The sale of Aviva's real estate multi-manager business will see just under US$8 billion of assets transferred to LaSalle, which Aviva said constitutes less than 2 per cent of its total AUM.
Aviva has also integrated its real estate, infrastructure and private debt businesses to create a US$49.2 billion real assets platform.
The newly formed Aviva real assets business will be led by newly appointed chief investment officer for real assets, Mark Versey.
Mr Versey, who joined Aviva in 2014, is currently the chief investment officer for global investment solutions at the company.
Aviva's real assets team will also be led by Barry Fowler, managing director for alternative income solutions; Daniel McHugh, managing director for real estate investments; David Skinner, managing director for real estate strategy and fund management; and Chris Urwin, director of research for real assets.