Aegon UK choses Columbia Threadneedle for £500m real estate deal
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The UK entity of Dutch insurer Aegon has picked Columbia Threadneedle to manage a commercial real estate portfolio worth £500m.
Aegon UK told mallowstreet that after a “robust tender and due diligence process”, Columbia Threadneedle Investments emerged as its preferred strategic real estate partner, adding: “Given their position and reputation in the alternative investment market, we believe this is the right decision for our business and for our customers.”
The mandate will be led by Jenny Hewitt, portfolio manager, and James Coke, co-head institutional real estate. Columbia Threadneedle’s UK real estate team oversees £9bn of assets within its Global Alternatives platform.
The platform manages $35bn (£28bn) across strategies.
Stewart Bennet, global head of alternatives at Columbia Threadneedle, said: “Alternatives is a strategic growth area for Columbia Threadneedle, and its expansion matches our clients’ increasing demand for less liquid, diversified investments. Our global real estate business remains central to helping us achieve our ambitions as we continue to extend the reach of our alternatives capabilities globally.”
The £491bn asset manager recently lost a mandate against BlackRock to manage LV’s funds after 12 years of partnership with the investment, protection and retirement insurer.
Are more insurers demanding for less liquid investments?
