CBRE to purchase ING Real Estate Investment Management Business
The CB Richard Ellis group has announced plans to acquire a majority stake in the ING group's real estate investment management arm
Global firm the CB Richard Ellis group has revealed that sales negotiations with the ING group's real estate investment management arm have led to a deal being struck.
CB Richard Ellis announced it has made "definitive agreements" with the brand to acquire the majority of the business branch for the sum of $940 million.
The acquisition will include ING real estate operations in Europe and Asia and US-based global real estate listed securities business Clarion Real Estate Securities.
CB Richard Ellis said that following the deal, ING's real estate investment management arm will remain "an independently operated business unit".
Chief executive of the group Brett White said the two firms "fit together well".
"The combined enterprise will further diversify our revenue sources and as the global market leader, we will redefine success in real estate investment management," he said.
CB Richard Ellis is the global leader in real estate services and has outlets in countries all over the world, including Norway, South Africa, Spain, Australia, Croatia and Japan.