01—Abstract
Summary
Summary of the 8-K filed October 7, 2011. Cited figures are marked; the original filing is the authoritative source.
CBRE Group, Inc. (CBRE) filed an 8-K on October 7, 2011, reporting the completion of the "Asia Transaction" related to its acquisition of ING Real Estate Investment Management (ING REIM) business.
This specific filing announces the successful closing of the acquisition of ING REIM Asia and certain Asia Co-Investment Assets on October 3, 2011, for a total cash consideration of $62.4 milliona. This partial closing signifies a key step in CBRE's broader acquisition strategy of ING's global real estate investment management operations.
The company has amended its prior purchase agreement to allow for this separate, earlier closing of the Asian components. Investors should note that this filing focuses on the completion of this specific part of the transaction and references previously filed documents for the full terms and conditions of the original Share Purchase Agreement and its amendments.
02—Key points
Key Highlights
- CBRE Group, Inc. completed the acquisition of ING REIM Asia and associated Asia Co-Investment Assets on October 3, 2011.
- The cash consideration for this completed portion of the transaction was $62,406,125.
- This closing pertains to the Asian segment of CBRE's previously announced acquisition of ING's global real estate investment management business.
- A Second Amendment to the Share Purchase Agreement was executed on October 3, 2011, to facilitate this separate closing of the Asia Transaction.
- The filing confirms the completion of a significant portion of the overall ING REIM acquisition.
- Financial statements and specific exhibits related to the Second Amendment are referenced or attached to this filing.
03—Questions
Frequently Asked Questions
What specifically was acquired in this filing?
CBRE Group, Inc. acquired substantially all of the ING Real Estate Investment Management business in Asia (ING REIM Asia) and certain assets held by ING REIM managed funds in Asia (Asia Co-Investment Assets).
What was the total cost of this specific acquisition component?
The aggregate amount paid for ING REIM Asia and the Asia Co-Investment Assets was $62,406,125 in cash.
Is this the complete acquisition of ING's real estate investment management business?
No, this 8-K filing specifically reports the completion of the 'Asia Transaction,' which is a part of the larger, previously announced acquisition of ING's global real estate investment management business. The original agreement included other transactions that were separate from this Asian component.
When was the agreement for this acquisition first announced or amended?
The original Share Purchase Agreement was entered into on February 15, 2011. This specific Asia Transaction was enabled by a Second Amendment to that agreement, dated October 3, 2011.
04—Continue