ING completes divestment of Clarion Partners
(Thomson Reuters ONE) -
ING announced today that it has completed the sale of Clarion Partners, ING's
U.S.-based private market real estate investment manager, to Clarion Partners
management in partnership with Lightyear Capital LLC for the previously
disclosed amount of USD 100 million.
The transaction regarding Clarion Partners is one of the transactions ING
announced on 15 February 2011 to sell the majority of its ING Real Estate
Investment Management business (ING REIM).
The announcement in February also concerned the agreement to sell ING REIM
Europe, ING REIM Asia and Clarion Real Estate Securities (CRES), ING REIM's
global manager of listed real estate securities, as well as part of ING's equity
interests in funds managed by these businesses to CB Richard Ellis Group. The
sale to CB Richard Ellis of these businesses and interests continues to be on
track for completion in the second half of this year.
Clarion Partners has EUR 15.9 billion in assets under management as of 31 March
2011. Lightyear is a US-based private equity firm.
Press enquiries Investor Inquiries
Carolien van derGiessen Alexander Mollerus
+31 20 541 6522 +31 20 541 6482
Carolien.van.der. Giessen(at)ing.com Alexander.Mollerus(at)ing.com
About ING
ING is a global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services. As of 31 March 2011, ING
served more than 85 million private, corporate and institutional clients in more
than 40 countries. With a diverse workforce of about 105,000 people, ING is
dedicated to setting the standard in helping our clients manage their financial
future.
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are not historical facts, including,
without limitation, certain statements made of future expectations and other
forward-looking statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to, without limitation:
(1) changes in general economic conditions, in particular economic conditions in
ING's core markets, (2) changes in performance of financial markets, including
developing markets, (3) the implementation of ING's restructuring plan to
separate banking and insurance operations, (4) changes in the availability of,
and costs associated with, sources of liquidity such as interbank funding, as
well as conditions in the credit markets generally, including changes in
borrower and counterparty creditworthiness, (5) the frequency and severity of
insured loss events, (6) changes affecting mortality and morbidity levels and
trends, (7) changes affecting persistency levels, (8) changes affecting interest
rate levels, (9) changes affecting currency exchange rates, (10) changes in
general competitive factors, (11) changes in laws and regulations, (12) changes
in the policies of governments and/or regulatory authorities, (13) conclusions
with regard to purchase accounting assumptions and methodologies, (14) changes
in ownership that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, and (15) ING's ability to
achieve projected operational synergies. ING assumes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information or for any other reason.
pdf version of press release:
http://hugin.info/130668/R/1522598/458812.pdf
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Source: ING Group via Thomson Reuters ONE
[HUG#1522598]
Unternehmensinformation / Kurzprofil:
Datum: 09.06.2011 - 22:22 Uhr
Sprache: Deutsch
News-ID 55465
Anzahl Zeichen: 4720
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING completes divestment of Clarion Partners"
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