NYSE-listed CBRE Group has acquired ING Group’s real estate investment management (ING REIM) operations in Europe for approximately $540 million. The company will integrate these operations, which include the ING Real Estate Select global fund-of-funds business, with its existing real estate investment management business.
CBRE Global Investors, headquartered in Los Angeles, will be run by Matt Khourie, global president, and an executive team comprising senior executives of both CBRE Investors and ING REIM. Its assets under management are approximately $94.8 billion on a combined pro forma basis, as on September 30, with a total $900 million acquisition of ING REIM’s Europe and Asia operations and its global real estate securities business.
Click here for the release from CBRE Group.