Global real estate firm LaSalle Investment Management has launched a new multi-manager real estate business following the completion of the acquisition of Aviva Investors’ real estate multi-manager arm.

The new business will cover private and public debt and equity strategies around the world. It starts with about US$10 billion under management across the range of geographies and investment styles.

LaSalle will continue to offer its in-house real estate management, alongside the multi-manager range, through its offices in Chicago, New York, London and Singapore. The firm has appointed Aviva Investors former real estate head, Ed Casal, as chief executive, based in New York.

He said of the new firm, called LaSalle Global Partner Solutions: “The combined team is highly-experienced, has deep operator relationships, and will leverage LaSalle’s industry-leading real estate research and global client service capability to build strong investment solutions that satisfy client objectives across the risk/return spectrum.”

LaSalle is a wholly-owned, but operationally independent, subsidiary of Wall Street-listed Jones Lang LaSalle Inc.

In the deal announced in May this year, LaSalle has also taken over full management of the European ‘Encore+’ real estate fund, which was jointly managed with Aviva for the past 11 years.

Aviva chief executive Euan Munro said at the time that his firm would be concentrating its efforts on being direct investors in chosen markets among real assets.

– G.B.