CB Richard Ellis Buys ING Businesses For $940M

LOS ANGELES (AP) — Real estate services firm CB Richard Ellis Group Inc. said Tuesday it is acquiring most of the real estate investment management business of ING Group NV for $940 million in cash.

The deal includes ING's real estate investment management business in Europe and Asia, which have $59.8 billion in assets under management. It also includes Clarion Real Estate Securities, ING"s 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.

CB Richard Ellis also will acquire $55 million of Clarion's co-investments and potentially interests in other funds managed by Europe and Asia businesses.

The company expects $150 million in acquisition charges. It expects to finance the transaction using cash and its secured credit facility. The deal is expected to close in the second half of the year.

In a separate deal, ING said Tuesday it is selling its U.S. private market real estate investment manager, Clarion Partners, a partnership between Clarion Partners management and Lightyear Capital LLC for $100 million. Lightyear is a U.S. private equity firm.

Shares of CB Richard Ellis added 26 cents to $24.89 in morning trading. U.S.-traded shares of Netherlands-based ING lost 14 cents to $12.08.

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