ING has completed the sale of ING Real Estate Investment Management Europe to CBRE Group.
ING agreed to sell ING REIM in two separate transactions for a combined price of approximately $US1 billion.
ING CEO Jan Hommen said the divestment of ING REIM fits with the strategic objectives of reducing exposure to real estate.
The divestment of ING REIM has resulted in an after-tax gain on disposal of approximately EUR 470 million and a capital release of around EUR 520 million.
ING Real Estate Finance and ING Real Estate Development are not impacted by the divestment of ING REIM.
Australian Property Journal
