CBRE completes acquisition of ING's Asian operations

CBRE (formerly known as CB Richard Ellis) said on Tuesday it has completed the acquisition of the Asian real estate investment operations of Dutch financial group ING. The move means that CBRE remains on course to take over the bulk of ING’s property investment arm ING REIM by the end of the year.

The newly acquired Asian investment group will be merged with CBRE’s existing operations in the region. Richard Price, who served as ING REIM's Asia leader, will now serve as CEO of the combined company's Asia Pacific investment management platform.

Following the completion of the acquisition, CBRE now holds $63.6 bn (EUR 48.2 bn) in assets under management.

CBRE's acquisition of ING REIM's operations in Europe remains on schedule to close by the end of the year. The total purchase price for the three ING businesses CBRE is acquiring - ING REIM Asia, ING REIM Europe and ING CRES - is approximately $940 mln (EUR 712 mln).

Although ING has sold the bulk of its real estate investment business to CBRE, the financial group will stay involved in property financing.