Tuesday, February 15, 2011

CB Richard Ellis to Buy Majority of ING Real Estate Unit for $940 Million

CB Richard Ellis Group Inc., the world’s biggest commercial property broker, agreed to buy the majority of ING Groep NV’s global real estate investment management unit for about $940 million as the Dutch bank and insurer seeks to reduce property-related risk.

CB Richard Ellis will purchase businesses from ING Real Estate Investment Management, or REIM, with 44.7 billion euros ($60.5 billion) in assets, Amsterdam-based ING said in a statement today. ING also agreed to sell $100 million in equity stakes in REIM funds and the real estate investment management firm Clarion Partners. The U.S. company will be bought by Clarion management and Lightyear Capital.


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