posted on February 18, 2011 01:49
CB Richard Ellis Group Inc. announced Tuesday it will buy the majority of Netherlands-based bank ING’s real estate investment management business for about $940 million in cash.
CB Richard Ellis is the largest commercial real estate brokerage in Austin, according to Austin Business Journal research, with about $385.2 million in transactions in 2009. It is also the seventh largest commercial property manager in the area, with about 4 million square feet in its portfolio that year.
The real estate giant will also acquire ING’s U.S.-based securities business, which does business as Clarion Real Estate Securities, as well as ING’s securities operations in Europe and Asia.
In total, CB Richard Ellis will acquire some $59.8 billion, including about $29.5 billion in Europe, which nearly doubles the company’s assets to $97.4 billion.
“Our firms fit together well and our investment program offerings are highly complementary,” said Brett White, CEO of CB Richard Ellis, in a statement. “The combined enterprise will further diversify our revenue sources and as the global market leader, we will redefine success in real estate investment management.”
The deal is scheduled to close in the second half of 2011.
2/15/11, Austin Business Journal