Financial group ING has completed the sale of Clarion Partners, its US-based private market real estate investment manager, for $100 mln (EUR 69) to Clarion Partners' management and Lightyear Capital. Clarion Partners had EUR 15.9 bn in assets under management at end-March 2011. Lightyear is a US-based private equity firm.
Financial group ING has completed the sale of Clarion Partners, its US-based private market real estate investment manager, for $100 mln (EUR 69) to Clarion Partners' management and Lightyear Capital. Clarion Partners had EUR 15.9 bn in assets under management at end-March 2011. Lightyear is a US-based private equity firm.
The Clarion Partners' deal is part of the disposal ING announced on 15 February 2011 of the majority of its ING Real Estate Investment Management (ING REIM) business.
Earlier this year, ING announced the sale of ING REIM Europe, ING REIM Asia and Clarion Real Estate Securities (CRES), ING REIM's global manager of listed real estate securities, as well as part of ING's equity interests in funds managed by these businesses to CB Richard Ellis Group.
The sale to CB Richard Ellis of these businesses and interests remains on track for completion in the second half of this year, ING said in a press statement.
