RBC Financial Group and Osmington Inc. have completed an agreement whereby a wholly owned subsidiary of Osmington has purchased the assets of RT Realty Advisors Inc., the institutional real estate investment management business of Royal Bank.

The transaction has met conditions and approvals. The sale by RBC Financial Group is another divestiture of a business that is not core to the bank’s global wealth management strategy. Details of the transaction were not released.

“RTRA has a great business and a highly professional management team,” said George Schott, president of Osmington Inc. “We look forward to providing quality service to the clients and to further growing this business under the name of Redcliff Realty Advisors Inc.”

“RBC believes that the sale of this business to Osmington Inc. will provide RTRA’s clients, management and staff with an excellent opportunity,” said Reay Mackay, vice chairman, Royal Bank. “We are placing RTRA under new ownership which has the experience and real estate industry knowledge to support and enhance the future growth of the business.”

Osmington is a private real estate company headquartered in Toronto. Redcliff will operate as an independent subsidiary of Osmington.