ING has sold its U.S. manager of listed real estate securities Clarion Real Estate Securities (CRES) to CB Richard Ellis Group (CBRE). The firm has also surrendered its stake in funds managed by CRES. The sale is part of a former deal where ING decided to sell CRES businesses in Asia and Europe, valuing the deal at $1 billion. ING expects to complete the rest of the transaction with CBRE in the second half of this year.
Click here for the release from ING.