Aon Group to acquire Townsend Group for $475m

London-based Aon will acquire Cleveland-based real estate consulting firm The Townsend Group, which is majority-owned by Colony NorthStar, for $475 million.

The acquisition is part of the firm’s plan to expand its property investment management portfolio.

The deal is subject to certain purchase price adjustments. No other financial terms were disclosed by Aon. The transaction is expected to close over the next six months.

Townsend’s chief executive, Terry Ahern, will continue to lead real estate and real asset investment services as part of Aon's Global Retirement & Investment organization.

NorthStar Asset Management Group paid $383 million in January 2016 from private equity firm GTCR for its 84 percent interest in The Townsend Group.

Townsend advises on $175.7 billion in global assets and manages $14.5 billion in assets. The firm’s clients include many of the world’s leading global investors in North America, Asia, Europe and the Midd