U.S. property group CB Richard Ellis, with operations in Hartford, is in talks to buy ING Real Estate Investment Management, a source familiar with the situation said, in a deal worth about $1.35 billion, Reuters reports.
The Financial Times had earlier said that CBRE was the frontrunner to buy the real estate business of Dutch bank and insurance group ING Group NV. ING’s U.S. retirement services operation is based in Windsor.
Other bidders include Vornado Realty Trust, a U.S. real estate investment trust and Jones Lang LaSalle, a property services group that also has operations in Hartford, the Financial Times said.
ING and CBRE declined to comment.
ING said earlier in January it may sell the unit in its entirety or in pieces and a decision was expected in the next few months.
ING has split its bank and insurance operations, and plans to sell some of its real estate business after suffering heavy losses in the credit crisis. It still needs to pay back roughly half of 10 billion euros in state aid.
