RCA in the commercial property press:

CB Richard Ellis Acquires ING's Real Estate Investment Management Unit

Bloomberg reports: In a statement released on February 15, 2011, CB Richard Ellis Group Inc announced that it would purchase a majority share of ING Groep NV’s global Real Estate Investment Management unit for $940 million. The Netherlands-based bank and insurance firm is spinning that business off to reduce its commercial property exposure.

According to a statement issued by ING as reported by Bloomberg, “CB Richard Ellis will purchase businesses from ING Real Estate Investment Management, or REIM, with 44.7 billion euros ($60.5 billion) in assets…ING also agreed to sell $100 million in equity stakes in REIM funds and the real estate investment management firm Clarion Partners.”

In response to the news, Real Capital Analytics’ Ben Carlos Thypin remarked that the acquisition gives CB Richard Ellis “a much more consistent stream of income…They become the largest property fund manager in the world.”

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Posted by: Nina Turner

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