CB Richard Ellis Group (CBG.N) struck a deal to buy most of the real estate investment management business of Dutch financial company ING Group NV (ING.AS) for $940 million, making it the world's biggest real estate investment manager. The deal, which nearly triples CB Richard Ellis's assets under management, ends an auction process that lasted over a year and attracted more than 40 others, including CB Richard Ellis's chief rival, Jones Lang LaSalle Inc (JLL.N). The ING real estate investment business last year generated $305 million in revenue and includes $59.8 billion in assets under management.
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