Columbia Threadneedle Investments agreed to acquire Houston-based real estate investment firm Lionstone Investments, said Columbia Threadneedle spokesman Carlos Melville.
Lionstone specializes in investment strategies based on proprietary analytics and manages about $6 billion in assets. It invests in U.S. commercial real estate with a focus on cities that are best positioned to enjoy outsized demand and rental growth. Key clients include corporate and public pension plans.
The acquisition will extend Columbia Threadneedle's investment capabilities into U.S. real estate and expand its offerings across the alternatives asset class. In turn, Lionstone will gain access to the broader asset gathering, client service and research capabilities of Columbia Threadneedle, while benefiting from the financial strength of Columbia parent company Ameriprise Financial.
Columbia Threadneedle currently has a $10.5 billion U.K. property business. It also has a U.S. REIT strategy offered in a mutual fund with $442 million in assets.
Lionstone will retain its brand name and identity within Columbia Threadneedle as well as its Houston headquarters. The executive team will remain in place, with Lionstone's CEO Jane Page reporting to Ted Truscott, CEO of Columbia Threadneedle Investments.
Terms of the acquisition were not disclosed. The transaction is expected to close later this year.