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.