ASIA - Invesco Real Estate has taken over AIG Real Estate's Asian fund and asset management business, with around €2.7bn in assets under management and 60 employees.

The deal, which was closed in December, considerably increases Invesco Real Estate's asset under management, which at the end of September stood at €20.6bn.

Year-end figures for 2010 have yet to be published.

In 2006, Invesco Real Estate began building a direct real estate portfolio in Asia, which had so far grown to €100m.

The acquisition also boosts the company's presence in the region, increasing employees in the area from nine to 69.

The remainder of the company's portfolio consists of direct real estate investments in Europe and the US, the latter of which accounts for the largest share, with €12.4bn, as well as real estate equity.