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Ameriprise Financial Unit to Acquire Houston-Based Lionstone Investments

Combination Bolsters UK-Centric Columbia Threadneedle's Real Estate Capabilities in the US
September 20, 2017
Looking to extend its real estate investment capabilities across the pond, London-based Columbia Threadneedle Investments today announced that its privately owned investment manager, Columbia Management Investment Advisers, LLC in Boston, has agreed to acquire investment firm Lionstone Partners, Ltd.

Financial terms for the transaction were not disclosed. Columbia Threadneedle Investments, formed in 2015 through the combination of Threadneedle Investments and Columbia Management Investment Advisers, is the global asset management group of Minneapolis-based diversified financial services provider Ameriprise Financial, Inc. (NYSE: AMP).

Columbia Threadneedle has more than 2,000 people, including over 450 investment professionals, based around the world. As of June 30, 2017, the firm managed $473 billion of assets in equities, fixed income, asset allocation and alternatives.

The Lionstone acquisition will expand Columbia Threadneedle’s offerings across the alternatives asset management and add capabilities in U.S. real estate, which is attracting increasing allocations from both institutional and retail investors around the world, complementing Columbia’s $10.5 billion UK property business and further boosting its multi-asset capabilities.

Lionstone Investments, also known as Lionstone Partners, was founded in 2001 by investors Tom Bacon, Glenn Lowenstein, and Dan Dubrowski and specializes in analytics-driven investment strategies. The company, which managed about $6 billion in assets as of June 30, 2017, will benefit from access to Columbia Threadneedle's broader asset and client base and research capabilities, not to mention the financial strength of Ameriprise Financial, which has more than $800 billion in assets under management or administration as of second-quarter 2016.

Lionstone's U.S. CRE investments are concentrated in cities it believes are best positioned for outsized demand and rental growth. The company, which counts a number of leading corporate and public pension plans among its key clients, has invested in several high-profile property transactions this year, including the $182 million purchase in April of 271 17th St., a trophy office anchored by BB&T in Midtown Manhattan's Atlantic Station.

Lionstone also earlier this year combined with Dallas-based Crescent Real Estate and Goldman Sachs Asset Management to acquire a 21-property mixed portfolio of buildings totaling about 860,000 square feet and development sites in Flatiron Park in Boulder, CO, for a reported $170 million.
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