17 Feb '11, 10pm

ING to sell real estate units for S$1.3 billion

AMSTERDAM - The ING Group is selling most of its real estate investment management business for more than US$1 billion (S$1.3 billion) in two separate deals and use the proceeds to repay aid it received from the Dutch government during the financial crisis. Property broker CB Richard Ellis will acquire ING's real estate securities business in Europe and Asia, as well as its global listed securities unit for about US$940 million. This will add nearly US$60 billion in assets to CB Richard Ellis' portfolio. CB Richard Ellis chief executive Brett White said: "Our firms fit together well and our investment programme offerings are highly complementary." ING also agreed to sell Clarion Partners, the United States real estate investment manager, to the firm's management and the private equity group, Lightyear Capital, for around US$100 million. "With these transactions, we continu...

Full article: http://www.todayonline.com/Business/Property/EDC110218-00...

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