US/NETHERLANDS - Real estate investor CB Richard Ellis has acquired ING Clarion Real Estate Securities (CRES) in the first of a two-part, $940m deal that sees ING selling the bulk of its real estate investment management business.
The new entity will operate as CBRE Clarion Securities and will be a part of CBRE Richard Ellis Investors, the firm's global investment management arm. CBRE also acquired $59m of CRES co-investments from ING.
CBRE's previously announced plan to acquire most of ING's real estate investment management operations in Europe and Asia is on track to close later this year.
"We are very pleased to add Clarion Securities' premier global listed securities programs to our comprehensive suite of investment offerings," said Matt Khourie, global president of CB Richard Ellis Investors. "This move sharply expands the spectrum of indirect real estate investment vehicles we offer investors and brings a talented team of securities-focused investment professionals to our company."
CRES came with a portfolio of listed securities worth $20.5bn; CBRE Investors had $37.9bn in assets under management, including $2.4bn of listed real estate securities, the firm said.
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