The Real Deal Miami

CBRE seen as front-runner for ING real estate unit acquisition

January 14, 2011 04:29PM

CB Richard Ellis is likely to acquire most of the real estate unit of Dutch pension company ING in a deal that would make CBRE the largest investment management business in the world, according to the Financial Times. The deal for ING Real Estate Investment Management may be finalized in the coming weeks, sources said, and is valued at around $1.3 billion. The unit manages more than $86.6 billion in assets across the globe and would likely be merged with CBRE Investors, which itself currently manages around $36 billion in assets. Other bidders for the company included Vornado Realty Trust and Jones Lang LaSalle. [Financial Times]