GLOBAL - CBRE Group has acquired ING Group's real estate investment management (ING REIM) operations in Asia, while the acquisition of ING REIM's operations in Europe by CBRE is also expected to close this quarter.

ING REIM operations in Asia, which are currently being merged with CBRE's existing real estate investment management operations in the region, will serve as the company's investment management platform in the region, overseeing operations in Hong Kong, Shanghai, Seoul, Singapore, Taipei and Tokyo.

Richard Price, who served as ING REIM's Asia leader, will now serve as chief executive of the newly created business.

The acquisition of ING REIM's operations in Europe by CBRE is also expected to close in the fourth quarter.

CBRE acquired the three ING businesses - ING REIM Asia, ING REIM Europe and ING CRES - for a total of $940m (€704m).

As part of the ING REIM Asia deal, CBRE has also acquired approximately $17.2m of real estate co-investments managed by the firm in Asia.

CBRE financed the acquisition through cash and borrowings under its secured credit facility, including $800m of bank debt raised specifically for this purpose in March.

CBRE's global president of investment management business, Matt Khourie, said:
"We now have the ability to offer investors an expanded array of investment programmes across the risk-return spectrum in the dynamic markets throughout the region."

With the completion of the acquisitions of ING REIM Asia and ING Clarion Real Estate Securities (CRES) - which closed on 1 July this year - CBRE Investors' assets under management now totals $63.6bn as of 30 June.

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