Columbia Threadneedle Investments, the global asset management group of Minneapolis-based Ameriprise, is acquiring Lionstone Investments.
Houston-based Lionstone is a data analytics-driven investment firm that uses its proprietary algorithm to make commercial real estate investments. The firm has 55 employees and manages about $6 billion in assets.
"We believe our broad institutional capabilities and relationships, together with our investment research insights, make this an excellent fit," said Ted Truscott, chief executive of Columbia Threadneedle Investments, in a statement. "Real estate is an important asset class for institutional and retail clients, and we are enthusiastic about the opportunity to further our capabilities in this growing asset class."
Columbia Threadneedle employs 2,000, including 450 investment professionals in North America, Europe and Asia, and manages $473 billion in assets overall.
Columbia Threadneedle has $10.5 billion in assets through a United Kingdom property business but had lacked a comparable U.S.-based business.
Lionstone will retain its name and Houston headquarters under the new ownership structure and Lionstone's management team, including CEO Jane Page, will continue to lead the U.S. group. Page will report to Truscott.
"Columbia Threadneedle's leadership, experience and culture are complementary to Lionstone's, making this a strong strategic partnership," Page said in the release. "Our foundational investment philosophy and approach will remain the same."
Lionstone was formed in 2001 by three veteran real estate investors from Houston-based Hines: Tom Bacon, Glenn Lowenstein and Dan Dubrowski. The firm currently has 15 million square feet of assets and has eight projects in development.
The deal is expected to close by the end of the year. Terms were not disclosed.