The mandate, a commercial real estate portfolio valued in excess of half a billion pounds, will be managed by Columbia Threadneedle's UK real estate team.
Jenny Hewitt, portfolio manager, and James Coke, co-head of institutional real estate, will be supported by the 120-strong UK real estate team.
Columbia Threadneedle reopens dealing on UK property fund
The deal follows a rocky period for property funds at both Columbia Threadneedle and Aegon.
In March, Columbia Threadneedle lifted the temporary dealing suspension it imposed on the CT UK Property Authorised Investment fund, more than four months after it first suspended dealing.
Meanwhile last October, amid its closure, the Aegon Property Income fund failed to issue a quarterly distribution for the first time since it began winding down in August 2021.
The new partnership announced today (2 May) will sit within Columbia Threadneedle's £9bn UK real estate business, a central offering within its global alternatives platform, which manages a total $35bn across its strategies.
Columbia Threadneedle hands UK Equity Opportunities fund to new manager
Stewart Bennett, global head of alternatives at Columbia Threadneedle Investments, said: "Alternatives is a strategic growth area for Columbia Threadneedle and its expansion matches our clients' increasing demand for less liquid, diversified investments.
"Our global real estate business remains central to helping us achieve our ambitions as we continue to extend the reach of our alternatives capabilities globally."