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.


Richard B. Saltzman, Chief Executive Officer and President, Colony Northstar

Media and entertainment reporter Diane Haithman can be reached at Follow her on Twitter @dhaithman.

For reprint and licensing requests for this article, CLICK HERE.