ING agrees REIM deal with CBRE

ING has reached agreement to sell the majority of its ING Real Estate Investment Management (REIM) business in two separate transactions for a combined price of about $1bn (£621,000). It has also agreed to sell up to about $100m of its equity interest in existing ING REIM funds.

CB Richard Ellis Group is buying ING REIM Europe, ING REIM Asia and Clarion Real Estate Securities (CRES), ING REIM’s US-based manager of listed real estate securities, as well as part of ING’s equity interests in funds managed by these businesses. ING REIM Europe, ING REIM Asia and CRES combined have €44.7bn (£842m) in assets under management as of the end of December.

Jan Hommen, chief executive of ING Group, said: “With these transactions we continue to deliver on our strategic objectives of reducing exposure to real estate, simplifying our company and further strengthening our capital base.”

ING has separately agreed to sell the private market real estate investment manager of its US operations, Clarion Partners, to Clarion Partners management in partnership with Lightyear Capital LLC for $100m. Clarion Partners has €16.5bn in assets under management as of the end of December.