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.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers