ING completes divestment of Clarion Partners
ING completes divestment of Clarion Partners
ING completes divestment of Clarion Partners
Amsterdam, 9 June 2011
ING announced today that it has completed the sale of Clarion Partners, ING’s U.S.-based private market real estate investment manager, to Clarion Partners management in partnership with Lightyear Capital LLC for the previously disclosed amount of USD 100 million.
The transaction regarding Clarion Partners is one of the transactions ING announced on 15 February 2011 to sell the majority of its ING Real Estate Investment Management business (ING REIM).
The announcement in February 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. 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 EUR 15.9 billion in assets under management as of 31 March 2011. Lightyear is a US-based private equity firm.
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ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services. As of 31 March 2011, ING served more than 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 105,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
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