ING Completes Divestment of ING REIM
(Thomson Reuters ONE) -
ING announced today it has completed the sale of ING Real Estate Investment
Management (ING REIM) Europe to U.S.-based CBRE Group, Inc., thereby completing
the divestment of ING REIM as disclosed on 15 February 2011.
As communicated at that time, ING agreed to sell ING REIM in two separate
transactions for a combined price of approximately USD 1.0 billion. As far as
the transaction with CBRE is concerned, ING closed the sale of Clarion Real
Estate Securities (CRES) in the beginning of the third quarter and the sale of
ING REIM's Asian business earlier this month. With today's announcement, ING
completes the entire transaction with CBRE. The sale of Clarion Partners to
Clarion Partners management in partnership with Lightyear Capital LLC was closed
in the second quarter.
"The divestment of ING REIM fits our strategic objectives of reducing exposure
to real estate, simplifying our company and further strengthening our capital
base," said Jan Hommen, CEO of ING Group.
The divestment of ING REIM has resulted in a capital release of around EUR 520
million and an after-tax gain on disposal of approximately EUR 470 million,
excluding certain post-closing events which could provide some potential further
upside.
ING Real Estate Finance and ING Real Estate Development are not impacted by the
divestment of ING REIM.
Press enquiries Investor enquiries
Victorina de Boer Alexander Mollerus
+31 20 541 5469 +31 20 541 6482
Victorina.de.Boer(at)ing.com Alexander Mollerus(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal base
for an independent future for our insurance and investment management operations
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. This document, and any other document or
presentation to which it refers, do not constitute an offer to sell, or a
solicitation of an offer to buy, any securities.
Pdf version of press release:
http://hugin.info/130668/R/1559629/482361.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1559629]
Unternehmensinformation / Kurzprofil:
Datum: 31.10.2011 - 22:03 Uhr
Sprache: Deutsch
News-ID 82176
Anzahl Zeichen: 5163
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING Completes Divestment of ING REIM"
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