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ING completes sale of its real estate investment manager Clarion Partners

BBR Staff Writer Published 10 June 2011

Dutch financial group ING has completed the sale of Clarion Partners, its US-based private market real estate investment manager, to Clarion Partners' management in partnership with Lightyear Capital, a US-based private equity, firm for $100m.

The transaction was part of ING's strategy to sell majority of its ING Real Estate Investment Management business (ING REIM), which was announced in February 2011.

The decision also concerned the agreement to sell 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.

ING said that the sale to CB Richard Ellis of these businesses and interests continues to be on track for completion in the second half of this year.

Clarion Partners has EUR15.9bn in assets under management as of 31 March 2011.