CB Richard Ellis to acquire ING’s real estate business for $940 million
16 Feb 2011
CB Richard Ellis Group Inc, the world's largest commercial real estate services firm, today said it would acquire a majority stake in the real estate investment management business of Netherlands-based ING Group (ING) for approximately $940 million in cash.
The acquisition includes nearly all of ING's operations in Europe and Asia, as well as Clarion Real Estate Securities (CRES), its US-based global real estate listed securities business.
The deal does not include ING's US-based private market real estate investment management company.
Los Angeles-based CB Richard Ellis will also acquire approximately $55 million of CRES co-investments from ING and potential interests in other funds managed by ING REIM Europe and ING REIM Asia.
In addition, the company expects to incur transaction costs relating to the acquisitions of approximately $150 million (pre-tax), including financing, retention and integration costs.
The acquisition is expected to close in the second half of 2011 and is subject to approval by certain stakeholders, including regulators in the US, Europe and Asia.
.webp)
