JP Morgan Asset Management has acquired Aviva's Asia Pacific real estate platform for an undisclosed sum.
The platform operates in Australia, Japan and Singapore to facilitate direct investment in real estate.
JP Morgan was rumoured to be bidding for the unit earlier this year, after Standard Life pulled out of its bid.
The deal involves taking on the investment management of existing Asia Pacific real estate funds and portfolios. Aviva Investors' multi-manager property strategies in the region are not affected by the transaction.
"Growing in Asia Pacific has been a strategic imperative for us as a global real assets solutions provider," said Joe Azelby, head of JP Morgan Asset Management's global real assets division.
The combined team comprises nearly 50 staff operating from five offices in Asia. A sixth office is due to open in Tokyo next year.
Aviva Investors chief executive Euan Munro said the move was consistent with its strategy "of simplifying our business and moving towards an integrated operating model and organisational structure."