CB Richard Ellis (CBRE)is acquiring the majority of the real estate investment management business of ING Group for $940 million, Financial Times reports. The deal includes ING’s almost all of the real estate operations in Europe and Asia, as well as Clarion Real Estate Securities, its U.S. global real estate listed securities business.
As a part of the agreement, ING operations will be merged with CBRE’s global investment management business. The commercial property broker will also buy $55 million of equity investments in funds from ING and potential interests in other funds managed by ING REIM Europe and ING REIM Asia. The buyer will finance the acquisition with cash and borrowings under its secured credit facility.
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