Legg Mason has concluded a nearly $585m deal to acquire an 82% equity stake in Clarion Partners, a New York-based real estate investment firm.
The remaining 17% stake of Clarion, which managed nearly $40bn in assets as of 31 March 2016, will be retained by Clarion’s management team.
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Clarion Partners operates from offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. It provides various real estate strategies across the risk/return spectrum to domestic and international institutional investors.
The acquisition is expected to expand Legg Mason’s offerings across the alternative asset management category, adding differentiated real estate capabilities.
Legg Mason, a Baltimore-based asset manager, first announced the deal in January 2016.
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