379 million after transaction-related and other expenses.
“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,” Richard Saltzman, president and chief executive officer of Colony NorthStar, said in the statement.
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