The shareholders of ING Clarion Global Real Estate Income Fund have approved a new investment advisory agreement. As per the deal, CB Richard Ellis Group will acquire part of ING Groep’s real estate investment management business, including ING Clarion Real Estate Securities, which is the fund’s investment adviser.
The transaction is expected to be completed by the second half of 2011. ING Clarion Real Estate Securities will continue in its role as the fund’s investment manager after the acquisition.
Click here for the release from Business Wire.