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January 3, 2018updated 04 Jan 2018 11:27am

BNY Mellon closes sale of real assets investment arm

BNY Mellon Investment Management has wrapped up the sale of CenterSquare Investment Management, its real assets investment unit, to its management team and private equity firm Lovell Minnick Partners.

CenterSquare focuses on actively managed real estate and infrastructure strategies. The firm managed around $8.9bn of real estate and infrastructure securities and nearly $832m of private equity real estate investments at the end of September 2017.

The firm will continue to remain an independent entity and will partner with BNY Mellon on investment solutions through sub-advisory arrangements.

The deal, whose financial terms were not revealed, was first announced in September 2017.

CenterSquare Investment Management CEO and CIO Todd Briddell said: “We are excited about the next phase of CenterSquare’s evolution, as we continue to bring premier real estate and infrastructure strategies to the market while investing in the development and growth of our company.”

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