CB Richard Ellis Group Inc, the world's largest commercial real estate services firm, today said it would acquire a majority stake in the real estate investment management business of Netherlands-based ING Group (ING) for approximately $940 million in cash.

The acquisition includes nearly all of ING's operations in Europe and Asia, as well as Clarion Real Estate Securities (CRES), its US-based global real estate listed securities business.

The deal does not include ING's US-based private market real estate investment management company.

Los Angeles-based CB Richard Ellis will also acquire approximately $55 million of CRES co-investments from ING and potential interests in other funds managed by ING REIM Europe and ING REIM Asia.

In addition, the company expects to incur transaction costs relating to the acquisitions of approximately $150 million (pre-tax), including financing, retention and integration costs.

The acquisition is expected to close in the second half of 2011 and is subject to approval by certain stakeholders, including regulators in the US, Europe and Asia.

As of 31 December 2010, the assets under management in the ING REIM portfolio CB Richard Ellis is acquiring totalled approximately $59.8 billion, including $29.5 billion in Europe, $5.1 billion in Asia, $19.4 billion in listed securities, and $5.8 billion in global fund of funds, said CB Richard Ellis in a statement.

CBRE Investors' assets under management1 totaled $37.6 billion.

The ING REIM operations being acquired will become part of CB Richard Ellis' Global Investment Management segment (CBRE Investors), which will continue to be an independently operated business unit of the company upon completion of the acquisitions.

''ING REIM, when combined with our existing Global Investment Management operations, will provide us with a significantly enhanced ability to meet the needs of institutional investors across global markets with a full spectrum of investment programs and strategies,'' said Brett White, CB Richard Ellis' chief executive officer.

''Our firms fit together well and our investment program offerings are highly complementary. The combined enterprise will further diversify our revenue sources and as the global market leader, we will redefine success in real estate investment management,'' he added.

CB Richard Ellis, a Fortune 500 and S&P 500 company, is the world's largest commercial real estate services firm in terms of 2010 revenue. 

The company has approximately 31,000 employees, and serves real estate owners, investors and occupiers through more than 300 offices worldwide.