ING completes first sale of real estate investment business

Dutch banking and insurance group ING has completed the first of two sales of its real estate investment business.

Clarion Partners, a US private market real estate investment manager, goes to the management of Clarion in partnership with New York private equity firm Lightyear Capital LLC for $100mn.

It is the same amount as stated by ING Group when it first announced two buyers for most of its real estate investment arm in February.

US property giant CB Richard Ellis Group will purchase ING’s European and Asian real estate investment businesses, its global listed real estate securities manager Clarion Real Estate Securities, and part of ING’s equity interests in funds managed by those businesses.

CB Richard Ellis is set to become the world’s biggest real estate investment manager from the sale, which ING estimated at $940mn in February.

The deal is on track to be completed in the second half of 2011, ING Group said.

 

 

ABOUT THE AUTHOR
Luisa Porritt
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