ING announced on Monday that it has completed the sale of Clarion Real Estate Securities (CRES), ING's US-based manager of listed real estate securities, as well as the sale of ING's equity interests in funds managed by CRES, to CB Richard Ellis Group.

The divestment of CRES and ING's equity stakes in funds managed by CRES is part of the agreement with CBRE that ING announced on 15 February 2011.

ING agreed to sell CRES, ING's real estate investment management businesses in Europe and Asia, and part of ING's equity interests in the funds managed by these businesses to CBRE for a total consideration of $1 bn (EUR 689 mln).

ING expects the rest of the transaction to close in the second half of 2011.