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LaSalle acquiring Aviva Investors' real estate management biz

Real estate investment manager LaSalle Investment Management Inc. agreed to acquire asset manager Aviva Investors' real estate multi-manager business as well as full ownership of the management of the Encore+ fund.

The real estate multi-manager, or REMM, business has US$7 billion of assets under management. The acquisition of the business is expected to close by the end of 2018.

REMM will be headed by Ed Casal, who will resign as CEO of real estate at Aviva and join LaSalle's global management committee.

Encore+ is an open-ended continental European real estate fund that has been jointly managed and run by LaSalle and Aviva for 11 years. The fund, which has a current gross asset value of €1.7 billion, will now be solely managed by LaSalle.