London-headquartered asset management business Northill Capital has entered into an agreement to buy Westpac's real assets business, Hastings Funds Management.
The announcement comes after Westpac entered "exclusive discussions" to sell the business to Charter Hall in July 2017, only to see negotiations break down a month later.
"Northill is focused on investing in a long-term partnership, supporting the continued development of Hastings as an independent asset management business and providing significant co-investment capital to enhance alignment with investors," said a Westpac statement announcing the agreement.
Westpac did not disclose details of the agreement, including price. The agreement on the proposed sale is subject to due diligence and regulatory approval.
Northill Capital, which was established in London in 2010, had US$48 billion in funds under management as at 30 September 2017.
Hastings currently manages $12.6 billion in funds on behalf of institutional investors.