CRES
CB Richard Ellis Group, INC. Announces Definitive Agreements to Acquire Majority of ING Group...
Los Angeles, CA - February 15, 2011 - (RealEstateRama) -- CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that it has entered into definitive agreements to acquire the majority of the real estate investment management business of Netherlands-based ING Group N.V. (ING) for approximately $940 million in cash. The acquisitions include substantially all of the ING Real Estate Investment Management (ING REIM) operations in Europe and Asia, as well as Clarion Real Estate Securities (CRES), its U.S.-based global real estate listed securities business. CB Richard Ellis will not acquire ING’s U.S.-based private market real estate investment management company.
