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  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, 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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