ING Group, the Dutch-based financial services institution, said today that it has decided to sell the “majority” of its ING Real Estate Investment Management (ING REIM) businesses in two separate transactions worth more than $1 billion.

In its Tuesday announcement, ING stated that it has reached an agreement to sell ING REIM Europe, ING REIM Asia, and Clarion Real Estate Securities (CRES), its U.S. based-real estate securities manager, to Los Angeles headquartered CB Richard Ellis Group. The transaction is worth approximately $1 billion.

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