LONDON (Reuters) - Aviva Investors, the fund arm of insurer Aviva (AV.L), said on Wednesday it would combine its real estate, infrastructure and private debt businesses into a new unit called Aviva Investors Real Assets.
Aviva said the business, which would manage 37 billion pounds ($49.08 billion) in assets, would focus on investments where it was a direct operator, with full control over fund management, asset management, origination and distribution.
As a result, it said it had agreed to sell its indirect real estate multi-manager business and an interest in Encore+, a pan-European commercial property fund, with a combined 6 billion pounds in assets, to Lasalle Investment Management.
Further financial details of the deal were not disclosed.
Aviva Investors said Mark Versey would be chief investment officer of the new unit, overseeing 300 staff.
Reporting by Simon Jessop; editing by Emma Rumney