NETHERLANDS - ING Groep NV, the largest Dutch financial-services company, said it is in talks with potential bidders for parts of its global real estate investment unit as the firm is seeking to reduce property-related risk.
The discussions are part of an "evaluation of the position of ING Real Estate Investment Management," or REIM, within ING's banking division, the Amsterdam-based company said in a statement today.
It is not certain yet whether the talks will lead to any transactions, ING said, without naming the interested parties.
Private-equity firm TPG Capital made an offer for REIM, while KKR & Co. pulled out of the bidding, people with knowledge of the situation said in December.
CB Richard Ellis Group and Jones Lang LaSalle also submitted bids, according to the people. The Financial Times this month said CB Richard Ellis is favoured to buy the majority of REIM. The purchase is expected to be valued at more than €1bn ($1.3bn), the newspaper reported.
REIM oversaw €65.3bn of assets as of September 30 and had more than 650 clients.
The Competition and Markets Authority (CMA) has published three working papers as part of its investigation into the investment consultancy and fiduciary management markets.
In this week's Pensions Buzz, we wanted to know whether contract-based, trust-based or a master trust arrangement would be best for a new defined contribution (DC) scheme.
This week's edition of Professional Pensions is out now
MPs failed to place legislation into the Financial Guidance and Claims bill that would have made pension guidance default, which Just Group director Stephen Lowe said left a "bitter taste".